Agents Working Together to Make More Money

Discussion in 'General Insurance Agent Discussions' started by Mark, May 1, 2009.

  1. Mark
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    Mark Guru

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    Have you ever thought about working with other agents? There is a way to make more money while working with other agents.

    Let me give you an example to start off with. Today, I was talking with an agent named Eli and he just wrote a big application that just got issued. Let me tell you how he found this prospect. The truth is that he didn’t find him. Another agent did. The other agent was an AFLAC agent that didn’t have the product that the client needed. So he shared the prospect with Eli, under an agreement if Eli wrote him, that he would give him so a certain percent of it. Eli had the products that the other agent didn’t have and was able to help the client. Both agents made money. Since Eli gave something to the AFLAC agent, the agent will want to give him other prospects/clients that he can’t help.

    I’ve been doing this for many years. I use to tell all of my agents if you have a client that you can’t sell, give them to another agent or me and if we sell them we will give you 25% of the commissions. I love it when an agent gets a decline and just gives up on the client. They are leaving money on the table so to speak. I always ask agents do they have declines that they can’t do anything with. First I show them what I would do and try and help them. But if they are just too busy or don’t want to do it, I make them an offer they can’t refuse. Give me the decline, and allow me to contact the client and see if I can help them, because I have products that take just about anyone. If I sell the client I will give you something.

    You always give the referral agents something, so that the agent will keep on doing this.

    There are tons of captive agents, which have clients they can’t help, that they would love to send over to you, and make a little extra money.

    There are tons of health agents that refuse to sell Life Insurance. Make this deal with them. You will find health agents that have a long list of clients they could not sell any kind of health insurance to, because the client was declined. This tells you that they would also have a hard time finding life insurance and you need to go after them.

    I think it is very important to network with other agents. This works both ways.

    Example. I don’t do health insurance or Annuities, but if I have a client that wants one, I will find an agent that does them and work out some kind of a deal with them, so that we both make money off of the client.

    Truth be told that sometimes the client don’t buy the insurance because of us personally. Something that we said or done and they still want the insurance. If another agent comes in behind you they will make the sale. If you have a client that wanted to buy the insurance when you got there, and then has to “ THINK ABOUT IT” then pass it off to another agent and make a deal with them.

    If your client wants something that you don’t sell, then pass them to another agent and make you some money.

    There are plenty of agents out there that you can network with and make more money with. I see it all the time.
     
  2. xrac
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    xrac Guru

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    Excellent idea. A percentage of something is always preferable to 100% of nothing. However, it may be a good idea to put a commision splitting and referral fee arrangement in writing!
     
  3. insuranceexec
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    insuranceexec Guru

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    Absolutely correct!


    Mark, Why not just call it an affinity marketing relationship?
     
  4. Waterfront Financial
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    I'm always open to working with others agents in my both my fields, but the thing is not all agents feel the same way.

    I think if a client could get serviced from 2 or 3 agents that worked together, the referrals would come.

    The key is finding the right agents that are willing to work together and agreeing to client suitability that would work best.

    How’s your experience on forums like this for referrals?
     
  5. warrenins
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    warrenins Super Genius

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    We are starting something like this in Fayeteville and McDonough Ga Mark
     
  6. Mark
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    Mark Guru

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    That is in my neck of the woods, count me in.
     
  7. warrenins
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    Yeah I knew it was. We are meeting again next week so I will keep you informed of the progress
     
  8. moeasadi
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    moeasadi Super Genius

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    I do mostly P&C commercial line. I pay 40% of my commission for any referral from other agents that I do all the paper work and close as long as stays on the book. Isn't this fair?But, yet some agent want 50/50.any suggestions?
     
  9. warnerins
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    warnerins Super Genius

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    Can A Competing Independent Broker
    Really Help You Save Clients and Commissions
    From Walking Out Your Backdoor?


    Dear Fellow Agent,

    Are you ever frustrated having to explain to a client that your agency does not have a market for a product that they are seeking? Is underwriting limitations causing treasured clients to walk out your back door and through your competitors front door?​

    With these questions in mind, please allow me introduce myself, my agency and our:​

    "Hands On/Hands Off Services"

    My name is Tim Warner and I am the agent/owner of Warner Insurance, LLC. We are located on the west side of Albuquerque in the Ventana Ranch community.

    As an agent with 18 years of experience, I am continually educating myself on the current complex insurance needs of today's clients. There seems to be a growing list of these individuals and families that own businesses, vacant homes and other risks that are out of the normal scope of what most agents provide.

    We can write these risks by currently representing:
    1. Three Excess and Surplus Lines Brokerage Firms
    2. Seven Preferred Commercial Lines Carriers
    3. Placement opportunities for vacant homes, mobile homes and claims/MVR challenged risks.
    By utilizing our "Hands On/Hands Off Services" our goal is to help you retain more business, offer more solutions, build an impenetrable barrier around your book that will keep competitors from scavenging your treasured clients. You will no longer have to cast your clients whole account out on the street - to the wolves ...

    Here is the Hands On Service:
    • Your referral/client will be personally contacted by me the same day.
    • Your client will receive VIP treatment, expedited to the top of our list for quoting, underwriting and servicing.
    • Your client will always be handled with the courtesy and professionalism that you would expect.
    • And, after the policy is written, all will receive a 30, 60, 90 day new client courtesy call and annual review (annual review results can and will be provided to you).
    Here is the Hands Off Service:
    • My Agency will always consider your referral to be your client.
    • At no time will your client be prospected for additional lines. Your client will be earmarked in our management system as "VIP Hands Off". This will remove them from our e-marketing, newsletters and cross selling processes.
    • At any point in the relationship that a client expresses interest in additional lines, they will be referred back to you.
    I am completely committed to this service and have my office available, to you, until 9:00pm Monday through Saturday.

    Please give me a call or email at [email protected]

    Let me help you keep more of your clients policies safe and in your office where they belong. We have a very successful game plan that is working exceedingly well to do just that.

    Respectfully,


    Tim Warner

    President

    Warner Insurance, LLC

    Office 505-899-7000
    Cell 505-710-2954
     
  10. mailamerica
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    mailamerica New Member

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    vow, it is really a great way to make money!
     
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