Need Help On A Decision!

Success · 09-08-2009, 03:05 PM

Hello,

I am looking for help... I will be licensed in L&H (Ohio) sometime in October, and available to start working in May 2010. I am positive I want to go independent.

My plans are to open up my own agency within 2 years of entering the business. I know this may seem like a bit of a leap, although I plan on working very smart and hard.

My question is, what would you recommend as my BEST way of starting out? Such as (working for progressive to acquire the adequate field training, or working for a captive agency for a year to get in the proper training.)

I am ready for a tough couple of years to start out, and would just love to know the best way of approaching my goal.

I have been talking with an indy agency and due to being slow, he wants to hire me in as commission-only pay selling L&H, focusing on employee benefits. The commission rates are 50%, and somewhere around 20-30% renewing. first year possibly up to 60% if I meet a quota which I dont know.

The indy agency I talked to does not have any special training. Just their agents would be helping me as I needed. Does this sound like something worth my time?

Thank you in advance for your insight!
-Craig

jmhopkins40 · 09-08-2009, 09:42 PM

Originally Posted by Success

Hello,

I am looking for help... I will be licensed in L&H (Ohio) sometime in October, and available to start working in May 2010. I am positive I want to go independent.

My plans are to open up my own agency within 2 years of entering the business. I know this may seem like a bit of a leap, although I plan on working very smart and hard.

My question is, what would you recommend as my BEST way of starting out? Such as (working for progressive to acquire the adequate field training, or working for a captive agency for a year to get in the proper training.)

I am ready for a tough couple of years to start out, and would just love to know the best way of approaching my goal.

I have been talking with an indy agency and due to being slow, he wants to hire me in as commission-only pay selling L&H, focusing on employee benefits. The commission rates are 50%, and somewhere around 20-30% renewing. first year possibly up to 60% if I meet a quota which I dont know.

The indy agency I talked to does not have any special training. Just their agents would be helping me as I needed. Does this sound like something worth my time?

Thank you in advance for your insight!
-Craig

YIKES...Run from that deal. Go wide and deep. Walmart does not cater to a certain client with a single product. Don't go captive. You can find GA's and such with much higher contracts, training, support and lead assistance. Contact some of these.

Success · 09-09-2009, 01:46 AM

Thanks for the help! Are there any GA's that you would recommend? I saw you were from Ohio, I am also from Ohio (cleveland area). Are many agencies hiring now? I am finishing college in May and would love to jump on this as soon as I graduate. Any Ideas??? And just to assure myself, GA means "General Agency" correct? This is just an independent agency that sells through many insurance companies?

Thanks, Craig

Ken Westphal · 09-09-2009, 09:43 AM

I have had involvement in the past with many of the GA's that do predominantly health, and I would recommend HealthChoiceOne.

The assist in getting advance if you need that, and provide a ton of training, and pay you the full street rate commissions right out of the gate, which you won't get going direct with a carrier.

Also if you are unhappy you can drop them at any time. Many other GA's will require you to be locked in at least 6 months after you leave, basically trapping you.

Don't be swayed by GA's that offer leads and other extras and then want to take a piece of your commissions, always get at least full street rate, and buy your own leads if you need them.

I will warn you though, based on your post and my past observations, expect many, and I mean many offers to now come to you from agencies/GA's wanting to "help" you offline with getting started (being recruited)

Ken

***Melmunch3*** · 09-09-2009, 09:49 AM

YIKES...Run from that deal. Go wide and deep. Walmart does not cater to a certain client with a single product. Don't go captive. You can find GA's and such with much higher contracts, training, support and lead assistance. Contact some of these.

Actually, for employee benefits, which is what he mentioned in his post, that is a pretty decent split. Of course it depends on the level of support and what tools they use as an agency to help differentiate themselves.

Success · 09-09-2009, 11:23 PM

Thank you for the input! I am in the process of getting more information from HealthChoiceOne right now. So they do actually have an office where I could work out of correct? I am going to attend a webinar they sent me soon...

coccoc · 09-10-2009, 12:42 AM

YIKES...Run from that deal. Go wide and deep. Walmart does not cater to a certain client with a single product. Don't go captive. You can find GA's and such with much higher contracts, training, support and lead assistance. Contact some of these.

Success · 09-10-2009, 10:14 AM

Coccoc, was there any specific reason you quoted those lines and did not comment on them?

Chazm · 09-10-2009, 07:28 PM

It's good that you are looking into an indy company, this will help you shop for the client. Im not too sure about the 50% comm. though, seems a little low without training. Health will definitely be a lot lower too.

The company I'm with writes for many diff. companies, has training and though its not street level commission its still 20% better.

I would think in 2 years I might go indy but to run my own office would be stretching it