Insurance Agent Forum

[Paradigm]

Originally Posted by healthagent

It's tough. The only model that could work is the newbie would be responsible for generating the business or buying the leads.

The senior agent makes all the calls and does all the presentations while the junior agent listens in. I think that plays out better than having 80 agents all monitoring a call.

There would have to be a contract. The junior agent agrees to buy "X" amount of leads per week. So the senior agent gets free leads and a percentage of the business.

Problem is - you'd still need an altruistic senior agent. Why would he split a deal - even for free leads when he also has to train on top of it.

It would be more alluring to senior agents with a books who are scaling down and simply want to help.

Interesting idea... However what incentive is there for an agent to create someone who would eventually compete against him?

That is why the only people training are captives or MGA's because they have a vested interest.

Forums like this work because most of us are basically experienced and what we are doing is sharing best practices.

[joshril]

Originally Posted by Paradigm

Interesting idea... However what incentive is there for an agent to create someone who would eventually compete against him?

That is why the only people training are captives or MGA's because they have a vested interest.

Competition breeds success... IMO, there is more than enough business for everyone.

[Paradigm]

Originally Posted by joshril

Competition breeds success... IMO, there is more than enough business for everyone.

I respectfully disagree competition doesnt breed success it breeds innovation which may or may not lead to success.

And in truth there are more than enough licensed agents out there now. New agents create disinformation and often take shortcuts that give the rest of us a bad name. While I disagree with the captive model, it is the best way for a new agent to learn... they need the structure. They should not go independent from jump they will fail 99% of the time. Heck 95% of people fail with the captives and they have systems and structure.

[Paradigm]

If you are an above average salesman this business is the simplest one in the world. If you aren't give up now or read several sales books.

Its all about ROI- and how much income you generate per hour. Closing rates are moot unless you are going out to see majority of clients. If you go out to see them make sure 80-90% + of sits result in sales. (so prequalify for health and money)

You should get somewhere between 5-10X ROI and generate about 100- 200.00+ in expected commissions per actual hour that you work. You do that 40 hours a week

Spend 10K a year Make 100K
Spend 20K a year make 200K
Spend 30K a year make 300K

[Paradigm]

This business is for those who have good sales skills, seek knowledge and possess discipline. If you dont have those skills you will invariably fail.

[myinsurebiz]

Originally Posted by LGilmore

The real truth is if you are truly broke and need cash THIS is really not the business to be in.

The insurance industry is perfect for someone that needs a change in their life! My company will provide data leads for a new agent to call if they are committed to the program. The good thing about one of our carriers is an agent can start on Monday - write an app on Monday - if the app issued on Thursday ( can be as quick as 2 days ) - the agent and Team can be paid on Friday . . .

Originally Posted by Delta76

#1 - I started flat broke, zero sales experience (or life experience for that matter), never got any training when I started, and everything including life insurance was "as earned". The odds were certainly against me. I was horrible on the phone, had no real natural market, had a shy personality, and very little product knowledge. Three years later I'm still here!

#2 - Won't say it was easy, probably the most difficult thing I've ever had to go through. However, if you have a fierce desire to succeed you will find a way.

#1 - Man - I would love you to join our Simple Issue Whole Life Team and share that story . . . What an inspiration - Congrats!! Yes - it can be done!! Delta is proof!!

#2 - What you said is what it takes! Please call me when you have a chance.

Tom

[CHUMPS FROM OXFORD]

I was lucky when I started in the business (in 1980). We had 15 agents in the office....9 of us were fairly new. There were three "Sales Managers" that had three agents that they would mentor.

I would set the appointments and he would do all of the talking. 50/50 split. Rather boring though. Towards the end of the appointment, I would often take my calculator and figure my commission to seven decimal places.

But that system worked...for many of us, anyhow.

[Alston]

Originally Posted by OCNobel

This industry can be like starting any other business, you might fail 2-3 times but if you keep your head down and make the calls and set the appointments you'll eventually succeed.

I agree. Eventually a person with a good work ethic will figure out enough of this business to make a living at it. The problem is that most of us have to pay our mortgages while we are waiting for that eventuality.

I do a lot with technology now, but getting my agency started was more about work ethic than anything else. I worked two part time jobs and was on call for a third. I worked some hours on the weekend and some in the morning and some at night. I did this so that I could make day time calls on certain days and evening calls on others. I was tired all the time for a couple of years.

