Captive Agent Scam - Beware New Agents

[Josh]

These days?

The Project 100 has been a staple of the life insurance business since the beginning of time...

Interesting Ad:

Insurance Interships (Tysons Corner, Virginia)

Date: 2010-02-02, 7:14PM EST
Reply to: [email protected] [Errors when replying to ads?]

Insurance Agency in Tysons Corner Area is looking to add 2-3 interns to increase sales.

Most ideal for people who are from Northern Virginia area with at least 100 friends or family contacts to solicit business to start. Upon completing internship program (3 months or less) will be able to be promoted to a full time position.
Compensation is hourly at $12 plus $4000 bonus completing intership program within 3 months.

Responsibilities:

- Assist agents to increase sales
- Contact prospects to solicit insurance and financial service products
- Follow up with prospects and set appointments for agents
- Work with internet leads

PLEASE CLICK REPLY LINK ABOVE TO SEND IN RESUMES.
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Makes you wonder how the entire industry got stuck in this kind of system.

I can imagine a totally different system where agents were salaried - only the best and brightest were hired and they only worked consumer driven leads.

That isn't the entire industry though. There are agencies with salaried agents that are extremely talented at what they do and they work their book and referrals and maybe have an ad in the phone book. That's certainly not the norm, but it does happen. I think the reason why people think that's the industry norm is because that's all they see.

That all being said, I think the industry does lend itself to the "sell them the dream" approach to recruiting inexperienced agents that don't know how to sell, let alone sell insurance.

 

[jody108]

Well, it makes sense to me. These agencies are probably tired of training and spending money on agents that are too scared to go out there and prospect. If they get some friends and family, at least they make something off these agents before they run home with their tail between their legs.

 

[stormtracker]

Well, it makes sense to me. These agencies are probably tired of training and spending money on agents that are too scared to go out there and prospect. If they get some friends and family, at least they make something off these agents before they run home with their tail between their legs.

Sounds like Obama in the Oval Office...

 

[Frank Stastny]

To me the biggest drawback is that the agent, most probably, is not going to be the agent of record. These agencies typically require the agent to assign their commissions.

Some of them lock the agent in to tightly with contracts with many companies that it makes it almost impossible for the agent to leave unless they will immediately give a release upon request. (Don't hold your breath waiting for that to happen.) When that happens the agent really has little choice except to stay unless a greeters job at Walmart is attractive to them.

 

[RaZoR]

I just talked to an agency that offered me the "opportunity of a lifetime."

They sell F.E., I pay $360 every three weeks for mailers and I get 55%. If I meet the numbers I can max out at 70%

Build my own team and in a few years I will have "50-60k a year before I get out of bed."

He "doesn't rip off agents" like other companies.

I have to "interview" for more info.

Run Don't walk you can do better.

 

[Rollem]

I have been thinking deeply about making the move out of the captive scene. I tell you the truth though - it is scary!
I am not sure how to go about it and I have been looking through all of my "intro" paperwork and can't find any information too negative except for that I cannot contact "my" clients for two years. I think I may be missing some of my contract though.

Has anyone here made the move from one particular "strong/silent" mutual groups that could be of assistance to me?

 

[Crabcake Johnny]

The benefits of being captive are reducing year by year as more people turn to the internet to at least shop the rates and it becomes easier for agents to become independent.

I couldn't imagine sitting at the kitchen table with just one carrier.

 

[Beav]

I can wait to move on to independent. But can't find a good company with good training. The company I'm with now have none and it is captive and I'm barely making end meat. And the reason I'm making it now is because of you guys. This crap is depressing. you guys are right if you start with the wrong company that will mess up your hopes.

 

[Frank Stastny]

I can wait to move on to independent. But can't find a good company with good training. The company I'm with now have none and it is captive and I'm barely making end meat. And the reason I'm making it now is because of you guys. This crap is depressing. you guys are right if you start with the wrong company that will mess up your hopes.

What kind of insurance do you sell now and what do you want to sell if you become an independent agent? Making that decision my dictate the quality of the training that is available. Are you looking for product training or sales training? There is a huge difference.

 

[Beav]

What kind of insurance do you sell now and what do you want to sell if you become an independent agent? Making that decision my dictate the quality of the training that is available. Are you looking for product training or sales training? There is a huge difference.

I sell life right now. But want to get into health... With companies that has no training i cant take a afford to switch over and the life products the the company im with has crappy life for except the WL.