Hi im new to the wonderful world of insurances and im having problems getting started. I passed my license test, i have my own office and have everything ready to open up an independent Agency. The problem is that i dont have a clue about what to do next. I have bills to pay and im getting kinda frustrated that i just want to go out and get a job with any company and just get salary pay. Anyone know a way to get me started with getting the companies so i can sell insurances for. All this Drama is taking place in Arizona. P.S Damn You Brewer.
New to Insurance - I Need A Sense Of Direction
- Thread starter Maico89
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Re: New to Insurances Need Sense of Direction
The insurance business can be overwhelming at first. Not sure who recommeded that you begin as an independent. I wouldn't recommend that to an enemy. Who's gonna teach you what to do and how to do it? IMO (which is free so you get what you pay for) anyone entering this business either should go captive with a company or contract through an established agency that has veteran agents that will teach you. You almost have to do that for 6 mos to a year minimum to learn. After that, you can go independent. It will cost you some money in lower commissions and split business, but, you get an education. I've been with a captive company for 7 years and just went independent. I was a manager with them and know the products and marketing strategies pretty darn well. But making the transition from a company that pretty much does it for you and all you have to do is sell is difficult. I don't know where I'd even start if I didn't at least have some idea of the business already. Good Luck.
The insurance business can be overwhelming at first. Not sure who recommeded that you begin as an independent. I wouldn't recommend that to an enemy. Who's gonna teach you what to do and how to do it? IMO (which is free so you get what you pay for) anyone entering this business either should go captive with a company or contract through an established agency that has veteran agents that will teach you. You almost have to do that for 6 mos to a year minimum to learn. After that, you can go independent. It will cost you some money in lower commissions and split business, but, you get an education. I've been with a captive company for 7 years and just went independent. I was a manager with them and know the products and marketing strategies pretty darn well. But making the transition from a company that pretty much does it for you and all you have to do is sell is difficult. I don't know where I'd even start if I didn't at least have some idea of the business already. Good Luck.
Re: New to Insurances Need Sense of Direction
What product lines are you selling? I guess I am wondering why you have an office, paying for it, and have no income to pay for it. I made a lot of mistakes by "putting the cart before the horse" when I started in this business 1.5 years ago. Here's my suggestions, take them for what they are worth.
1. DO NOT buy internet leads. This is a total waste of time if you are not an expert on your products.
2. DO NOT build a website. Again, for the same reasons.
3. DO NOT be a jack of all trades. I am licensed to sell everything but securities, but it is best, in my opinion to be an expert in just a couple of things. I sell only medicare supplements and commercial insurance(lots to learn). I send other potential clients to the expert on what they want to purchase.
4. DO NOT put money on your credit cards to pay for leads, websites, etc. I have noticed that many agents on this forum build up debt, and leave this business broke and unemployed. As an example, the P&C classes(CIC) are $495.00 a peice, but waiting until I had money coming in sure made it easier.
5.DO NOT join any organizations like ILIAA or IHIAA right away. There are too many people willing to help you for free and you don't need to put the charges on your card. Although these are good traing organizations, you don't need them. They make their money off of new agents, looking for a sense of direction, and are in the business for a few months.
6. DO work 8 hours a day, solid. Talk to people constantly during those 8 hours. Don't do anything else during working hours except sell. Do your paperwork at night.
7. Start out by cold-calling. It is free, and if you talk to enough people per day, you WILL sell insurance. Of course, your closing ratio's will get better and better, and you have not spent a dime on prospecting.
8 DO a self-inventory of you. What is your work ethic? Are you willing to talk to people for 8 hours a day? Are you willing to do things you are not comfortable doing, like cold-calling, approaching strangers,etc. If you don't have a strong work ethic, and be real about this, this is not going to work for you.
9. DO what makes you happy. Sell the products you enjoy selling, and this career won't be burdensome. I love this business.
10. Start out as an independent agent ONLY if you are willing to study your products constantly to become an expert at what you sell. The school of hard knocks can teach you valuable lessons. Don't become an Independent if you have difficulty learning, like to lay in bed in the mornings, are too shy to speak to people all day, are already broke, and looking for the easy life, etc.
