Firstly, I'd like to say hello to everyone as I am a newbie here on the forums, and also new to the insurance industry.
Can anyone explain, in depth, the function of a general agency, or point me in the right direction so I can read up on it further. A few specific questions:
1) Do GAs have to be licensed agents?
2) Are the services offered really worth giving up the commissions?
3) What are the pain points in the industry that draws independent agents to a general agency?
I'm exploring the possibility of selling on the side, and want to better understand the function of a GA, and what the advantage of working with one is.
Since I am a GA, I can explain my function from my perspective. My job is to make sure that you are successful. I train and update you on correct marketing, carrier plans, and phone skills. I continually help you thru the sales cycle and make sure that your policies are ran as smooth as possible thru underwriting. I make sure your contracting is done correctly.
Basically my job is to make sure you are not a fish out of water. Is my role for everyone? No. But for newbies just learning the ropes or experienced agents who never really hit their stride and would like to try to get to the next level, I am a fit.
Again, pardon my ignorance, but can I assume that a GA and a MLM are basically the same thing? How can a GA provide nationwide support (training, marketing, etc) without having multiple office locations unless they were using a model that had a few regional brokers building "agencies" themselves which took care of training etc.
Again, pardon my ignorance, but can I assume that a GA and a MLM are basically the same thing? How can a GA provide nationwide support (training, marketing, etc) without having multiple office locations unless they were using a model that had a few regional brokers building "agencies" themselves which took care of training etc.
No. A GA can operate out of one location and service many agents in many states.
Again, pardon my ignorance, but can I assume that a GA and a MLM are basically the same thing? How can a GA provide nationwide support (training, marketing, etc) without having multiple office locations unless they were using a model that had a few regional brokers building "agencies" themselves which took care of training etc.
MLM is a pyramid scam, highly dependent on recruiting new downline agents. The focus is not the product or service, it is in constantly feeding the insatiable hunger for new recruits. A GA is a legitimate insurance entity-- essentially a "house" of agents.
GA's with good case managers can also often get a lot of things done that you couldn't do by yourself. They also help follow up on the back-office work, transmitting exams and paperwork to carriers, tracking commissions, offering marketing specialists that can help you with complex situations and keep you up to date on what certain carriers are doing, etc etc
A GA can assist you with growing your business. A good GA should provide you with training and technology support to help you build. I suggest interviewing several GA's and asking them what "specifically" they will provide you.
Good luck!
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Gina DePinto gdepinto@hyperlinkis.com www.hyperlinkis.com
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General Agent Function
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