November 2010 I diversified into personal lines P&C offering this product line to my existing book of business. We access these markets through Smart Choice. You will need to work with an agency or aggregator unless you can successfully prove to a carrier that you can write at least 200k-300k in annual premium in the first year. The first thing I noticed was that the close rate was much lower than health insurance is. To write a meaningful amount of personal lines P&C you must be set up to quote a lot ( 200-300) per month.The quoting is quite time consuming and it is for these reasons that this has not worked well for me. Good Luck..
Thoughts on where We Go from Here with IFP?
- Thread starter russelltw
- Start date
November 2010 I diversified into personal lines P&C offering this product line to my existing book of business. We access these markets through Smart Choice. You will need to work with an agency or aggregator unless you can successfully prove to a carrier that you can write at least 200k-300k in annual premium in the first year. The first thing I noticed was that the close rate was much lower than health insurance is. To write a meaningful amount of personal lines P&C you must be set up to quote a lot ( 200-300) per month.The quoting is quite time consuming and it is for these reasons that this has not worked well for me. Good Luck..
- 4,707
I'm split up in equal shares,
1/3 Employer Group
1/3 Med Supp
1/3 IFP
The Employer Group is treading water.
IFP, dying a very slow death.
Med Supp is now my bread & butter!
1/3 Employer Group
1/3 Med Supp
1/3 IFP
The Employer Group is treading water.
IFP, dying a very slow death.
Med Supp is now my bread & butter!
- 948
Thanks. I appreciate the insight. I'd heard about the volume requirements, so I hoped if I couldl find an agency that is set up, and making those numbers already. hoped I could find one agency like that who could give me a percentage.
The time required is my hold back for p/c as well. I can just picture a huge ice storm or hail storm during Medicare AEP, that would cook my goose.
I have an agency that I probably could tag onto, we get asked constantly about other lines of insurance, just don't know about the time demand and the fit with our current situation.
I have an agency that I probably could tag onto, we get asked constantly about other lines of insurance, just don't know about the time demand and the fit with our current situation.
I don't have time or energy for a class action lawsuit, but we'd win for sure!
1. Cut in commissions for no justifiable reason. We can write & service business for less money than they can through their own employee agent channel. Yet rates go up!
2. Healthcare.gov competing with us for our clients, baraging them with emails, calls, texts to enroll. The States have the authority to require licensing and continuing ed and have been over run by the Fed's Navigators. Navigators who get full benefits and have no personal investment in building a business or the risks that go with it. The gov't pays hc.gov, yet the rates go up!
3. Halt to future commission on new business- yes 0% is the new norm from United Healthcare & Humana. Several carriers went under due to not being profitable. Rates were all filed with agent compensation, so they should be required to finish the year paying agents. The reinsurance fee doesn't help us. The rates continue to rise.
Where do we go from here besides the bar? We're sorely needed. I wrote a policy for free last night since I felt so sorry for the clueless couple needing to enroll. People have no idea how much we care to help others.
There's lots of opportunities, not all in this business. Clear your head of this garbage after this open enrollment is over. Get creative and pick an industry that's more fun so you have less headaches next Fall.
1. Cut in commissions for no justifiable reason. We can write & service business for less money than they can through their own employee agent channel. Yet rates go up!
2. Healthcare.gov competing with us for our clients, baraging them with emails, calls, texts to enroll. The States have the authority to require licensing and continuing ed and have been over run by the Fed's Navigators. Navigators who get full benefits and have no personal investment in building a business or the risks that go with it. The gov't pays hc.gov, yet the rates go up!
3. Halt to future commission on new business- yes 0% is the new norm from United Healthcare & Humana. Several carriers went under due to not being profitable. Rates were all filed with agent compensation, so they should be required to finish the year paying agents. The reinsurance fee doesn't help us. The rates continue to rise.
Where do we go from here besides the bar? We're sorely needed. I wrote a policy for free last night since I felt so sorry for the clueless couple needing to enroll. People have no idea how much we care to help others.
There's lots of opportunities, not all in this business. Clear your head of this garbage after this open enrollment is over. Get creative and pick an industry that's more fun so you have less headaches next Fall.
- 948
Well then, maybe a referral arrangement might work. Just trying to think of other "non enrollment" related ways to augment income all year. . .
- 5,056
You could always become CPA/Tax Prep, I imagine this would only work in a local face to face shop. I'm not opposed to that, if the money was worth it.
- 948
I avoided that avenue due to another government dictated time frame. Not to say I haven't considered it since, but it doesn't seem like something I'd enjoy.
How does selling health insurance qualify anyone to become a tax advisor/CPA without years of education and training? And don't tell me about the company that was recruiting health agents to expand into taxes, that was about as worthless as Obamacare.