Getting started in this business is difficult, but it is a breeze when compared to other businesses. If we can develop some sales ability, learn our products and learn how to prospect we are 90% there. There is very little investment that has to be made in stuff that doesn't fit between our ears.

Of course having money makes things easier. I don't have to make 100 cold calls a day now because I have a good prospecting system. However, if I did need to start over again with very little cash, I could do it. I think this is true for most insurance veterans.

Knowledge, skill and work ethic are much more important than money although a little money is necessary for any business. I have a laptop, my son has a laptop and we have each have a $150 Brother printer/fax/copier machine in our homes. We also have filing cabinets, office furniture and a hundred dollars or so of office supplies. We work out of our homes.

How many other business could you make six figures in with so little capital investment?

[robliano]

Originally Posted by Paradigm

If you are an above average salesman this business is the simplest one in the world. If you aren't give up now or read several sales books.

Or hire a trainer instead, it's quicker, LOL.

[Paradigm]

Originally Posted by robliano

Or hire a trainer instead, it's quicker, LOL.

Yes I have already offered my endorsement for a fee

[ca-ltc-agent]

You seem like a nice guy Rick. I hope they were gentle with you...

Steve

Originally Posted by GreenSky

There was a time I was completely broke but by thinking outside the box (so to speak), I earned $100,000.

I sold my virginity on ebay.

Rick

[robliano]

Originally Posted by Alston

Getting started in this business is difficult, but it is a breeze when compared to other businesses. If we can develop some sales ability, learn our products and learn how to prospect we are 90% there. There is very little investment that has to be made in stuff that doesn't fit between our ears.

Of course having money makes things easier. I don't have to make 100 cold calls a day now because I have a good prospecting system. However, if I did need to start over again with very little cash, I could do it. I think this is true for most insurance veterans.

Knowledge, skill and work ethic are much more important than money although a little money is necessary for any business. I have a laptop, my son has a laptop and we have each have a $150 Brother printer/fax/copier machine in our homes. We also have filing cabinets, office furniture and a hundred dollars or so of office supplies. We work out of our homes.

How many other business could you make six figures in with so little capital investment?

Great input Alston, that's the whole idea, you can do it, if you dig in and apply the tools, struggling sucks but who's creating the struggle?

[OHInsAGNT]

Originally Posted by robliano

I'm not sure if I ever posted this here but it's worth a look for many. Thanks!

Selling health insurance is a very lucrative opportunity.

But what if you really don't have enough capital to rely on to pay for leads and continue paying the bills while you wait for the commissions to roll in?

Here's a great solution:

Statistics (through many forum discussions) have shown that if you cold call, every two hours of dialing will earn you two leads. *based on 25 to 40 dials per hour

Step One: Do this for 8 hours Monday and 8 hours on Tuesday. That should be about 16 leads, and we're talking solid leads here because you solicited them, they're not shared, they're all yours.

Step Two: Make all of your appointments (either phone or in person) for Wednesday afternoon, Thursday and Friday, even Saturday if necessary and work those 16 leads.

Now, let's be conservative.

Out of about 16 extremely solid leads, can you write between 3 to 8 sales? I'd say yes. So we're talking 12 to 32 applications submitted in one month.

Lather rinse and repeat and this is 144 to 384 apps submitted in one year. Those are some awesome numbers for whatever level you're at in your sales career.

Cost: Time, effort, a phone bill and maybe some gas.

Return: We can all figure out that this is worth it.

Remember this: Before the internet and buying leads, agents had the ability to and made six figures, so how did they do it? Well maybe this helps:

1. Work ethic
2. A system of selling
3. Product knowledge
4. Diligence
5. Customer service

Where are you lacking in these categories? Overcome it and you too can have a lucrative, rewarding career.

Sell well!

As a health insurance guy, are you calling small businesses or individuals under this strategy? I'm assuming small businesses, since it's so hard to prospect on HI needs for employed individuals given all the corp plans out there. Correct me if I'm wrong.

[robliano]

This is small business, that's correct sir, I should have made that clear.

Thanks!

Originally Posted by OHInsAGNT

As a health insurance guy, are you calling small businesses or individuals under this strategy? I'm assuming small businesses, since it's so hard to prospect on HI needs for employed individuals given all the corp plans out there. Correct me if I'm wrong.

[Mac1958]

Originally Posted by CHUMPS FROM OXFORD