Hi everyone, I am reaching out for help because I sincerely need it. The best way I know of achieving a goal is to contact people who have already achieved it and absorb their mentality.
Here is my situation. I am currently a car salesman. I work 12 hour days for a man that has basically had everything givin to him through minority grants. He is now going to lose his business because of bad financial decisions. Even though I am the best salesman we have I am actually just barely scratching my way above poverty level. He cannot keep inventory in anymore, there is no profit on our vehicles and he is starting to cut corners to try and save his azz. All of these things are diminishing my oppertunity to make money. Furthermore and more importantly the long days are killing my relationship with my fiance. We see each other for one hour every night and im afraid we are starting to grow apart. This is the woman I want to have kids with and I refuse to jepordise our future any longer.
I am here because I am absolutely determined to open an independant agency. I managed a furniture store for a while and Opened a small car lot once. I know I have the management skills to run my own business again. I am a hell of a sales man and a self starter so this is something I know beyond a shadow of a doubt that I can do. I just need a push in the right direction. Insurance appeals to me because there is no product I have to restock and no huge upfront cost to opening an agency out of my home office. As well as the monthly commission pay instead of upfront and all at once. As far as i am concerned insurance is a get rich slow business.
I would be thrilled if someone would be willing to kind of take me under their wing. Or give me any input for that matter. I have learned a lot already but I still have about a million questions. If it comes to this I am willing to give up a percentage of my business for the guidence. I am usally a very private and independant person however I can see my quality of life slipping right now which is why im basically pouring my heart out to a bunch of strangers. I have been on top and been on bottom and one of the most truthfull lines I have ever heard is "when your up it never seems good enough and when your down you dont think you will ever be up again" Well guys I can tell you it sucks to have champagne taste and a beer budget.
Anyone willing to help can PM me or just respond to this. I am willing to give my real contact information if someone needs it. Well im exhausted, stressed and sleppy so goodbye for now...
All depends on what you are wanting to sell when it comes to insurance. Saying you want to buy insurance is like saying you want to buy a car. There are lots of cars out there, just like lots of insurance options to sell:
P&C (auto and home)
Health - Individual / small group
Disability
Life
Senior Market (Medicare)
Financial Products (series license 6, 63, etc)
Start reading around the board for a bit and see what you want to sell and then start posting away.
If you are just now making ends meet, I would consider a captive position to get your feet wet and some money in the bank. Then you could go independent. Sure, the start up costs are low to start being an insurance agent (as opposed to buying a business or franchise), but the commissions can also be low when starting off and no residual income coming in. Just a thought...
------------------------------------
"Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it." Ronald Reagan
Thanks midwest. I want to sell Health, Life and auto mainly... Home and boat eventually. I have heard that it is hard to get contracts for auto? Why? I am in Illinois what about you midwest? Also if your an insurance broker can you explain to me what the process is to get contracts?
Do you plan on running the agency from your home? That might be difficult if you are looking to sell P&C. Have you talked to any agents around your area. They may be willing to hire you and from there you can learn the business and if you work hard for the agent he may help you start your own or at least help you out with contacting the right carriers, etc. Just a thought.
I am not a P&C agent (auto/home) but here is my understanding of that side:
If you want to do auto and home, it goes hand in hand. Most carriers offer a discount for having both, so most people do both. If you go the P&C route, then they want your primary focus to be that.
All the P&C agents I know are captive (Allstate, Farmers, American Family, etc). Plus, they all have store front offices. Drive down most any main street and you will pass about 3+ insurance offices. My friend who is an American Family agent has Allstate and Farmers offices within walking distance.
Also, it is a different license. You will need a P&C license, and a health and life license.
If you want to do individual health and life, that would be more along the lines of home office. Go to the individual health board and look around. John has an article posted about getting started on the top of this thread.
Personally, I only do senior market products here in the Kansas City metro.
Get your license, contract directly with the carriers or find a good IMO (Insurance Marketing Organization) and start selling.
------------------------------------
"Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it." Ronald Reagan
I read the post about getting started and I found it very helpful however it does not say much about P&C. The reason I want to sell auto so bad is because I think I could market it among used car dealers and give them an incentive to push it for me. We have someone who is doing that now where I work and 8 times out of 10 when I suggest their insurance company the customer calls and gets a quote.
Why do I need an office for P&C? Cant I just go to the customers home for claims? Also is it common for established agents to let new agents sell P&C for them for a percentage?
I have found out that I can get both my Health, Life and P&C license for around 500 bucks.
I don't sell P&C but I can only imagine that you would be more successful selling that type of insurance from an office rather than your home b/c thats not traditionally what clients are used to and they might not take you as seriously as someone with an office. As far as L&H people are used to agents coming to their home or either buying via phone so that would be much easier to sell from an home office. Just make sure before you dive in a take your licensing exams you attend some type of class online or otherwise b/c depending on your state the test will not be a breeze.
