Insurance Agent Forum

[DJAdam]

Originally Posted by B Ray

I'm in Arkansas, no I'm changing to the senior market..My new company is already trained me 2 weeks and looking to be on my own in a week or so, I love the idea of them giving me leads and setting my appts, I only pay for the leads when the apps are turned in...Actually the only leads I pay for is the ones I actually sign up.

Who did you go with for senior market?

[B Ray]

Originally Posted by DJAdam

Who did you go with for senior market?

A company called Eldercare, from Arkansas one of the largest in this state, we sell in Arkansas,Texas and Tennessee that I know of, I really like the way the company is structured, they have their own brokerage firm and get their own leads and if you get a 'No Sell" they don't charge you for the leads, at least for the new guys, once you get seasoned they charge only for qualified leads, if you go out of town and spend the night away because you have appts the next day,they pick up the hotel bill.Everything sounds real good.

[DJAdam]

Sounds good. Do you have a link to their website?

[magagent]

Is this a 1099 or W-2 position? It sounds like a W-2, one of my old college roomies works in position similar to this through assurecor? I do believe. Just be cautious when you are in a position like you are, they expect you to produce, if you can not.... Need I say NEXT.

[B Ray]

Originally Posted by magagent

Is this a 1099 or W-2 position? It sounds like a W-2, one of my old college roomies works in position similar to this through assurecor? I do believe. Just be cautious when you are in a position like you are, they expect you to produce, if you can not.... Need I say NEXT.

It is a 1099..This company has been around since 1981, he has tweaked here and there to benefit the agents, he retains most all agents, several have been around since mid to late 80's, so he must be doing something right to keep his agents around and to keep them happy to.

[magagent]

It sounds like he might be doing something right, of course as long as you have enough leads, selling a good product then most agents are happy!

Will there be weekly/monthly sales meetings that you must attend?

[B Ray]

Originally Posted by magagent

It sounds like he might be doing something right, of course as long as you have enough leads, selling a good product then most agents are happy!

Will there be weekly/monthly sales meetings that you must attend?

They have a monthly meeting, food provided at local country club, I'm not going to rely on their leads 100%, I have a lot of contacts and live in a retirement area, so I will take their leads as fill ins, they will give me a territory in the state and I will have that area.

[alonquie]

Hi Everyone,

I'm new to the forum. I am looking to get into the insurance industry, but I can't seem to decide which direction. I have looked at NYL, Farmer's, Aflac and Colonial. So far I've ruled out Aflac, they seem more like the churn and burn type with their reps and I want a company that will support me with training and experience so that I can succeed and we can all do well, not just the management. My background is in mortgage sales and I am more comfortable with B2B sales so I am leaning toward Colonial just because I don't think I would do well with the "kitchen table" type sales that NYL would require even though I am hearing that they are a great company to work for. But I would love any advice as I am totally green in the insurance arena.

Also, to Labman (I tried to PM you but I don't have enough posts to do that yet).

I was reading your post from back in June and you mentioned you were getting appointed with Colonial. I am considering getting appointed with them, but I could sure use some advice or feedback. Did you end up signing on with them and how are you doing? Would you recommend them?

Thanks!

Alex

[Labman]

Yes, I signed on with them. So far things have went pretty good. Without an insurance background, learning the products has taken a lot more of my time than I anticipated.

My manager has worked hard with me and so have other Colonial agents. I have my first appointment next week and a 25 year Colonial veteran is going out with me to make the call.

In my opinion, they have all the educational tools one needs to get started. The support has been great. I've also focused on selling some individual cancer policies, which I am a great believer of, to individuals to get some income rolling in quickly.

Go to their opener classes, enroller classes and Fast Start class. I think you will be happy.

[al3]

I think Colonial is a "stand up" company... good products and good people.

The only difficulty is that their market has been hammered by the rising costs of everything. The office worker or blue collar mechanic that had an extra $50 in his paycheck for a cancer plan or medical bridge (supp to pay major med deduct) has seen that gobbled up by Exxon and his local grocery store.

Unlike Aflac, Colonial never had a "plan B" that makes it easy to sell products to individuals. They have been married to payroll-deduct and closed their eyes to a potential market of individual (IFP) sales. (Note: I do NOT represent Aflac, am not appointed with them, etc.)

