Allstate Insurance Franchise Startup Cost, Revenue and Profit Margin
Allstate Insurance is the largest publicly held property and casualty insurance outfit. The company has over 20 million customers with about $20 billion in revenue.
It is ranked among the Fortune 100 companies and has one of the most recognized marketing slogans in the world “You are in good hands with Allstate”.
You might want to know how much an Allstate Insurance franchise is. But the first question to ask is if the company sells franchise. That we will get to unravel in the course of this article.
FRANCHISE INFORMATION ABOUT ALLSATE INSURANCE COMPANY
The company was established in the year 1931 and since then, they have continued to prove themselves as the leader in the highly competitive insurance and financial industry. Allstate Insurance has built a respected legacy of innovation, service and success in the business.
Allstate Insurance sells 13 different lines of insurance, which will include auto, life and commercial, property, business, coverage for mobile homes, boats, motorcycle. The company also offers investments and retirement products as well as banking services.
DOES ALLSTATE INSURANCE AGENCY SELL FRANCHISE?
Now they key question is if Allstate Insurance sells franchise. No the company does not sell any form of franchise opportunity. Instead, they only recruit agents to help them in the expansion goal of the business. The franchise cost therefore stands at $0.
BECOMING AN ALLSTATE INSURANCE AGENT
If you have the desire to run a business that already has good success records, then you might want to consider becoming an Allstate Insurance agent. To become an agent for the company, you will be required to show dedication and be goal-driven, an individual who is not afraid to take risks, but instead turn them into rewards.
As an Allstate Insurance Agent, you will need to develop the passion to help other people achieve greatness in life and at the same time build a good life for yourself too.
Allstate Insurance Agency will also consider candidates who have at least 3 years experience or a firm business background. You will also need to have enough capital to start your Allstate Insurance Agency and you are also expected to have at least a college degree.
You can become an Allstate Agent in either of these 2 ways:
- You can buy an economic interest in a books of business
- You can also decide to build a new insurance agency from the scratch
REASONS WHY YOU SHOULD BECOME ALLSTATE INSURANCE AGENT?
- As an agent of the company, you are not expected to make an form of franchise fee payment. This is simply because Allstate Insurance is not a franchise opportunity.
- You will be entitled to enough compensations, incentives and rewards for your hard work with the company.
- You will be empowered with customizable advertising and marketing tools that will assist you to grow your business. As an Agent, you can rely on the company’s support in the area of advertising: millions of dollars is pumped into this on a yearly basis,
- You will also benefit from working under a recognised brand name and a Fortune 100 company.
- As an agent of the company, you are entitled to an on-going support and orientation in the course of your business.
- You have the potential of earning big with the company with less expenditures
- To become an Allstate Insurance Agent you are not expected to have any background experience in insurance. Most of the company’s successful agents have come from different backgrounds in various fields. All you need to possess is an excellent business management skill.
TRAINING AND SUPPORT FOR ALLSTATE INSURANCE AGENTS
When you become licensed as an Allstate Insurance Agent, you will be launched into the market fully prepared for the task ahead. The company’s education program will provide you with a comprehensive foundation, which is free for you and all your staff.
As an Allstate Insurance Agent, you are mandated to undergo an intensive training for 5-8 weeks. This will cover the products that you have to sell, technology and sales techniques. Tutorials will be given by experienced educators at the company’s regional or home office.
And also, you will be allocated a Allstate Insurance Field Sales Leader that will give you continual consultative support in business planning, business result reviews as well as marketing process.
FINANCIAL REQUIREMENTS TO BECOME AN ALLSTATE INSURANCE AGENTS
In order for you to qualify as an Allstate Insurance Agent, you will be expected to have about $50,000. You are not expected to make any ongoing royalty fee, since you are not buying into a franchise.
DOES ALLSTATE INSURANCE AGENCY OFFER FINANCING?
Allstate Insurance Agency does not offer financing in any form. Since you are expected to make a one-time fee to be licensed as an agent of the company, they don’t think any form of financing is necessary to start your insurance agency.
ARE THERE ANY TERMS OF AGREEMENT AND RENEWAL?
There are no terms of operation as an agent of Allstate Insurance. Once the agency license has been purchased, you have the liberty to work under the brand name of the company. The only exception is when you are not operating in the line of Allstate Insurance Agency’s business concept.