Suggestions to My Plan Starting Out

[GoForBroker]

I am in the South and looking to start a career in insurance. Over 15 years in sales of all sorts but new to this game. Doing it because of a desire to build my own business and Real Estate is horrific right now (been down that road and did well till market busted). Also even though I make pretty good money in my current career I don't have a passion for it. I see insurance as a way to help others and that is what I want to do.

Understanding that money is hard to get early I am trying to do this correctly. Most likely starting with Colonial and I will be non captive. Broker has great training and support. I need $1200 a month to survive and am working on limited funds so I need some quick money to stay on my feet as I build a book. Keep in mind I am also working another job to pay most of the bills for now so even if I make 500-1000 a month the first few months I can survive. Questions are what other products should I consider selling as well as Colonial. I am thinking I should also take on individuals because I find that is a easier group to market to for me until I train more with groups. I want to be full time in insurance only as soon as possible so that is the goal here. I think customer service is near dead these days so I really want to learn the products and treat my clients well and help them profit with their business.

I have read a ton on these forums the last few days and want to learn so thanks for any of your advice in advance.

P.S. I am not afraid to cold call and will try any other type of marketing you guys could suggest.

 

[WiseFS]

Some quick tips until some of the forum experts get here:

I would focus on one area/product at first until you are confident. But certainly don't limit yourself to one company because at the end of the day the more options you can provide for your client, the better job you can do for them. And as quickly as possible I would begin to broaden your product base until you are confident in each area. It's ok to stumble forward, as long as it's not at the expense of your client.

Just my 2 cents.

 

[Tampa Bay Rep]

Another thing you need to consider is where are going to get your prospects. Are you going to get them by networking, through referrals, cold calling a list that the broker provides you, etc. You need to need a steady source prospects to call on.

 

[GoForBroker]

At this point my pt job is in the later afternoon to evening so my prospecting will include several things.

Monday through Friday starting at 9am and going till I am done. I am working for Colonial so group is my main goal however I am going to hammer the individual market because I feel my marketing is stronger in that regard and my broker feels I can make a little money quicker that way so I can get out of the pt job.

2-3 hours cold calling lists from my broker and people I may have something in common with aka car salesmen and Realtors because I have been in both of those industries and understand what they go through and what they usually have or don't have insurance wise.

1-2 hours doing walk in's. Maybe take some fresh cookies or something with me so people look forward to me coming by. A local state farm agent does that for car insurance and it has gone over very well for her. I plan to start in my city and then expand to smaller cities around the area. I have never been a big fan of cold calling and feel this is the better way to get in the door with owners. My office has a ton of support and training and the plan they use seems to work very well for the others there. I want to let people know I am the man for their insurance needs. I will be finding out when they renew and contacting them again at that time if I cannot close them right away.

Starting a local insurance newsletter and/or blog for my area (nobody is doing this yet) and trying to start some sort of drip email system through this. I have some experience with website building and I know how to get them to the top of google for my general area. I would like my own website but I have been told my my broker there is no need for one even though I disagree.

I have also considered door hangers. I have a very large college in my town so I am trying to see how I can get some individual business from college students. I will be pushing the life and cancer policies to them.

This is all I got so far. Any suggestions would be great.

 

[Josh]

I am working for Colonial

Any suggestions would be great.

My suggestion would be to ditch Colonial. What made you decide to go with them and work in that line?

Here are some other points to consider:
STFU about helping people. Do this to make money. Do this to make lots of money. Do this to command your own schedule. Do this to create a way to be able to take time off when you want to so you can enjoy your life. Do this because you want to feel that sense of accomplishment that comes with making $20k in a peek (or low) month, but don't do this to "help people".

If you want to make some serious coin, start doing life insurance. Get some contracts, buy some leads, and get cracking at it. Odds of you being successful at Colonial aren't particularly great, but if you find another niche and work out a better marketing plan, you'll probably be more satisfied with your experience.

 

[DHK]

My suggestion would be to ditch Colonial. What made you decide to go with them and work in that line?

And this is from the guy that likes American Income Life???


Here is my #1 tip for you: Learn to prospect. Learn to get people to WANT to do business with you. Sounds like you're trying to position yourself to do just that.

