Another "new to insurance" thread from a newbie

[Agent5913]

First post!

Hi everyone. Im from good ol NC and I need some insight. Let me begin by saying that I am a male, 34 and have been in the New and used car business for 12 years. I can and have sold it all. I am currently a sales manager a my hometown New Car, Franchise Dealer.

I have recently been offered a position with a local branch to be an agent. I will sell Life, AH and P&C (I guess) I will contract through them, not be independent.

I have been seeking a new career since the decline of the auto industry and my life needs change. I feel like I am cut out for this type of work and feel I wont have a problem helping others and selling product.

I do have some reservations tho. I have test fobia. I can say that I will be required to take an IQ and personality test and have to pass the IQ and that scares me to death. Im a pretty sharp guy but have never been a test taker and have failed one like this in the past due to being so nervous.

The other... I just had my first interview this afternoon and it went well. He is waiting on me to give the go ahead and the 2 test are the first things. Later, I will have to travel out of town to school for a week and then FLY out to another state for more.

He did not get into salary too much. He did say that I would receive a book of business and would be required to use it to build my own book over the years. I will be required to sell 3 Life policies per month. That seems very doable but again, Im new.

I have no idea how one would get paid. I think I would get a percentage of the book of business that the agency mgr. puts me in charge of and that will be my starting salary.

Could someone give me some insight on these things. I am assuming that we NC's are on the National level when it comes to salaries. Online it mentions that an agent in this area should make around $40k. Thats a a little less than Im making now but 65 hours a week and closed on Thanksgiving and Christmas is getting old. I have small Children and want to see them more.

This company is a great company, heck, I have all my insurance there and I have several friends who are employed as well. The agency manager was top shelf, nice and very respectful.

Thanks for the replies and I hope to learn alot!

 

[J.R.]

First post!

Hi everyone. Im from good ol NC and I need some insight. Let me begin by saying that I am a male, 34 and have been in the New and used car business for 12 years. I can and have sold it all. I am currently a sales manager a my hometown New Car, Franchise Dealer.

I have recently been offered a position with a local branch to be an agent. I will sell Life, AH and P&C (I guess) I will contract through them, not be independent.

I have been seeking a new career since the decline of the auto industry and my life needs change. I feel like I am cut out for this type of work and feel I wont have a problem helping others and selling product.

I do have some reservations tho. I have test fobia. I can say that I will be required to take an IQ and personality test and have to pass the IQ and that scares me to death. Im a pretty sharp guy but have never been a test taker and have failed one like this in the past due to being so nervous.

The other... I just had my first interview this afternoon and it went well. He is waiting on me to give the go ahead and the 2 test are the first things. Later, I will have to travel out of town to school for a week and then FLY out to another state for more.

He did not get into salary too much. He did say that I would receive a book of business and would be required to use it to build my own book over the years. I will be required to sell 3 Life policies per month. That seems very doable but again, Im new.

I have no idea how one would get paid. I think I would get a percentage of the book of business that the agency mgr. puts me in charge of and that will be my starting salary.

Could someone give me some insight on these things. I am assuming that we NC's are on the National level when it comes to salaries. Online it mentions that an agent in this area should make around $40k. Thats a a little less than Im making now but 65 hours a week and closed on Thanksgiving and Christmas is getting old. I have small Children and want to see them more.

This company is a great company, heck, I have all my insurance there and I have several friends who are employed as well. The agency manager was top shelf, nice and very respectful.

Thanks for the replies and I hope to learn alot!

Welcome to the forum. Here is some advice that I hope makes you feel a bit more comfortable.

1) IQ tests are a lot of fun. I suggest you practice with a few like this one
Definition of IQ and
IQTest.com. From the information illustrated in the 1st link it appears that people in sales need an IQ between 100 to 111, which is understandable considering our line of work.

I wouldn't fret too much over the score, unless it well below 100. I scored in the low 130's for the past 8 or so years and could have joined Mensa, but they wouldn't let me in because I like to shower every day and I can't speak Klingon. Just took the damn test and scored a 105. Perhaps I've gotten dumber after working in sales a few years. I'll blame that on feeling tired.

2) As for personality tests, I suggest you answer honestly. If one of the questions asks you if you hurt animals or like fire, I suggest you think real hard before you say yes You could always take a few personality tests before hand via google to test yourself.

3) I'd also ind out exactly what your responsibilities will be be day in and day out. Will you be selling l/h or p/c; or both????? What type of training do they offer? What states will you operate in? Do you have a predefined territory?

Hope this helps.

 

[CHUMPS FROM OXFORD]

"He did not get into salary too much." You may want to prod him a little.

 

[Crabcake Johnny]

Well if they're giving an IQ test that at least tells me it's not Mega. They only check your pulse.

 

[Newby]

I was also a Sales Manager and later a General Manager in vehicle sales. Mine was Honda Motorcycles. I did that for 19-years before getting into insurance.

I have no base and no book. Never had. Straight commission.

I've been in insurance now for 11-years and have never looked back. Setting my own hours and dealing with one customer at a time rather than they all come in at once is much more pleasant.

Income has always been way over what you are pulling off the internet. If my kids had a little league game I just put it on my appointment book just like any other appointment and I was there. Didn't have to ask anybody or shuffle anybody elses schedual around.

I had never had a Saturday off in my life before. Trouble was...I didn't know what to do with myself on Saturdays. Now I do. I've gotten used to taking most weekends off.

At Honda, the conventions were always me and another manager going to exotic places. In insurance, it's me and the wife going on reward trips. We've been to Hawaii 3-times, the Virgin Islands, Canada, San Francisco, The Bahamas, Nashville, and we are getting ready to leave on an 8-day Alaskan Luxury Cruise. You don't pay for anything on these trips and the insurance companies treat you like royalty. Makes for a MUCH happier marriage.

In vehicle sales, everybody wants what your selling but they shop you to death and you have trouble getting them financed. In insurance no one wants to talk about what you're selling but once they do, you can get just about everybody approved and they don't really shop much as long as you are selling products within reason.

It's a great business. I say do it.

 

[Agent5913]

Im going to call him and go with it tomorrow. Im ready for the alaska trips and such.

As far as salary, I do believe he mentioned 15% of a $200,000 book of business. I will double check it as well.

I think, if I am selected. I will take the first saturday that I have off and lie in the front yard naked. Just because I can. hehe

 

[WBunch]

Is the company Monumental Life? Sounds alot like them.

 

[Agent5913]

No, not monumental. I just took the IQ and made a 98 and but I took it at work and I had 3 interuptions. There were about 5 of the 38 that I had no idea about and just guessed. I may take another.

 

[tommyk]

Glad you are making the change. I too was in the automobile business for 19 years. Did everything in the front end. Changed to insurance and it has been great for me. Now my decission is changing from capative to independent. But I did not look back and do not want to go back...too spoiled.

 

[Agent5913]

I just had lunch with one of my best friends who is also new in the business (same company) and Im really excited. I just hope I get the chance.

Thanks for all the help everyone. See ya on the forums.