So Far.....WHAT A NIGHTMARE...!!!

[ru4trade]

"3rd largest" tells us nothing... 3rd largest in sales? 3rd largest in assets? 3rd largest in in-force policies issued? 3rd largest in benefits issued?

Just tell us who you were with. That will let us know where you have been and why you didnt like it.

Im going to guess that it was Mass or Pru... am I correct?


Training can vary greatly from office to office within a company. Some captive offices are great, others not so much. Mass is notorious for being totally random on the training from office to office. NWM on the other hand probably has the best & most consistent training system out of all of the captive life agencies. NYL is fairly consistent too, much more than Mass or Pru. But they are a lot less picky when hiring vs. NWM. (I came from NYL)


Some people will tell you that you can go indy right from the start in the life field. But in my experience nothing compares to real live training combined with a mentorship with an experienced agent who is splitting cases with you. It is very hard to find that in the indy world.

My advice is to shop the other career mutuals in your area. Ask LOTS of questions about training and mentorships. Then pick the one that your gut tells you to pick and seems like the least BS and isnt all roses and sunshine.

The other option is to go to local independent agencies and ask for them to take you on and to mentor you. But you have better be able to pitch them some kind of value... like being able to prospect and get appointments... or it will not be worth their time.

Hi...!!

Thanks for the reply.

I am actually being vague as I know that people from my former companies frequent these boards.

I do agree with you on the mentor ship side. Nothing beats being mentored from someone who has "been there...done that".

I might just take your advice and go back to the indy companies and pitch them on me again.

The thing I didn't mention in my initial phone interview was the people in several industries that I personally know and could use as centers of influence if I could get started with an indy agency (i.e. - real estate professionals and people within the auto industry - at the dealership level).

Thanks for the food for thought...!!

 

[AdvisorsIns]

Hi FRJ…..thanks for the response. The “position” I was in was that of an agent. That is the position I am looking for (or agency producer to start off with but the eventual goal is to be an agent). I am totally ok with a 1099 program providing I am being TRAINED and MENTORED in the industry so I have the ability to go out and present the solutions in an informed and professional manner and not be “shooting from the hip” unsure of myself and products. I can prospect and sell. I have done that my whole life….but I need the insurance industry mentorship and guidance being a new agent. I am most interested in selling personal and commercial p&c insurance. I don’t mind selling life as well…but I am mostly interested in p&c. I am a great networker and LOVE selling face to face…however I have sold for many years on the phone as well I just don’t want to be a telemarketer. I would hopefully be able tpo blend the two. As far as people connections, I have multiple groups I can tap in to tomorrow as well as connections in the real estate and auto industries. Like I said, selling and connections is not the problem, it’s the training and mentor ship I need since I am new to the industry. As far as getting signed up with carriers, I am not sure how to pursue that on my own. I was told that to go direct to a carrier as a newb is not the right choice as they have production minimums that I may not be able to reach on my own. Would contacting an MGA be the right path to go..? If so, would they provide any type of training..? I am considering Life/Health…but once again…I really want to learn and cut my teeth on the p&c side of things. Any words of wisdom are appreciated.

In P&C you will need some mentorship especially on the commercial side. The carriers provide little to no training. Without experience it would be difficult to gain appointments even through an aggregator or alliance. Knowing product takes time. Knowing what questions to ask in order to research and propose is better than product knowledge itself. It's a double edge sword - no product confidence = low sales. Low sales = broke and unemployed. You have to marry the two. Able to get out their ask good questions listen drive business and learn product as you go.

 

[ru4trade]

In P&C you will need some mentorship especially on the commercial side. The carriers provide little to no training. Without experience it would be difficult to gain appointments even through an aggregator or alliance. Knowing product takes time. Knowing what questions to ask in order to research and propose is better than product knowledge itself. It's a double edge sword - no product confidence = low sales. Low sales = broke and unemployed. You have to marry the two. Able to get out their ask good questions listen drive business and learn product as you go.

Advisor....awesome advice on both of your posts. Thank you so much..!!

Yes, I agree with everything you said, that is why I am looking for a "mentor ship situation" hopefully with an indy agency.

I have alot to bring to the table.....if someone would just be willing to teach me, the return would be great for both them as well as myself.

I may go back and knock on their doors again to pitch myself a second time. It seems that IA's only want seasoned pros WITH a book of business. No book...no thanks.

The sad thing is they're discounting potential and motivation (i.e. - hunger) in someone new who could blow up to be their next superstar agent.

There are a couple of other companies I have found that are local indys who I have yet to contact....so there is still some hope.

I guess if all else fails, I would have to try the "captive agent" route again. I don't want to give up on this before I've really even had a chance to make a go of it.


Thanks again for the great words of wisdom...!!!

 

[Starman]

Hi Guys (and Gals)....

I'm posting on here in hopes that you insurance pros may have a wee bit of advice for a new guy on the insurance block.

So here's my story in a nutshell.....

I have been a very successful executive sales professional for many (+15) years. A few years ago, I was displaced out of my industry and needed to find work to pay the bills until the economy got better.

I found an opportunity with a major insurance carrier selling life & accidental insurance. I got licensed and went to work. I was a little disappointed in the job as I was basically a telemarketer with a license but I "dummied up" and did the job as I needed to make sure I had a paycheck coming in. The pay was abysmal but I kept at it. The one thing that I took away from the experience was a strong interest in the insurance industry.

