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

ru4trade

New Member
7
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. :)
 
Hi WinoBlues....thanks for the reply.

I'm in CA.

I'm licensed to sell all lines of insurance (Life, Health, Accidental, P&C).

Finances have been seriously eroded due to the situations I described in my post.
 
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Hi Rousemark..!!

Thanks for the reply. I am totally good with working for myself, but I have VERY limited industry knowledge and experience.

The only thing I have going for me is sales experience from my other industry.

Where would you suggest I start..? Captive agent program (had bad luck there) or Independent agent..?

If independent agent, how to I go about that path as like I said in my main post, there are only 2 IA companies that I have found in my area and both said no to me as I am a new agent and have no book of business to bring to the table.

Thanks in advance for the advice...!!
 
What kind of position were you looking for w/ the independent agencies you interviewed with? Are you looking for a salary/hourly type of position? Most "positions" with any independent agency are going to be commission-based, 1099.

What products are you most interested in selling? What products might be better to sell in your area of interest? If you're short on marketing funds then you'll really need to devote time to making people connections, door knocking, or cold calling. Do you have a preference for selling on the phone or face to face?

If you figure out what you want to start with - find out which carriers, in your primary market area, are competitive for that product. Call them and ask about getting contracted or look on this forum, plenty of people here would be more than happy to get you signed up w/ carriers.

Life/health should be easier for you to break into than P&C.
 
"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 WinoBlues....thanks for the reply.

I'm in CA.

I'm licensed to sell all lines of insurance (Life, Health, Accidental, P&C).

Finances have been seriously eroded due to the situations I described in my post.

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?
 
What kind of position were you looking for w/ the independent agencies you interviewed with? Are you looking for a salary/hourly type of position? Most "positions" with any independent agency are going to be commission-based, 1099.

What products are you most interested in selling? What products might be better to sell in your area of interest? If you're short on marketing funds then you'll really need to devote time to making people connections, door knocking, or cold calling. Do you have a preference for selling on the phone or face to face?

If you figure out what you want to start with - find out which carriers, in your primary market area, are competitive for that product. Call them and ask about getting contracted or look on this forum, plenty of people here would be more than happy to get you signed up w/ carriers.

Life/health should be easier for you to break into than P&C.

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.
 
I own an independent P&C agency here in SC and started it from scratch. I did my time at a captive agency to learn the ropes for 4 years. After 4 years I was lucky to break 50k working for an agent. Now as an owner my goal is for every agent to make at least 100k end of third year. I can tell after 6 months if they are going to make it or not. I am willing to give almost anyone a chance as long as I can see they are focused, have a detailed business plan showing where they are going to get leads, showing how they are going to survive the first 18 months while building a book.

In today's market you don't need an office. Find an agency looking to grow and expand into your zip code. Show them how you can help to make that happen. Start networking and gaining centers of influence that can send you warm leads. Mortgage brokers, bankers, attorneys, Dave Ramsey ELP...

Why are the two agencies really saying no? Most agencies would prefer to train than to change. If you asked them are you interested in growing your business? I'm positive they would say yes if not run. If yes. Tell them the skills you have and can bring to the table to make that happen.

Here are some qualifications that might help:
Have a following on Facebook of more than 250 people
Have a linked in account with more than 500 contacts
Have a Google + page
When you google your name what appears? Start to own your space
Have knowledge of how you will brand yourself.
Have a blog with good content and a following

All these create a large network of people for you to dip into. It also creates a know how on your part of how to do all this. They will want your knowledge on how to do this stuff.

Last thing. Be likeable. Sometimes it just flat out comes down to Do people like you, are you going to fit in the team, are you able to lead, are you able to be trusted quickly, do people naturally tend to look to you for advice. If these are not true of you. You can change that. Get out and start networking and practice. Get out and make someone believe you can help them grow their business.
 
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