Advice for New Agent

new_ky_ag

New Member
15
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 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?


Not personal to you. This one of the reasons I do not recruit and if I did it would not be a newbies.

Just so that I am clear. You are recently licensed? How recent? You were desperate to get into the business and needed an income quickly. Did he pay you while you were preparing and sitting for the exam and while learning the plans and how to sell them? Then he paid you whether you sold or not to start. Have you asked him to put you on 100% commission only and you buy your own leads?

There are several guys here that can offer you contracts.
 
Licensed in July. I worked at another part time job while studying for the exam. Basically when I came on board, having knowledge of how medicare works and insurance basic from previous career experience, he through me in the fire calling lead and selling within a week. I learn information quickly and was trained by an assistant at the office. Our office focuses mainly on T65 leads and ACA leads. No life insurance leads at all.

A prime example of what I have done recently on a lead that came in:
She is being released from a group plan involuntarily and I was able to sell her a plan. She then setup an appointment with 18 of her fellow retirees that are also coming off the group plan. I was able to sell to 16 of the 18. I mentioned about a split with this. He stated that once we get through open-enrollment, we will look at commission. I have offered to pay back what he has invested and also pay for leads in a couple different conversations. Just to be told the same thing about making it through open enrollment and evaluating from there.

As mentioned in my original post, I feel like since he took a risk on me from my past, I owe him but how far does that go before I am being taken advantage of?
 
Since you did not state I assumed Life insurance.

What was your expectation when you started 4 months ago.

Sounds like you already have one foot out of the door. Resign this morning, Many of use have left some place before. Or go in this morning and tell him you want off the salary and want to start commission only Monday morning. Then either take lower comp to cover leads or get higher comp and write a check for the leads.

What do you feel would be far?

By the way, I am Independent. I do not work for an agency or even have all or a majority of my contracts with any agency. But I also pay all my own fright and do not expect much support from any of my up lines.
 
Most "jobs" (and that's what you have) have a 90 day review and since you've reached that point, I think you should do what Wino is suggesting.

Of course they want to milk you for all you're worth through the OEP but you have to be firm and stand up for what you believe you're worth. If you think you're worth 12 bucks an hour, remain doing what you're doing.

Good luck and report back with your results!
 
Thank you for the insight. How does one become Independent where I can achieve what I feel I can?

If I am already appointed through the companies, do I have to go through process again if I was to try to go independent?

Whats the financial situation look like for a person going independent without a book of business?

Basically, I had all my finances in the previous business that busted and am starting off with nothing financially. It is what it is. I had the will to try and it didn't work out the way I wanted due to unforeseen circumstances. I am the type that when I go into something I go ALL in. I definitely have the confidence to succeed in this industry, the motivation, but the financial means is a different story. And not knowing the ins and outs of the business is holding me back I feel. Anywhere to research on my own? Looking for insight on how to move up the ladder.
 
Thank you for the insight. How does one become Independent where I can achieve what I feel I can?

If I am already appointed through the companies, do I have to go through process again if I was to try to go independent?

Whats the financial situation look like for a person going independent without a book of business?

Basically, I had all my finances in the previous business that busted and am starting off with nothing financially. It is what it is. I had the will to try and it didn't work out the way I wanted due to unforeseen circumstances. I am the type that when I go into something I go ALL in. I definitely have the confidence to succeed in this industry, the motivation, but the financial means is a different story. And not knowing the ins and outs of the business is holding me back I feel. Anywhere to research on my own? Looking for insight on how to move up the ladder.

If you are talking Medsupps and Medicare advantage post in the Senior Forum. Those are the men and women that can help you. You may be looking at release issues as well.
 
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