I ended up getting hired back into my industry and that brings us to today.

Last year, I was laid off from my job (again...) and decided to make a go of it in the insurance world but this time I wanted to be a "real" agent....not just a telemarketer (as I come to find out the are called direct producers) but someone who was selling ALL lines of insurance and doing it both face to face as well as on the phone.

Now please....I mean no dis-respect to anyone who does the "direct producer" job because God knows it isn't easy....but that's just not the right fit for me.

I still had my life license and I went and got my P&C (trained online for 6 days, studied for 2, and aced my test with a 91%.....I was seriously motivated..!).

I went and interviewed with the "3rd largest" Insurance company and went into their "Captive Agent" training program. I was so excited....thinking that I was going to be trained and learn the industry from the ground up and than go out and take on the world. That didn't happen.

The "training" was sub-par to say the least not to mention they offered no compensation outside of the commissions from whatever policies I sold.
I get it....I would be running my own business....but I would hope there would be some financial assistance....even a draw vs. commission or something while I was "learning" during the first month or two.

The thing that stung most was they seemed to have little to no interest in really training me at all. I mean systems training, mentoring, industry knowledge.....very little training. It was mostly...create a list of people you know and cut your teeth there and that will teach you how to pitch the product and use the computer systems. I was like WOW...!! Even still I tried...for several months all the while draining my saving account. I was rewarded with very little money in return to say the least.

I then left that opportunity and took a job working for an agent who is with the #1 captive insurance carrier in the country...and that was even a worse experience. I was lied to and taken advantage of.

So here I am now....kinda disheartened by the whole experience and not really sure what to do.

I guess I could always go back to my former industry but I really have grown to like the insurance industry and don't feel I've really had an opportunity to make a go of it.

I even interviewed with a couple of independent insurance companies that wouldn't touch me because I'm green (they want ONLY experienced agents WITH a book of business).

I honestly think I'd rather work for an independent insurance agency over a captive one because of the flexibility and options that pricing with multiple carriers bring.

Anywho....I don't really know what to do from here. There are not very many independent insurance companies in my area....and the 2 biggest ones I was able to find both said no to me.

Anyone got any good advice...?

Thanks for listening.

Go to the Insurance Pro Shop immediately. Jeremy and Lou Nason will get you straightened out. Their number is 1-877-297-4608.

 

[ru4trade]

First, I sympathize with your plight.

But you do need to learn how to read questions and answer them properly. We're going to try again.

WinoBlues asked this: What kind of insurance do you want to sell?

He did not ask which lines you were licensed to sell. There is a BIG difference.


Now for my questions:
- When you think of what market you have access to... what kind of people do you think you have the best chance of prospecting, marketing, and selling to? Families? Seniors? Retirees? Business Owners?

- When you were taking your licensing exams... what aspects of insurance stand out to you? What would you LIKE to be selling?

Hi DHK.....thanks for the response.

I'm on 4 hours of sleep so I must have read the question wrong.

WinoBlues asked this: What kind of insurance do you want to sell?

P&C (personal and commercial lines)

- When you think of what market you have access to... what kind of people do you think you have the best chance of prospecting, marketing, and selling to? Families? Seniors? Retirees? Business Owners?

Homeowners (with families preferably) & business owners.

- When you were taking your licensing exams... what aspects of insurance stand out to you? What would you LIKE to be selling?

Definitely P&C aspects I liked the most. I really liked HO insurance as well as recreational insurance (i.e. - "the toys"). I also liked umbrella and business insurance (and workers comp). I would love to be selling all of those lines.

I would also like to sell life but would choose to group that in with P&C or pivot back to it after establishing a relationship with my clients and holding their P&C or BO policies.

 

[DHK]

Okay, now that we have that straightened out... the recommendation for the Insurance Pro Shop (whom I recommend many times) won't help you unless you're selling life insurance and annuities.

For P&C, you have to join an agency to "pay your dues". Build up a book and show that you know what you're doing.

Now, once you get going with P&C... when you want to be able to cross-sell your book to life insurance and annuities... THEN you'll want to contact the Insurance Pro Shop.

Until then... you'll need to get your questions answered by experienced P&C guys.


Just FYI - if you wanted to start with Life & Annuities... it's very easy to get started and appointed.

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I have alot to bring to the table.....if someone would just be willing to teach me, the return would be great for both them as well as myself.

[...]

The sad thing is they're discounting potential and motivation (i.e. - hunger) in someone new who could blow up to be their next superstar agent.

No they're not. They know the statistics of who will make it and who won't. Without an established track record, they'll be hard-pressed to justify working with you.

First seek to understand, then to be understood.

 

[Transamerica in SF]

I like training agents, but that is not common. I like classroom teaching the subject of life and annuities but that is also not common. I am sorry you have had such a rough experience, but I think many companies out there are not easy to work with at all.

 

[ARus]

I can teach you how to sale insurance for contractors and health insurance when working with me and sharing commissions. I am in IL but would like to approach more states. I mostly sale this. In general will say that insurance business takes time, but if you really want to learn it and become professional, specialize in a very specific niche. If interested, call me next week. These days I am at my first real vacation from 15 years. But my case is different. I emigrated to the US and went long way. If I did it, you should too. 7739887608