captive to independent /need advise

[senior-advisor-indiana]

I don't work for MOA. I work for Great American Senior Benefits. Formerly Ceres Group. I don't have a do not compete clause. I should be vested in a couple of months.

 

[Frank Stastny]

When I first started in the business, almost 20 years ago, NOBODY even thought in their wildest daydreams that somebody would provide them leads. 90% of your job is to make leads. Even the idea of getting leads from somebody else is a huge disservice to those wanting to be in this occupation. IF you are getting leads from somebody else you pretty much are their little slave to do with as they see fit.

That is so true. When I started I was handed a voter registration list, a stack of apps, one hour of "training" on how to fill out the app and told to "go get em tiger".

I would go into a new town and get a copy of the local phone book. (I sold mostly in rural areas.) At that time it was pretty easy to pick out the seniors by looking at each persons first name. I would mark them and pick up the phone and give them a call. I sold a lot of insurance that way. I didn't start using "leads" until much later.

A direct mail "lead" is nothing more than a name, address and phone number. When I had agents working for me they would only run "fresh" leads. If I told them that the "leads" were "old" leads they would return them a day or two later and say that they "weren't any good". However, if I took leads I received a year ago and told them they were "fresh leads" they worked them and sold insurance.

The first thing a new agent asked was, "do you provide free leads". If I said yes they wanted to start immediately. If I said no then they weren't interested. I actually had one agent who had been in the business for several years tell me that the "leads" weren't any good because none of the people he contacted asked him how soon he could come by to sign them up. That is no lie.

There is a lot more to selling insurance than making a presentation. That is the easy part. You are not going to find anyone who is willing to give you a list of people who all are going to be receptive to your initial contact even if such a list could be compiled. Nor can you successfully use another agent's words and make them sound sincere and conversational.

Take a little bit from what others use as a "script" and develop your own. It should not be a "script" that you read because that is exactly what it will sound like. If someone interrupts you when using a "script" then may have to start from the beginning again.

Being self-employed is not for everyone. Some people need to have a support group to help keep them motivated. There is nothing wrong with that and it was something I had to deal with when I went independent. It kind of sucked not having other agents to talk to on a regular basis. There weren't even discussion boards. Days would go by when the only people I talked to were prospects.

I also think that it would be best for you to remain captive, at least for a while longer.

 

[Crabcake Johnny]

Then you get back to "you never appreciate anything that's given to you." I've never seen agents work leads so lamely as free leads. When I was with UGA they gave free leads - and I'd watch a lot of agents either call them days later or not at all. After all, they don't have anything invested.

I gave free leads to agents over a year ago - 100% free. I never took a worse beating in my life. I started following up on the leads I send and most people said they never got a phone call.

 

[senior-advisor-indiana]

I also think that it would be best for you to remain captive, at least for a while longer.

What would be my benefit of staying captive? So i can sell one company with my own leads. That makes no sense. Seriously, tell me why i should.

 

[senior-advisor-indiana]

I do have other agents that are my good friends to talk to. So i will not have your problem of not having a support group.

 

[Frank Stastny]

hi everyone, i am looking for some suppport on converting to an independent agent in the senior market. i have been in the business 2 yrs. I sell medicare supplements, annuities, final expense, and some medicare advantage plans. Do i really need an office? What is the best way to get in front of prospects, cost and time wise. I want to keep selling med supps and annuities i dont really care for medicare advantage but i do sell to those who want it or cant afford a suppplement. What are the things i should watch out for so i dont make bad mistakes. by the way i live in indiana. I would eventually like to have agents underneath me.

I'm sure all of us were just trying to be helpful. You did ask for "support" and advice indicating that you felt you needed it. We were just trying to give you the benefit of what we have experienced and were responding to your concerns.

You last couple of posts sound like you have everything in place, are ready to go and pretty much have answered your own questions. If you feel you can easily make it as an independent agent then by all means jump in the water and paddle around with the rest of us.

As Al would say, "knock yourself out". :biglaugh: Just a little humor.

 

[Gaddock]

What would be my benefit of staying captive? So i can sell one company with my own leads. That makes no sense. Seriously, tell me why i should.

TRAINING any tiny little shred of it you can get.

You didn't even know about the voters reg list, the oldest trick in the book.

Resources. They have an office? chairs? fax? bla bla etc. etc.

All that costs.

You claimed you made $45K yet you don't have a phone script?

I can't quite get my head around that but it matters not.

Use them for everything you can squeeze out of them. Squirrel away every scrap of paper that has a name and number.

You should be heavily armed and ready to go with a succinct business plan with goals and reasonable forecasts before you even seriously consider such an enterprise.

In my very humble opinion

Whatever you choice I wish you best of luck.

 

[senior-advisor-indiana]

I have a script, I have 80 clients, i know how to sell a med supp, i know how to set appoinments. I was looking for tips on calling. MY office is my car even as a captive agent. My field manager asks me for advise most of the time so i think i am pretty well trained.

I guess I really didnt need any help, I just wanted to make sure i was't missing anything. I doubt i ever use the voters registry either since there are better ways to get names.

All i get from my Captive place is a few appoinments a month, and a trip every year. I have to generate my own leads besides the 5 appoinments they give me. Do you still think i should stay?

 

[midwestbroker]

I too am captive and I am also thinking about going independent down the road.

It all boils down to money.

I am going through the same thing you are and here is what I am asking myself:

How much do I want to make? What is my target?
As a captive agent, what would it take for me to hit that?
As an independent, what would it take?
What kind of pipeline do I need to do that and it is up and running yet? How long would it take to have it?

I am on the last question for myself. I want make sure that I have a pipeline of leads, referrals, opportunities lined up so I can hit the ground running.

I do also want agents under me, but I am not counting on that. That to me is "bonus money" since I do not want to count on them for my well being. I have seen to many jump in the game and run off the field as fast as possible, leaving more problems then good.

 

[Frank Stastny]

Senior,

If after selling Med Supps for two years you only have eighty clients then you probably do need to go independent. The policies you are selling must be very high priced and difficult for you to sell, or your leads are not putting you in front of enough qualified buyers.

License with companies with more competitive rates and do what is necessary to get in front of more people.

I got out of the company I was captive with when they a 35% increase three years in a row. Didn't lose nearly as many clients as the other agents did and still get a very respectable renewal from them each month.

They just priced themselves out of the market and I could no longer sell Med Supps.