Can A Newbie Make It As An Independent?

[Captive Soul]

OK. After tasting the Kool-Aid from several different captives over the last couple of weeks of interviews, I also have an opportunity to go independent. I have an acquaintance who is a long time player in the insurance game and he is offering me 100 leads a month and some long distance training to sign through his company. I would still need to get my own E&O Insurance. Not sure what else I would need besides a phone and a vehicle?

Would I be completely insane for jumping off the bridge?

 

[Jerard]

OK. After tasting the Kool-Aid from several different captives over the last couple of weeks of interviews, I also have an opportunity to go independent. I have an acquaintance who is a long time player in the insurance game and he is offering me 100 leads a month and some long distance training to sign through his company. I would still need to get my own E&O Insurance. Not sure what else I would need besides a phone and a vehicle?

Would I be completely insane for jumping off the bridge?

There are alot more things to consider. Does "sign through his company" mean your commissions are assigned to him? What is the hidden cost of these leads, as in, what is your commission rate per sale? Do you have any experience talking to strangers...meaning do you sound like a new next door neighbor or do you sound like a used car salesman? Are you locked in to only the companies he has or can you have others?

I'm sure others will have more to add. But this is a good start to ponder.

 

[Captive Soul]

There are alot more things to consider. Does "sign through his company" mean your commissions are assigned to him? What is the hidden cost of these leads, as in, what is your commission rate per sale? Do you have any experience talking to strangers...meaning do you sound like a new next door neighbor or do you sound like a used car salesman? Are you locked in to only the companies he has or can you have others?

I'm sure others will have more to add. But this is a good start to ponder.

Commissions are not 100% but they are fair. I won't disclose the exact number here though.

I talk to a lot of strangers. I also run my own DJ company so I'm dealing with potential clients there and people at the events I DJ. I've also done both inbound and outbound telemarketing in the past.

Don't know for sure if he would let me push other companies or not. Haven't discussed that with him but I don't see anything in his contract that says I can't either.

 

[jdeasy]

Commissions are not 100% but they are fair. I won't disclose the exact number here though.

I talk to a lot of strangers. I also run my own DJ company so I'm dealing with potential clients there and people at the events I DJ. I've also done both inbound and outbound telemarketing in the past.

Don't know for sure if he would let me push other companies or not. Haven't discussed that with him but I don't see anything in his contract that says I can't either.

I was going to answer your question but I decided to not disclose it here though.

 

[Jerard]

I was going to answer your question but I decided to not disclose it here though.

That's why some people don't put up their state flag. They're afraid agents will come in and take all the business.

 

[EugeneM]

OK. After tasting the Kool-Aid from several different captives over the last couple of weeks of interviews, I also have an opportunity to go independent. I have an acquaintance who is a long time player in the insurance game and he is offering me 100 leads a month and some long distance training to sign through his company. I would still need to get my own E&O Insurance. Not sure what else I would need besides a phone and a vehicle?

Would I be completely insane for jumping off the bridge?

Honestly it depends how comfortable you are in your ability as well as in your connections ability. You would be placing so much trust in him that its a huge liability especially if he is not local. Whatever you choose get it in writing FK gentlemen agreements.

Either way you will be in learning mode so I would focus on the task at hand. Learning how to be an agent and still make money to pay bills. I wouldnt worry to much about the distant future. If you did 6 months of something else I'm sure the opportunity would still be there. The other hand if a indy agent is willing to show you the ropes, give you access to carriers and send you leads that imo blows away what captives have to offer.

 

[Newby]

OK. After tasting the Kool-Aid from several different captives over the last couple of weeks of interviews, I also have an opportunity to go independent. I have an acquaintance who is a long time player in the insurance game and he is offering me 100 leads a month and some long distance training to sign through his company. I would still need to get my own E&O Insurance. Not sure what else I would need besides a phone and a vehicle?

Would I be completely insane for jumping off the bridge?

There are many brand new agents that do fine in our group. But like most kind of sales, more fail than succeed. Keep in mind 100 free leads is about the same as a list with 100 names on it. It's worth maybe 50-cents.

Commissions on the other hand are worth dollars. You should write at least $2,000 per week in premium. The difference in a 115% (street) and 90% would be $500 cash that you are giving up every week of your own money. That $500 would buy 20 top quality direct mail leads if you figure an average cost of $25 each.

I would rater have 20 brand new fresh leads than 25 free ones any day of the week. Not to mention the higher renewal money.

Friends don't let friends fall for free lead scams.

 

[Captive Soul]

Friends don't let friends fall for free lead scams.

I don't think that is what he is doing here at all. I have known him for awhile through other venues. He has taken a genuine interest in my career and mentoring me even before the discussion of me working with him came up. He offered this after he found out how irritated I was with Bankers and my general discontent with the Kool-Aid the other captives have been serving me. He's not making any promises to my success or failure but it seems like a realistic place to jump if I'm going to try life as an independent.

 

[Jerard]

I don't think that is what he is doing here at all. I have known him for awhile through other venues. He has taken a genuine interest in my career and mentoring me even before the discussion of me working with him came up. He offered this after he found out how irritated I was with Bankers and my general discontent with the Kool-Aid the other captives have been serving me. He's not making any promises to my success or failure but it seems like a realistic place to jump if I'm going to try life as an independent.

The quote for the day is "Trust but verify". In other words....read the contract, werd fer werd.

 

[Captive Soul]

The quote for the day is "Trust but verify". In other words....read the contract, werd fer werd.

I don't sign anything I don't read.