If you are considering doing life and health insurance I encourage you to consider the senior life and health insurance market for many reasons... below are a few:
1. Most senior don't work, so they're home or easier to get ahold of during the day. This usually allows you to spend more time at home at night.
2. Currently there are around 43 million Americans on Medicare (basically 65 years old or older). By 2030 it is predicted that there will be more than 79 million Americans on Medicare. This is a huge segment to market to and the baby-boomers are causing this growth.
3. Commissions + renewals are a great way to earn a living. Because it's not as demanding as car sales you can still take a vacation and get paid (via renewals). The senior insurance market is a lot more condusive to this. Like you mentioned it is more of a getting rich slow business.
If you're interested in knowing more I recommend contacting, Senior Marketing Specialists at 800-689-2800 and be sure to ask for Ryan. They focus on Medicare Supplement , Medicare Advantage plans, Final Expense, Long Term Care, and Part D.
Even though they're located in Missouri, they have several agents in Illinois and have over 5,000 agents nationwide that go through them for some type of senior life and health insurance product. You can also check them out at Senior Marketing Specialists.
Justin, that's who recruited me into the business in 1986. I would agree that elite should check with them, they also have under age 65 products as well, or will know where to steer elite and how he should go about it.
Why would I need to let people come to my home office if I sell P&C insurance? Couldent I just let car dealerships generate my leads?...Give the sales guys ten bucks for everyone they sign up or something?
Get a part time job, working 20 hours a week, and schedule yourself for evenings,during the week, and days during the weekend. This will give you a constant in your life, both financially and emotionally.
Then, sell whatever type of insurance you want to around that. True, you won't be making full time money at first, but it will begin a stream you can see sooner than not.
This is how I began my career in sales 11 years ago, and while I did not get rich quick, I was able to make ends meet, while learning my craft. You can PM me, and I will tell you my story. I'm not going to bore everyone here with it, most have heard it before.
You will need business cards, and going to www.vistaprint.com will allow you to order 250 for free, and they have a good number of layouts to choose from. All you pay is shipping. I still use vistaprint, not only for my cards, but for flyers and stationary as well.
You will need to network: look in your local business chronicle, and find association and networking meetings to attend. This is where you hand out your business cards.
You will need to telemarket: during your days off, or before you go into your part time work, get on the phone and call small businesses. This market is ignored by 99% of insurance agents, because they are all trying to catch the big fish. Let them. You can work with the little fish, who will remain on the books longer, and give you more referrals.
You will need to keep believing in yourself: never, ever give up on yourself, no matter how many calls you make without getting someone to respond positively to you. Don't compare yourself to other sales reps. Even if you have to leave the insurance business, find a full time job to get money coming in, and get back to it, keep your positive attitude and self-awareness in you.
You will need to make spreadsheets: the best way to compare which product/plan is best for each individual/company you call on is for you to make an Excel spreadsheet, comparing similar plans, from company to company. DON'T use the services that do this for you (Norvax, QuoteIt). You won't learn anything by letting them do it for you. Do it for yourself.
You will need a sounding board: this is someone, locally, not here on the internet, who you can sit with, run ideas through, and have them show you what they know. This has to be someone who is not threatened by you, and who loves talking this stuff as much as you. You will have to shop around for this person, they won't come to you.
You will need to check in to this Forum regularly: it is here you will learn about new products coming to the market, sales ideas, software assistance tools, etc. I'll give you one right now: Email Marketing Software Solution - EliteEmail
I would join the IHIAA.... not a plug.... (of course, it's a plug!)
But, John does good job of providing a sound platform for you and has numerous calls, webinars, discounts and other useful items for neophytes..... well worth the $200.
I've been in this biz for almost 30 years.... and joined, and already got my $199 worth..........
There.... that's my $0.02 cents.... can I have change?
Thanks for the info guys. Still no one has explained why I would have to let people come to my home office for auto insurance. If I let used car dealerships push the insurance and I go to my customers for the claims then why will they have to come to my home?
Also, How can I find out who are some good compettitive companies here in Illinois?
BOB, As far as a sounding board goes... I am trying to make as many connections as I can but im not sure how to approach someone so they can teach me how to compete with them in the same market area. Any suggestions?
Well I just wrote a LONG PM and the site wont let me send it because I dont have 20 posts....
This was the jist of it.
Bob I would like to hear your story maybe it will help me along my journey.
I go by Ty right now. Which is fine for car sales. Do you think Tyler would be better for the Insurance industry? (Maybe im over thinking it)
I was thinking I could sell auto Insurance from work after someone buys a car and give other sales men 10 or 20 bucks a pop if they could sign someone up. I can meet people who are interested in health and life on my lunch break, after work and on my days off. (I can take lunch anytime I like) I want all my commission to be payed monthly or on an as earned status. After 3 or 4 months I think I will have enough income to stop working for other people and devot all of my time to the business. Is this a realistic goal?