My #2 tip for you: Don't offer every product under the sun. The "more options you provide" won't matter unless you can get the prospect to ACT! Pick a great product that has somewhat liberal underwriting and run with that product. Maximize that contract. Remember: There isn't a single prospect that knows more than you do about the products out there. They may have "heard" things, but it's your job to recommend a good product for them.

Why? Why not have a few? Because you want to build RELATIONSHIPS WITH UNDERWRITERS. The more business you put with ONE company, the more they'll do favors for you with underwriting concessions and you can earn additional compensation (depending on the contract).

"Never stop selling! Who's easier to sell than an underwriter?" - John Savage.

 

[Josh]

And this is from the guy that likes American Income Life???

That's an interesting tone. Are you trying to look like a pretentious jackass? If you are, then mission accomplished.

Yes, this is from the guy that overall thinks AIL has it's merits. Let me try to clear this up for you:
AIL has a lead program, scripted presentation that is effective (and teaches the actual sales process), and if at any point an agent wants to walk away there is no need for a release because they sell their own product. One of the biggest challenges most agents have is getting in front of people, AIL has a solution, makes a whole world of sense to me.
- - - - - - - - - - - - - - - - - -

There isn't a single prospect that knows more than you do about the products out there.

Somehow I think that's an exaggeration, especially if we're considering all products and all prospects when this agent is just getting started.

 

[DHK]

You gotta take an offer and work it. That's what he's doing. He'll find the path he wants over time. Some paths are rockier than others. I don't like AIL, and you do. 2 different experiences. Colonial isn't my cup of tea, but he sounds like he's getting some guidance and support. Good for him!

If consumers knew enough about our products, they would be contacting US. Since they don't know enough and don't know where and who to ask... he has the advantage.

 

[GoForBroker]

DHK you have a good idea of what my situation is. I picked Colonial because its the only place I went to an interview with an insurance company. It turns out I knew the district manager and they have great training and support. The vibe in the office is great and there is room to move up the latter rather quickly. However I have noticed the commissions are lower then most but the bonus structure seems to make up for it. I can live great on 35-50k a year for now, 100k is a 3 year goal. I am doing insurance because of the chance to make my own schedule unlike the car business. I did not even consider Aflac after talking to them and I am not sure about AIL. I used to detail for a district manager for AIL in Orlando. His name was Mark Zipper and he was doing really really well as were two or 3 of his managers. The rest of the agents, 40 or so, seemed to be chasing dreams and not making much. It seemed like whoever got the good leads did well and the rest not so much.

What other options could I consider selling in addition to Colonial or instead of Colonial that would make me more money. I do understand the fact that I need to make money doing this. I have made 7-10k a month in the car business and it is nice for sure. What life insurance companies could I consider that would make more of a profit or that I could use in addition to Colonial. Life insurance is paid at 50 percent of the yearly amount at Colonial. I have an interview with NY Life but I am not sure what all they offer yet. I wish some of these companies offered at least a small draw because working with no income off the bat is very tough. In car sales I had a 1500 draw which allowed me to focus on selling because my bills were paid. I want to find the niche that works for me and I know I will in time. I still see myself doing better with individual policies because the marketing seems so much easier however this office is confident in the system they use and it seems to work from what I have seen so far. I am studying all the products they offer and start training on Monday.

I appreciate all of your responses.

 

[DHK]

NYL is a solid company and definitely worth your consideration. With in-house LUTCF courses and a reputation for top sales, I'd definitely consider it. They'll also offer an additional "bonus" on top of the standard commission rates for a new person during the 1st 3 years. They also have a VPD (Voluntary Payroll Deduction) plan that you can use to target groups and still earn a full commission.

Definitely a good consideration. However, choosing between Colonial and NYL is like choosing between selling Kias and Acuras. You might make up for the difference in volume sales... but with VPD from NYL, you could have volume with them too.

Good luck in your choice. It's more important to learn to prospect and build a clientele. Once you have those skills, you can go just about anywhere and sell their products. Go where you know you'll have the best chance to learn those skills.

Here's a hint: Whoever mentions the "Project 200" as a sole marketing method... loses.