I am clueless as to how the Insurance field works when it comes to captive vs independent, how commissions work, how to go about getting appointed, and the ins and outs. I recently got licensed in Kentucky for life and health. I started working for an Independent broker. Basically I have 14 years experience in the health field and have knowledge how Insurance works from the billing aspect. I have been in direct sales for about 7 of those years.
I recently had to close my business down due to loss of a large group of Ortho doctors finding out they could provide the same services that I offered through their clinic and bill directly for those services. I am in a small college town of about 120,000 and this clinic is basically the only ortho group in town. In my previous line of business, 95% of the business was based around referrals from this group.
This being said, I am pretty much grounded to this location for about 9 more years due to my daughter and am starting completely over with this career change. The broker I started with is basically a 3 man operation. Going into this, I did not know if I would be able to sit for the state test due to a mistake I made 15 years ago and this was known by the broker hiring me.
Long story short, I was able to sit for my test, have been appointed though 3 of the major carriers, and am producing business for this brokerage. The broker paid for all of this and is paying for internet leads but I am getting further referrals from those leads. He is paying me hourly at a rate of $12 and I am putting in about 50 hours per week.
I feel like I am indebted to him for taking the risk of not possibly getting licensed, plus I was desperate to break into the industry and make sure I could at least feed my children. There really is no elaborate training that I have been through, and does not look like there is going to be in the future. I am just looking to see if anyone has any advice on my next steps, as I feel I could do very well in this industry, but I feel as if I am not getting the most of my abilities and I am not making what I feel is fair for my work involved, as he gets all the commission and renewals, even the new referrals I am bringing from the leads provided. Any advice?
I recently had to close my business down due to loss of a large group of Ortho doctors finding out they could provide the same services that I offered through their clinic and bill directly for those services. I am in a small college town of about 120,000 and this clinic is basically the only ortho group in town. In my previous line of business, 95% of the business was based around referrals from this group.
This being said, I am pretty much grounded to this location for about 9 more years due to my daughter and am starting completely over with this career change. The broker I started with is basically a 3 man operation. Going into this, I did not know if I would be able to sit for the state test due to a mistake I made 15 years ago and this was known by the broker hiring me.
Long story short, I was able to sit for my test, have been appointed though 3 of the major carriers, and am producing business for this brokerage. The broker paid for all of this and is paying for internet leads but I am getting further referrals from those leads. He is paying me hourly at a rate of $12 and I am putting in about 50 hours per week.
I feel like I am indebted to him for taking the risk of not possibly getting licensed, plus I was desperate to break into the industry and make sure I could at least feed my children. There really is no elaborate training that I have been through, and does not look like there is going to be in the future. I am just looking to see if anyone has any advice on my next steps, as I feel I could do very well in this industry, but I feel as if I am not getting the most of my abilities and I am not making what I feel is fair for my work involved, as he gets all the commission and renewals, even the new referrals I am bringing from the leads provided. Any advice?