PROVIDENCE – Allstate Insurance Company this week said it wants to add more than 30 new insurance agents in Rhode Island over the next year, revising expansion plans first announced in July 2012.
“Rhode Island’s strong economy is fueling this expansion plan,” said Ed Norcia, Allstate’s strategic deployment leader for the Northeast region, in a statement released Sept. 25. “We are aggressively targeting qualified professionals. If they don’t have an insurance background, we’ll provide them with comprehensive education and the resources to help them get off to a solid start.”
In July 2012 the company said it was looking to appoint 140 new agency owners in its Northeast territory of Rhode Island, Massachusetts, Connecticut, Maine, New Hampshire, Vermont and Pennsylvania. About 25 new Allstate offices employing a total of 75 were expected for the Ocean State.
Since then, Allstate has appointed five agency owners in Rhode Island and 26 licensed staff members. Another 51 agency owners have been appointed in New England in that same time period, according to Julia Reusch, communications manager for the Illinois-based company.
“Each candidate goes through [the process] at their own pace,” she said on Thursday, explaining the limited expansion to date. “We did slow down deployment to enhance our products and feel now is the right time to ramp up our efforts in Rhode Island.”
Of the 30 insurance agents Allstate hopes to add locally, 10 would be agency owners and the rest licensed staff members. The company, which now has approximately 50 independent offices in Rhode Island, is also continuing with expansion plans in several other states.
Since each new owner normally takes on a minimum of two new employees, Allstate said, the expansion will have a compounding effect on the Rhode Island job market.
“Allstate is unique among all other insurers because its agents own the economic interest in their business,” said Norcia. “Allstate agents can sell the economic interest in their agency.”
Candidates interested in becoming an Allstate agency owner need a minimum of $50,000 of liquid capital to invest in their agency. This capital investment does not go to Allstate, but helps ensure the agency can successfully fund the day-to-day costs associated with opening and running a business.
Licensed sales producers need no liquid capital to apply.