New to Insurance... Producer... Now What?

[Kramminn]

Hi there,

I am interested to see how some of you got started in a producer role in insurance? Whats the first thing you did? Is there anything you would do differently or can give any advice to someone heading down that path.

Also did you go into a producer role right after getting your licence or did you have some background in insurance before making the transition into a producer role.

 

[AlTheGud1sRtakn]

What do you mean producer? Do you mean instead of an assistant or something?

Anyways the first thing I did was go to work for the wrong company, spend all of my money on inneffective marketing, write all of my friends and family on a proprietary product, get paid what I now know are low commissions, and leave that firm with nearly everyone I know under a strict non-compete/non-interference agreement.

If I could do anything differently I'd try to avoid that scenario.

Also - don't skimp too much on your marketing budget, but don't spend it all so fast that if your first strategy didn't work you don't have the cash left to try another. Try a few things out, and commit enough to them that you have a big enough sample to know they work or don't work for you. Go out on appointments with someone who's good at what they do, and that you can respect. Ask if you can go on some of their appointments as well, they're likely meeting with a different clientele than you'll be for a while.

Most importantly - prospect your ass off. Relentlessly. Too many prospects is a good problem to have.

 

[DHK]

Krammin sounds like he's in a P&C environment.

 

[Kramminn]

What do you mean producer? Do you mean instead of an assistant or something?
.

Producer as in you are strictly on commission and you own your own book of business.

first thing I did was go to work for the wrong company, spend all of my money on inneffective marketing, write all of my friends and family on a proprietary product, get paid what I now know are low commissions, and leave that firm with nearly everyone I know under a strict non-compete/non-interference agreement..

Could you elaborate on this agreement.Were you disclosed of this prior to being hired? I know normally when you sign with a brokerage(at least here in Canada) where you are on salary + bonus, you typically do not own the business you write. If you do decide somewhere down the road to leave the office there is a agreement where you can not make contact with past clients to sign them over to your new business for a min of 12-24 month(if I am not mistaken)

Is there any red flags you can suggest to keep an eye out for?

I had a position offered to me at a brokerage here in Ontario. The owners of the company know that I have "zero" experience in selling insurance, or in the insurance industry period but they have assured me that they will train me from the ground up with all the systems, how to sell the insurance and, basically hold me hand as I learn. Also, commission splits are 50/50 based on the 10-20% cut of policies depending what is written (Auto/Home/Commercial), I don't know if these splits are normal split or not. I'd love to get some feed back from other agents/brokers on here and see what the think.

 

[gogostar]

what do you need? only patience, effort and vision.

 

[Kramminn]

Can anyone offer some advice?

 

[alwrightins]

Kramminn,
Look at the stickies on this thread u find find a good amount of info..

 

[Kramminn]

Well i haven't been around in a couple of weeks. I had my licence exam on the 18th and I happy to say that I successfully passed it!

I had a follow up sit down with a brokerage today with I had a interview a few months ago prior to me writing my licence who gave me a conditional offer. Happy to announce they are drafting up a contract for me that should be in my inbox on Monday and I will be starting in the new role as a producer on Jan 5th

Its a great way to end of 2014 and an even better way to start of 2015. Let the grinding begin!

I know this forum is mainly dedicated to the US markets, but if there are other Canadians on here that can shed some light of where they buy their leads, I'd be interested in talking to you.

I understand there are many different ways of doing business- door knocking, direct mail, buy leads, networking, etc. My goal is to let my warm list know that I am in the insurance business now and would like the opportunity to quote there policy or at least get the X date from them so I can follow up when their expiry date approaches. At the same time I want to mix in some business from buying leads.

I know im very rookie and this is all just things way off the top of my head so if anyone can give me some more advice Id be greatly appreciative of it.

Thanks.

 

[indienoise]

Congrats!
Who do you know in related businesses? Auto dealers, real estate, etc. Referral business is SO much easier. I can't describe to you how much I HATE cold selling. Despise it. I've been doing only part time and selling only referral business and by the time i hit the two year mark this spring, i should have enough annual premium that when i end up buying my book from the principal agent i work for and go independent i shouldn't have issues getting the appointments i need, at least from the standpoint of volume. Never cold called, never purchased leads. If you want to make it easy on yourself, get in good with centers of influence and get a good referral program with your clients.

 

[Kramminn]

Congrats!
Who do you know in related businesses? Auto dealers, real estate, etc. Referral business is SO much easier. I can't describe to you how much I HATE cold selling. Despise it. I've been doing only part time and selling only referral business and by the time i hit the two year mark this spring, i should have enough annual premium that when i end up buying my book from the principal agent i work for and go independent i shouldn't have issues getting the appointments i need, at least from the standpoint of volume. Never cold called, never purchased leads. If you want to make it easy on yourself, get in good with centers of influence and get a good referral program with your clients.

Yes, I have friends that are in real estate, in valet service industry, mechanics, and also trying to penetrate my warm list for referrals and hope Ill be able to convert their policies over to be principal broker.

iv read some other guys posts on buying leads. Im not sure how I feel about it. Mainly because I dont know much about it. But I feel like its a waste of money(unless I am wrong). How sure can you be that lead is not being shared with 50 other brokers, or if the number is valid, or recycled?

What do you say not to cold call?

I do believe that networking and get up and personal with people is key to developing a relationship and developing leads that way. Seems like thats the best way of doing business.