An Old Clash Song We All Know

Discussion in 'General Insurance Agent Discussions' started by TampaHound, Aug 25, 2017.

  1. NSRH
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    I was giving conservative figures. 10% is low on an exclusive inbound internet lead, however on a shared internet lead, you'd be doing great at 10%.
     
  2. TampaHound
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    Not enough.

    Frankly it's an insult. We are paid $17 an hour + bonus. However the bonus structure keeps changing. Before you could count on an extra $1500 t0 $2000 monthly. Now it's down to $500 to $1000.

    We do not have to buy leads or worry about charge backs. There is no to little customer service that I have to do. So their are some advantages

    Nor do they offer a decent medical plan or matching 401K. Although to be honest I'm getting a 20% return currently on my 401K so I can't bitch to much about that.

    I've been exploring outside options such as being a field agent. I'm running into time issues there however (Often I can't be home till 7 PM due to traffic and travel time and my wife is self employed. So I end up helping her 1 or more weekends a month).

    So I'm exploring telesales from home as an option. It needs to make sense economically for me however. I'm not sure if I'm ready to jump ship yet, although the ship is sinking beneath my feet. :yes:
     
  3. NSRH
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    If you're making $48,000 per year, there is a definite shot you could earn much more than that, but getting home at 7pm wont give you anytime for a transition. You'd have to jump ship and "sink or swim".

    Maybe you can take two weeks off of work for "vacation" and test the waters.

    The reality is, most independent agents wont make it in telesales, nor will they make $48,000 face to face in their first year.

    So, the cards are stacked against you, but your success will be determined solely on your work ethic and sales ability. Rarely do you find both of those in the same person.
     
  4. TampaHound
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    And now you understand why I'm sorta afraid to jump ship fully. While I have made much more (back before the crash) it's taken me a while to get comfortable again.

    Both my wife and I have been self employed before and don't fear that part of things. We also have about 5 months of expenses saved up. So we will see.
     
  5. entrep1776
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    Talk to your job to go part time?

    .............
    From:
    https://thedeepdish.org/barbell-strategy-starving-artist/
    Instead, Taleb suggests targeting the two extremes of the spectrum at once. On one end of the barbell, you play it safe with a secure, staid career. On the other end, you take a lot of highly speculative risks. In the middle, as little as possible.

    The perfect Barbell Strategy job has “few intellectual demands and high job security, the kind of low risk job that ceases to exist when you leave the office”. Ideally, it should be something that won’t force you to bastardise your other work; non-political and low-profile. You do your nine to five, and then you check out. All your evenings, weekends and vacation time are free for working on your speculative side-hustles.
    .................

    I'm lucky I have a job that is flexible how many hours a week I work. I don't think about my job once I go home. & could go down to working once a month & still have the option to go back to full time.
     
  6. BoJax
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    Can you keep us posted on your situation? I am doing well financially in f2f fe sales, but I hate it. I drive a thousand miles a week and I go into houses that have black mold. I have this feeling to jump ship and go into telesales, but there is so much uncertainty in doing it independent, idk what to do. I'm not against going captive, but losing out in the renewals is what worries me - in your case you don't get renewals so it may be different.
     
  7. NSRH
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    I totally understand. Ive been there before, multiple times.

    Its a risk v. reward assessment. Do you plan on staying with that company until you retire? If so, great! If not, there will never be the "right time". Just do it.

    Are you making outbound calls, or taking inbound calls?

    If youre used to making outbound calls, Im sure I can give up a couple dozen aged TV leads from my database to help you out for you to gage how your success would be as an independent. You could work them in the evening and call the West Coast, or call them on the weekends.

    Also remember, if you leave your company, you'll have to evaluate your release situation and determine if there are other carriers you can contract with if your upline wont cut your contract.

    If going captive seems safer, I can point you in the right direction depending on what exactly your looking for.

    If you ever want to use me as a sound board feel free to call me on my direct line: 636-728-9398
     
  8. junkman
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    OP, you hate your job. That is enough reason to leave. Find your lead source, test it and go.

    Have commissions paid as earned and you begin to build a revenue stream during the test period.

    Read your current contract to make sure there isn't a "no compete" clause and that you aren't captive. Try living on your wife's income. Great if you can and it will build cash. Wife needs to be 100% on board.

    Start ups never go as expected. Plan on twice as long to cash flow and twice as much cash needed.

    Are you out of debt? You will have a better chance if yes.

    Small employer 401k have high expense charges. You won't get 20% for long. You can do the same thing with a plain old IRA. There is no advantage to the 401k without a match. I like Roths better.

    Insurance sells even in a recession. You only prospect the employed or those with money. Unemployed and homeless are not prospects.

    Forgive spellchekk.
     
  9. TampaHound
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    This is one of the reasons I'm not a fan of appointments either. Your black mold house whips out a DE card and they are modified at best, etc. :no:

    I've been considering other types of sales, but this is what I know.

    Someone asked about a non-compete as well. Basically, with the exception of who I'm captured with currently (AIG), the non compete has expired. So I've been able to contract with other companies and have done some sales on the side. Obviously I'm not using any leads they supply me outside of my job, since I value my license.

    Nor I can I go part time. It's 40 hours or nothing basically. I can go to 4 - 10 hour days but, again, I'm not sure if that is really feasible either.
     
  10. entrep1776
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    this right?
    your wife is self employed.
    you have 5 months in emergency fund.
    you make $17 + 750 monthly bonus = about $23.
    Nor do they offer a decent medical plan. How much to replace medical plan?

    40 hours doing same thing gets old. If you're tired of Insurance & planning to do more insurance? or use all your free time to do insurance on the side? sounds painful.

    I would think about a total career change. i enjoy working at local casino.

    https://careers-seminole.icims.com/jobs/15251/player-development-telemarketing-representative/job
    no idea on pay. & i typically work shift.

    Drive Uber & do insurance. never done an Uber referral. but.... if you're interested. Although after little research tampa FL Uber driver pay sux in the off season. but almost into high season. Although you can do Uber pretty easily part time if you have an economical 4 door car. Probably good time to start. PM if interested. I've become a recruiter!

    How hard to find telemarketing job that pays $23/hour if you left? Or maybe just keep on keeping on & enjoy life/free time when not working.
     

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