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Allstate Insurance agents sell a variety of products, including insurance policies, mutual funds and annuities. According to the Bureau of Labor Statistics, the job forecast for insurance agents is expected to experience steady growth through 2016. But to start an Allstate Insurance Agency, you must apply to their education program, and pass a rigorous training and background check. Here’s a guide to starting an Allstate Insurance Agency.
Start a new agency. This will require attending the Allstate Education program, lasting about six weeks. In this program, you will get classroom, agency and sales education.
Become an exclusive Allstate Agent Independent Contractor. Successful competition of the education component will qualify you to become an Allstate agency owner. You’ll be running your own business, with the support of Allstate.
Have the required capital for start-up. You may be required to have between $25,000-$50,000 in the bank before Allstate will allow you to open an agency. This is because they want to ensure you have living costs while building your business.
Sign the necessary paperwork for extensive background checks, including information about criminal history and financial issues. If you don’t pass these checks, Allstate won’t grant you a contract to start a business.
Ask about compensation while training. Those enrolled in Allstate’s training program may receive a modest compensation, until graduating. Once graduated, they work on commission only.
Consider purchasing an existing Allstate Agency. To find a business for sale in your area, visit Allstate’s sales page (see Resources), and use the drop down menu to select your state. This will give you results for all agencies for sale and the owner’s email address. Send an email to the owner and set up a time to discuss the business.
Be prepared for tough competition. Just because you apply to Allstate’s program, doesn’t mean you’ll be accepted. On average, just one out of six applicants is accepted to become agents.