Question about a job I was just offered.

Posted: Tue Jan 12, 2010 10:38 am Post Subject:

I'm a very good salesman, but I'm extremely nervous about the risk of a commission only job.

Also, what can an agent expect to earn during his first year?

Posted: Tue Jan 12, 2010 01:01 pm Post Subject:

Don't believe the recruiter. If you don't have to generate your own business, the opportunity won't be there to make money.

Posted: Wed Jan 13, 2010 04:07 am Post Subject:

There's is only one guy I ever met in the industry who made good on the offer to supply his agents with leads that could put a fair amount of money in their pockets. He runs a very successful sales unit for a big name insurer.

The answer that he likes people from outside of the industry is understandable to a degree. I know a high successful agency that dislikes trying to recruit veteran agents. The General Agent there believes that successful people are happy people and they don't leave their current gig without a vary good reason--which almost always has to breed from discontent. In other words, people who are failing at one place will easily join him and try again there; he doesn't want them.

On the other hand, there's always the criticism that people looking for people like you are looking for people who have no industry experience so they have no idea what a good deal or a bad deal looks like.

The good news is this. You could try it. The free leads might be usefull. You sell a few policies and find a better deal somewhere else and take it. Essentially, you use this opportunity as a launch pad. Happens all the time.

What company, by the way?

Posted: Wed Jan 13, 2010 02:15 pm Post Subject:

Selling medicare supplementals, long term care, life, etc. to the senior market. They offer products exclusively to seniors.

The agency is an independant through Universal American and Pennsylvania Life. I do not know too much about it.

Let me ask you a really dumb question.... They supply us with 15 - 20 leads per week, that was the guarantee. If we're offering products exclusively to seniors how do you solicit new business and find new customers? I know this is probably a lame question but I am not sure you how ould grow your business as an independent agent without the capital to invest in marketing, such as telemarketing, mass mailings, etc..

Any thoughts on Universal American?

Also. Like anyone out there I would love to make 100K a year. But I'm coming at this with a realistic approach. If I could clear 40K a year the first year then I would be happy and continue to grow my business from there. Is this a realistic expectation?

Posted: Wed Jan 13, 2010 03:14 pm Post Subject:

You really need to look for a different opportunity. Even if this was a good opportunity, you owe it to yourself to look elsewhere to make sure that it's your best opportunity.

The guaranantee is B.S. at worst and useless at best. What happens when you only get 10 leads and 3 are wrong numbers, 4 won't talk to you, 2 say "no thanks" and the tenth is happy to meet with you, but has no money.

YOU CAN'T SUCCEED IN THIS BUSINESS IF YOU CAN'T GENERATE YOUR OWN BUSINESS. Sorry to yell, but you must accept that fact.

As for the companies in question, Penn Life is "D" rated for safety from thestreet.com. They have a Comdex rating of 50. To put this into perspective, there are only 5 companies in the country, Penn Life's size or bigger, with a lower Comdex rating. Very strong companies have a Comdex rating of 90 or higher.

Universal American is a mere speck on the insurance landscape. They are smaller than 1/10 of 1% of the size of the big boys.

Plenty of places will hire you. Do your homework.

Posted: Thu Jan 14, 2010 02:37 am Post Subject:

X2

There are lots of other opportunities out there for you that will result in a more solid approach. If you are truly worried that you will be unable to generate leads on your own, try a Prudential or Metlife--their turnover and non compete make most agencies ripe with orphan accounts. Not a golden ticket to success but a place to start.

The mutuals are a very solid and nice place to go, especially now. You won't likely receive as many orphans (perhaps not any) but if you have any natural market to work from they ought to be able to help you develop a plan to approach and market to it.

Where in PA are you?

Posted: Thu Jan 14, 2010 02:53 am Post Subject: Question about a job I was just offered.

I would have to agree with everyone. I started out in the insurance industry working as a customer service rep for a major insurance carrier (AETNA) in PA. Then I learned everything I needed to learn and decided to go to their competitor (Independence Blue Cross) in PA. I learned about how they operated and decided to emplore the option of working for an insurance broker -coming in the door as a benefits specialist. The position required that I get my PA Life & Health License to keep the job which I was able to obtain. The company paid for the training materials and the exams everytime I went. Once licensed, after two years of learning how brokerage firms operated, I decided to switch roles and go into insurance sales. I rec'd a base pay however I learned the ropes of how to sell insurance and most importantly, how to market myself and the company. The company provided the leads because they have contracts with major business associations throughout the state of PA so they we were able to sell group health insurance within the associations we were contractd with. There was plenty of cold calling with large lists given to me but once you get the knack through scripting and being yourself - geniunely caring about people and not money - people will buy from you because of your geniuneness. I was very honest with people when reviewing their situations and would even suggest plans that would not pay me or my brokerage firm any money but my clients were always satisfied and happy. That meant alot to me, more than making a quota. Needless to say, due to pressure to sell plans that didn't benefit people, I decided to resign and start my own business and it has been very successful. I have learned along the way, the value of listening to people and geniunely caring for people's needs - which sells way more than an insurance plan.

Sales requires a lot of work and valuable time but is truly refreshing when you can help someone and make a lot of money doing it!

I hope this helps..

Posted: Fri Jan 15, 2010 01:42 pm Post Subject:

Try (link deleted by moderator per ToU- InsTeacher)

Posted: Sat Jan 16, 2010 01:59 am Post Subject:

"On the other hand, there's always the criticism that people looking for people like you are looking for people who have no industry experience so they have no idea what a good deal or a bad deal looks like. "

BNTRS hit it right on the nose....Don't always trust a recruiter...their job is to sell you on the job...Don't forget that...do your homework.

Posted: Sat Jan 16, 2010 02:46 am Post Subject:

Tell me the company and I'll tell you if the info you're getting is accurate or just a bunch of BS. My bet's on the BS, but let's see! Recruiters almost always put lipstick on the pig.

InsTeacher 8)