Back for a Second Round, Need Advice

UnitedInsurance

New Member
5
Good evening! Wow...what a plethora of information this forum contains. I find myself reading, and reading, and reading some more!

A bit about myself to help you understand where I'm coming from: I was an agent for a year with NYL about 10 years ago. Of course the training was superb, however, I was in my very early twenties at the time, and my warm market wasn't great prospect wise. Sadly, I also found it difficult for people with the amount of money to invest that NYL favored, to want to trust that money to someone that looked as inexperienced as I was, regardless of what I knew or my skills. Long story short, I enjoyed it, but moved on.

For the last five years, I've owned a company that collects data at the courthouse level, primarily for insurance agents to market to. We have other clients that request other types of data, but the bulk of our production is recently filed mortgage data. With that being said, it's an easy transition to become licensed again and market to certain groups ourselves.

I sit for my life and health exam (in Mississippi) at the beginning of May. I have two others that will take the exam that same day. They both have over 11 years experience each in insurance, from debit routes, to P&C offices, to NYL at one point also.

We want to market mortgage protection (level term, whatever is best for their particular situation, not necessarily decreasing term) and eventually FE. (Not to the same group of course, lol.)

I also have associates that are affiliated with my initial company in other states that have expressed interest in getting licensed, with us providing leads to them. Remember, at this point, we only collect the data, we're not doing direct mailings yet.

So...with all that being said, here are the questions I have:

1. Would you recommend us doing our own direct mailings, since I know we can beat competitors as far as getting the data...since I know the speed and efficiency of my researchers?

1A. If yes, any ideas on wording...whether letters, postcards, etc? I have a few that I've seen, but I'm open to options.

2. What companies would be interested in allowing us to sell through them, with us being new into the field again, and in our particular state?

3. What companies that write in MS will allow phone sales?

4. As far as bringing in other agents, obviously I'll need to be licensed in their respective states. Does anyone see any issues with this...assuming we start slow and follow all state regulations? I'm also aware that the agents may eventually go out on their own, etc. I'm hoping that our leads will be fresh enough that that will entice them to stay a while.

5. When we decide to get into FE, again, what companies write in MS, and which, if any, allow phone sales?

We're certainly not opposed to face-to-face sales, as that's the backbone of an agent's sales. But, it certainly doesn't hurt to have the option of the quicker close in my opinion.

I look forward to any ideas, suggestions, criticism, etc that any of you have. My goal is to eventually be as knowledgeable and wealthy as some of you are! I appreciate your assistance in advance.

Thanks!
 
I'm only going to answer your "phone sales" questions since that is my area of expertise. Others here are better suited to answer your other questions. When selling over the phone, you are not limited to your home state. Most carriers have a fully underwritten product(s) that can sold over the phone. For non-med I suggest Fidelity Life and Assurity.

There are a few options for selling FE over the phone, but in my opinion only one has the combo of good comp, good prices, nationwide and phone signature. That would be Baltimore Life.
 
We want to market mortgage protection (level term, whatever is best for their particular situation, not necessarily decreasing term) and eventually FE. (Not to the same group of course, lol.)

Take it or leave it, here is something else I would take into consideration: in the FE and mortgage protection market, are you building a clientele of repeat buyers? I don't know the answer. Slinging product is fine, but the money is in repeat sales and renewal commissions. Life products don't pay much for renewals, so you need repeat sales.

You can make a living always looking for the next buyer, and in the first years you have to, but you will never be able to take a breath if you are not client building at the same time. If nothing else, give it some thought and how you can incorporate it into your business if you pursue those markets. If you are going to put in the work to get off the ground, mays well build something for the future.
 
IMS01...you mentioned that when selling over the phone I'm not limited to my home state. Surely though, I have to have a license in the state I'm selling in, right? Otherwise, that sounds way too easy. :)

Full Throttle, as far as long term clients, I plan on using the MP as a way in the door, and at that point, offering the true mortgage protection if that's what they are interested in, but based on my past training, I believe I can convert most into whole life with term riders, or at least level term before the initial sale.

The good point about where I'm coming from is that at least with my original business still in place, I'll not be forced to have a full time income immediately, although if I'm going to be working, I certainly want to get paid what I feel I'm worth.

Any more ideas? I've appreciated these comments so far. Thanks!
 
IMS01...you mentioned that when selling over the phone I'm not limited to my home state. Surely though, I have to have a license in the state I'm selling in, right?

Obtaining a non-resident license in another state is very simple. You have to go to nipr.com click initial non-resident license, fill out the info pay the state fees and you should have a license in about a week.
 
Thanks Rishi. I'd read that, but it just sounded too simple to be true. Once I get my initial MS license, I'll look into that.
 
Since you're already farming the data why not postcard to it, then try to sell the leads, then resell the leads that don't close.

Seems to be how a lot of the other shops operate. Probably the fastest way to make money lol.
 
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