Also, the commissions at Colonial are to low compared to the amount of work involved, especially for the small office of 10 or 12 people. The average participation in about 65% with an average prem of $50 a month and an average commish of about 22%... do the math. It's fine if it is a two-call deal... open on first call and enroll on second, but it never seems to work out that way. There are always three levels of permissions that have to be received, lots of emails and phone calls. Unless you have a group of 25 or more, Colonial is often a "why bother." You are better advised to sell small group major medical. You will often make more money and it is an "easier" (but not quicker) sale. (There is nothing "quick" when dealing with businesses!)

I'm sure as you progress in this industry you will find that worksite products will become a sideline for you, not your main emphasis... unless you are in the South where benefits are not as "rich" and worksite is better received by the business community.

YMMV.

The Creeper

[Labman]

Well on the individual side you can sell, life insurance, cancer and accident to individuals. Not a lot of products but not bad either. I love their cancer product and push it hard because I believe in it.

I would agree with the rest of your comments. As a beginner I'm going to mix in major med with Colonial products. There is no need to turn down a major med sale just because I don't or want handle the product. Kills two birds with one stone when I walk into a business.

[al3]

Originally Posted by Labman

Well on the individual side you can sell, life insurance, cancer and accident to individuals. Not a lot of products but not bad either. I love their cancer product and push it hard because I believe in it.

Their cancer product is quite good. However for life there are FAR better products out there for simplified issue. (I hear they have a whole new set of life products so maybe I am talking out of ignorance, but that would not be the first time!) As for accident, there is no shortage of stand-alone products that are as good as Colonial (or AFLAC.)

My point is that Colonial is simply not 'geared' to sell to individuals. You can do it, but they don't make it "easy." And even if you do sell to the non-group/payroll-deduct market, what they pay you is not worth the effort... which is not much different than what they pay for "regular" groups.

The only way you are going to make a full-time living with Colonial is to be both an Opener and an Enroller and to get a fair split of the Coordinator as well. That is a lot of work and a fairly steep learning curve... for the few bucks they will pay you.

And you are going to work your butt off if you are in a "rich benefit" business community like CA or NY as opposed to the right-to-work states in the South where Colonial does most of its business. (I know this because I read the weekly "sales stat" newsletters they send me each Friday.)

If you are NOT in the South please don't believe all the hype and b.s. that your sales manager will tell you about closing a group a week... or even 3 a month. If it does happen often and if it does it won't happen for a year... when you have a lot of prospects in the pipe... because the sales cycle is rather long.

And even if you close them you have to get good working conditions and you have to be selling into a business where the wages are above the current inflation level. Otherwise the workers have no money for the products. You are going to work your butt off for very little reward.

Colonial (and I hear Aflac) is great about telling their sales folks that "prosperity" is just the next call away. The point is that THEY (managers and HO people) are all making a lot more money than you are... on YOUR efforts and that it is imperative that they get YOU to believe in "the story." (This is not much different from any captive or semi-captive situation.)

If you want to be successful with Colonial, forget calling on businesses and concentrate on calling on brokers. Have a good pitch on why they should open their book to your and Colonial. Offer them 50% for making a phone call and you will do OK. However, be warned that most brokers will see you as "evil" and will NOT open their book to you, worrying that you will steal it... especially if you are known in your community as doing group coverage and competing with them.

In my experience (however limited) it works well with brokers if you are a really good looking blond what a Penthouse figure. If not... well good luck with all that.

I still write Colonial, but it is a sideline to my group practice (which is becoming a sideline to my life and IFP practice.)

Colonial is a good company and they will not "screw" you. But they have 4 levels of management above you all of whom get a big piece of the generated premium. Colonial does anywhere from 3 to 7 million a week in premium. I've yet to see more than a handful of agents who make more than $75,000 a year. I've also yet to find a manager or above who makes less than $150,000 a year.

I hope this is of some value. Most people here don't think I know "jack %$$@#" so the above is worth what it cost you.

Good luck and let us know how you do.

The Creeper

[Labman]

Good points. It just so happens that I live in SC within 30 minutes of Colonials home office. That has it's advantages and disadvantages. My wife has worked for them for almost 20 years in the home office. In a prior life, I was the human resources person who also happened to be the plan admin for Colonial. When it comes to talking about Colonial to business owners very few agents if any can match my background. I've been the plan administrator, recieved benefits from my own claims etc. etc. I can tell potential clients my first hand experiences that other agents can't. So far, that advantage is giving me somewhat of an upper hand in getting in the door.