What licenses do you hold? If P&C, I like the commercial end. I would hate to sit at a desk all day. If L&H, I would recommend Medicare Supplements, life insurance, and final expense. M.S's and Final Expense will get some money coming in much sooner.
I would be happy to talk to you about what I do? My number is 540-241-1702. I would also recommend you talk to Todd King if you are interested in F.E or M.S's. He can be found on this forum or I can get you in touch with him.
VERY IMPORTANT: Do not let anybody talk you into going into debt to learn this business. Do what is FREE to get your business started.
What product lines are you selling? I guess I am wondering why you have an office, paying for it, and have no income to pay for it. I made a lot of mistakes by "putting the cart before the horse" when I started in this business 1.5 years ago. Here's my suggestions, take them for what they are worth.
1. DO NOT buy internet leads. This is a total waste of time if you are not an expert on your products.
2. DO NOT build a website. Again, for the same reasons.
3. DO NOT be a jack of all trades. I am licensed to sell everything but securities, but it is best, in my opinion to be an expert in just a couple of things. I sell only medicare supplements and commercial insurance(lots to learn). I send other potential clients to the expert on what they want to purchase.
4. DO NOT put money on your credit cards to pay for leads, websites, etc. I have noticed that many agents on this forum build up debt, and leave this business broke and unemployed. As an example, the P&C classes(CIC) are $495.00 a peice, but waiting until I had money coming in sure made it easier.
5.DO NOT join any organizations like ILIAA or IHIAA right away. There are too many people willing to help you for free and you don't need to put the charges on your card. Although these are good traing organizations, you don't need them. They make their money off of new agents, looking for a sense of direction, and are in the business for a few months.
6. DO work 8 hours a day, solid. Talk to people constantly during those 8 hours. Don't do anything else during working hours except sell. Do your paperwork at night.
7. Start out by cold-calling. It is free, and if you talk to enough people per day, you WILL sell insurance. Of course, your closing ratio's will get better and better, and you have not spent a dime on prospecting.
8 DO a self-inventory of you. What is your work ethic? Are you willing to talk to people for 8 hours a day? Are you willing to do things you are not comfortable doing, like cold-calling, approaching strangers,etc. If you don't have a strong work ethic, and be real about this, this is not going to work for you.
9. DO what makes you happy. Sell the products you enjoy selling, and this career won't be burdensome. I love this business.
10. Start out as an independent agent ONLY if you are willing to study your products constantly to become an expert at what you sell. The school of hard knocks can teach you valuable lessons. Don't become an Independent if you have difficulty learning, like to lay in bed in the mornings, are too shy to speak to people all day, are already broke, and looking for the easy life, etc.
What licenses do you hold? If P&C, I like the commercial end. I would hate to sit at a desk all day. If L&H, I would recommend Medicare Supplements, life insurance, and final expense. M.S's and Final Expense will get some money coming in much sooner.
I would be happy to talk to you about what I do? My number is 540-241-1702. I would also recommend you talk to Todd King if you are interested in F.E or M.S's. He can be found on this forum or I can get you in touch with him.
VERY IMPORTANT: Do not let anybody talk you into going into debt to learn this business. Do what is FREE to get your business started.
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Re: New to Insurances Need Sense of Direction
VADwayne has given you good advice but in my opinion if you don't know what to do there is no way that you are ready to open an agency. Getting an office is probably the last thing to worry about. If you are planning on doing P&C having carrier appointments is the first big hurdle to face. If not you still have to decide what to sell, who to sell it to, how do you reach them, and how do you sell them. I would look for a mentor or someone to train you FIRST.
VADwayne has given you good advice but in my opinion if you don't know what to do there is no way that you are ready to open an agency. Getting an office is probably the last thing to worry about. If you are planning on doing P&C having carrier appointments is the first big hurdle to face. If not you still have to decide what to sell, who to sell it to, how do you reach them, and how do you sell them. I would look for a mentor or someone to train you FIRST.
Re: New to Insurances Need Sense of Direction
I agree 100%. The office is going to break him and is totally useless at this point, and maybe forever. I have an office in my home for Med. Supp. sales AND an office at a local agency for the P&C sales. I am averaging about 3 new businesses a week, and I have only closed 1 in my office.
I agree on the mentoring, but I didn't know what products, so I couldn't recommend someone to him.
