NU Online News Service, Dec. 6, 11:29 a.m. – Agents who represent The Farmers Insurance Group, Simi Valley, Calif., have traditionally focused on selling property-casualty coverage to the middle market. Now a Farmers subsidiary, Farmers Financial Solutions, is capitalizing on those middle-market p-c relationships to sell life insurance, annuities, and mutual funds.
Farmers formed the subsidiary in 2000 to give its 14,000 career agents a chance to branch out. “We saw an opportunity to broaden what we do for our customers,” says Brian Cohen, president of Farmers Financial. “The big question has always been, ?Can the property-casualty agent really become more of a full financial services provider?’”
The company started with only about 500 agents signing up to be licensed. That number has now grown to about 6,000.
“And, now in order to become a Farmer’s agent, you have to be licensed to sell our security products from the onset,” he says.