Advice on Virtual Agency

[TurboDog]

So I just left a captive environment and now trying to go independent. I have interviewed with some local agencies in town and I keep coming away with "why can't I just do that?"

I have researched some companies on-line and everything looks great. Just curious if anybody knows the good, bad, and ugly of these outfits:

efinancial
Netquote
Agent Work from Home
Final Expense Tele Sales
Work smarter mortgage protection

I would like to be a virtual agent so I have a larger marketing territory (all of Oregon and a handful of States), but I can also market locally.

What I am worried about is being scammed out of $1,000 -$3,000k intitial investment on a CRM package and leads.

Your help is much appreciated.

 

[Frank Stastny]

There are a lot of pitfalls to be aware of and avoid when considering going with an agency.

I think we first need to know what you are going to be selling. What are your concerns about becoming totally independent as opposed to working under someone else.

If all you need is a little help getting started there are people here that I'm sure would be more than willing to give you a hand. If you are interested in the senior market give me a call, I can help you get started going independent.

 

[TurboDog]

Just looking at selling Life, DI and maybe Final Expense. I do have my P&C license.

My only concern about going indy is dumping a lot of money into something (leads, CRM's) and not getting the returns as advertised. I know some of the companies I listed are legit, just want to see which is the best option to go with.

As for working for someone else. Most companies are full commish. So what is the difference. Except that they will take a greater split.

Anyway, appreciate any advice.

 

[Frank Stastny]

Just looking at selling Life, DI and maybe Final Expense. I do have my P&C license.

My only concern about going indy is dumping a lot of money into something (leads, CRM's) and not getting the returns as advertised. I know some of the companies I listed are legit, just want to see which is the best option to go with.

As for working for someone else. Most companies are full commish. So what is the difference. Except that they will take a greater split.

Anyway, appreciate any advice.

Be cautious of promises of "full commission". The person who you are talking to may have a totally different definition of "full commission" than you do. My definition of "full commission" means that the agent gets street level or above for all years, not just the first few years, and, most important of all, is the "agent of record" of all policies he sells. I think you will find that many insurance agencies have a totally different definition than mine.

Marketing organizations take part of the commission they are given by the insurance company but at least most of them offer the agent the going street level commission and the agent is the "agent of record". So, there is a huge difference in my mind between what most agencies offer and what a marketing organization offers.

Going independent is not going to require a huge investment on your part. You are going to "pay" for decent leads one way or another. Either by taking a reduction in commission if working for someone else (or getting crappy "leads" from them) or purchasing them yourself as an independent agent. I would rather buy them myself while I'm learning how to prospect so I can develop my own leads.

I work the senior market and have not found it necessary for at least the last six years to purchase leads. I generate my own.

It is doubtful that if you go to work for an agency that they are going to provide you with a CRM. The one I developed can be purchased for $286, usually less than the first year's commission from one sale. If you haven't already, you may want to take a look at it.

 

[Tony]

What is "CRM"
thanks

 

[djs]

What do you mean by 'virtual agent'? You either are or you aren't, I'm wondering where the word 'virtual' comes from and what it means in this context?

Dan

 

[Frank Stastny]

What is "CRM"
thanks

It is a computer program that allows the agent to keep track of his/her clients and prospects, appointments and much more. The link to my website is shown below if you would like to see what mine does.
- - - - - - - - - - - - - - - - - -

What do you mean by 'virtual agent'? You either are or you aren't, I'm wondering where the word 'virtual' comes from and what it means in this context?

Dan

That one has me stumped also.

 

[ccIowa]

Hi Tony,
CRM usually means customer relationship management software. There are both paid and free versions of this software with different perks.

 

[TurboDog]

Frank- Thanks for the perspective.

"Virtual Agent". I guess I was trying to make the job sound cool. For simplicity, how about, Insurance guy that stays at home and bangs out phone calls all day. The companies I listed say you can do everything over the phone. You can buy their leads as well as leads from other sources.

I just want to see if this type of setup actually works or do I have to go brick and mortor or go work for "Joe's Insurance" down the street (between the American Family and Farmers' office).

My ideal situation is to get licensed in 6-8 other states, in various area codes. Only looking at selling Term, Mortgage protections and FE to start with (seems easiest over the phone). If I get claustrophobic I will hit some local biz and go over DI, Buy/sells etc.

 

[TurboDog]

Frank- Thanks for the perspective.

Virtual Agent is probably a bad description, trying too hard to make it sound cool. I guess I should have said, Dude who wants to sell insurance out of his house, using the latest and greatest technology. Again, just trying to find the simplest and least expensive way to accomplish this.