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I am not syaing you are wrong about being captive, because sometimes I wonder if it would have been easier for me too but I am thankful that I started fresh as an independent.
It was similar to learning to swim; you get thrown into the water and you either drown or swim. If someone has the desire, and will, and a little guidance, to be successful they will find a way to swim;unfortunately most sink and drown.
If you start out captive, your renewals go into the pocket of the company, and if you leave they are gone. Every policy I have ever sold, both of them, I get the renwals on AND I DON'T HAVE TO WORRY ABOUT A NON-COMPETE AGREEMENT.
I guess it's up to the individual.
I agree 100%. The office is going to break him and is totally useless at this point, and maybe forever. I have an office in my home for Med. Supp. sales AND an office at a local agency for the P&C sales. I am averaging about 3 new businesses a week, and I have only closed 1 in my office.
I agree on the mentoring, but I didn't know what products, so I couldn't recommend someone to him.
- - - - - - - - - - - - - - - - - -
I am not syaing you are wrong about being captive, because sometimes I wonder if it would have been easier for me too but I am thankful that I started fresh as an independent.
It was similar to learning to swim; you get thrown into the water and you either drown or swim. If someone has the desire, and will, and a little guidance, to be successful they will find a way to swim;unfortunately most sink and drown.
If you start out captive, your renewals go into the pocket of the company, and if you leave they are gone. Every policy I have ever sold, both of them, I get the renwals on AND I DON'T HAVE TO WORRY ABOUT A NON-COMPETE AGREEMENT.
I guess it's up to the individual.
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Re: New to Insurances Need Sense of Direction
Florida is a "right to work state" so, I really don't have to worry too much about non-compete here. As long as I don't solicit the clients that I brought to the company, and try to replace the business. As far as renewals, the reason I stayed till the 7 year mark is they are vested for 2 years now that I'm leaving. I could have stayed 3 more and they'd have been fully, but, didn't think it was worth it. But, you are right, if you leave after 2 years, once you've learned the business, you lose the renewals. I look at that as a training cost I paid. Mabee expensive, but, it was worth it to me considering the only thing I knew about insurance when I started was that I had a lot of it and hated paying for it.
Florida is a "right to work state" so, I really don't have to worry too much about non-compete here. As long as I don't solicit the clients that I brought to the company, and try to replace the business. As far as renewals, the reason I stayed till the 7 year mark is they are vested for 2 years now that I'm leaving. I could have stayed 3 more and they'd have been fully, but, didn't think it was worth it. But, you are right, if you leave after 2 years, once you've learned the business, you lose the renewals. I look at that as a training cost I paid. Mabee expensive, but, it was worth it to me considering the only thing I knew about insurance when I started was that I had a lot of it and hated paying for it.
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Re: New to Insurances Need Sense of Direction
Wow you guys are extremely helpful, i will go captive than. Now the question is which one to choose. If you guys and gals have any suggestions let me know. I really need to get the ball rolling, ive been relaxing too much and i feel im getting lazy.
Wow you guys are extremely helpful, i will go captive than. Now the question is which one to choose. If you guys and gals have any suggestions let me know. I really need to get the ball rolling, ive been relaxing too much and i feel im getting lazy.
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Re: New to Insurances Need Sense of Direction
A "right to work" state means you can't be forced to join a labor union (as in a "closed shop"). Not sure what that has to do with a non-compete...
A "right to work" state means you can't be forced to join a labor union (as in a "closed shop"). Not sure what that has to do with a non-compete...
Re: New to Insurances Need Sense of Direction
I guess I was at a point in my life, will be 46 tomorrow, that I didn't want another boss. Been there, done that, and have the t-shirt.
I guess I was at a point in my life, will be 46 tomorrow, that I didn't want another boss. Been there, done that, and have the t-shirt.
Re: New to Insurances Need Sense of Direction
You're right, don't know what I was thinking when I typed that. What my point was though is that a non compete doesn't mean that you can't compete for new customers (and thus not be able to stay in the industry), just that you can not go back to ones that you wrote and try to switch them.
You're right, don't know what I was thinking when I typed that. What my point was though is that a non compete doesn't mean that you can't compete for new customers (and thus not be able to stay in the industry), just that you can not go back to ones that you wrote and try to switch them.
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