Thanks for the info guys. Still no one has explained why I would have to let people come to my home office for auto insurance. If I let used car dealerships push the insurance and I go to my customers for the claims then why will they have to come to my home?
Also, How can I find out who are some good compettitive companies here in Illinois?
BOB, As far as a sounding board goes... I am trying to make as many connections as I can but im not sure how to approach someone so they can teach me how to compete with them in the same market area. Any suggestions?
Either you are being obtuse or you are completely green. If green let me explain a few things about auto insurance. Auto insurance isn't just some option a customer can purchase at a car dealership. You don't buy the undercarriage spray, the DVD player, the luggage rack and the standard auto insurance package.
An auto insurance policy is a complex legal contract between an insured and an insurance company. In fact at claim time an auto insurance policy can be worth a million dollars or more. Choosing an auto insurance policy is much more complicated than choosing a health insurance plan. In fact as part of an auto insurance policy you have a medical insurance policy built in. Plus you also have 6 other types of insurance in the policy.
You have to sit down with insureds and help them decide which is the right auto insurance policy package for their situation.
In the simplest terms, anyone recommending any type of auto insurance policy has to be a licensed agent. So even if you could get a car dealership to sell auto insurance for you, they would have to be licensed with your state. And if they are going to sell auto insurance in their dealership surely they don't need you. Instead of geting $10 or $20 they could get the full commission for the work they do.
As far as claims go, most companies prefer the insured's go directly to them during a claim. Each company we write with has an 800 claim number prominantly placed on every peice of paper they send to an insured. Agents don't adjust car insurance claims, that's the job of an adjustor.
Finally, you can't just get a P&C appointment once you pass a test. While you may be able to with L&H, it is not going to happen for P&C.
Either you are being obtuse or you are completely green. If green let me explain a few things about auto insurance. Auto insurance isn't just some option a customer can purchase at a car dealership. You don't buy the undercarriage spray, the DVD player, the luggage rack and the standard auto insurance package.
An auto insurance policy is a complex legal contract between an insured and an insurance company. In fact at claim time an auto insurance policy can be worth a million dollars or more. Choosing an auto insurance policy is much more complicated than choosing a health insurance plan. In fact as part of an auto insurance policy you have a medical insurance policy built in. Plus you also have 6 other types of insurance in the policy.
You have to sit down with insureds and help them decide which is the right auto insurance policy package for their situation.
In the simplest terms, anyone recommending any type of auto insurance policy has to be a licensed agent. So even if you could get a car dealership to sell auto insurance for you, they would have to be licensed with your state. And if they are going to sell auto insurance in their dealership surely they don't need you. Instead of geting $10 or $20 they could get the full commission for the work they do.
As far as claims go, most companies prefer the insured's go directly to them during a claim. Each company we write with has an 800 claim number prominantly placed on every peice of paper they send to an insured. Agents don't adjust car insurance claims, that's the job of an adjustor.
Finally, you can't just get a P&C appointment once you pass a test. While you may be able to with L&H, it is not going to happen for P&C.
Good luck!
Ok, allow me to clarify. No one in the dealership I work for is licensed to sell any type of insurance. We have a couple different independant agents who come in and drop off cards regularly. They do not pay us squat but my boss tells us to go ahead and tell our customers about them just for the convience. It is the law that you must have the states minimum required full coverage on any car you finance. After someone buys a car from me I always say "Hey these guys are pretty good" and hand them a card. I dont try to sell the insurance at all because it really does not matter to me if they buy it or not. If I got paid for it I would give them a way better plug.
So if I offer other auto sales men and women a refferal fee of 10 or 20 bucks a pop they would really "Push" it for me rather then just throwing it out there the way I do. It is the same concept as a Bird Dog. If I cannot get someone closed on a specific car or my lot cant get them financed I will send them to another lot with my card. If they buy from that lot I get a 100 dollar bill.
Does this still seem ridiculous to you? If so please tell me why I appreaciate the input. As far as assesing thier insurance needs almost every time I watch a customer get quotes they choose the lowest rate. Once again I do not expect the auto dealer to do anything other then give them a card and say hey they are great. I will explain to them why my insurance company is better then anyone elses before price is even discussed.
Why is it so difficult to get contracts with P&C companies? I dont understand this at all....They want to sell the Sh!t dont they? Please can anyone explain the obstacles I will encounter trying to get appointed?
Thanks again everyone.
Last edited by elitensupreme : 04-30-2008 at 02:48 PM.
Reason: It needed done.
To go with P&C I would think you would have to get appointed with one of the big captives, too much risk involved to give those contracts to a newbie. I may be wrong but to go independent with P&C you will need a healthy track record in the business before they will even talk to you.
In need of a Mentor
Linear Mode
