Captive to Independent ....

[brokerme4u]

Licensed with American Amicable from 1995-2001. Made career change - recruitment - until 2006.

Over the last couple of years I have been agency "hopping" ... worked with Northwestern Mutual - the natural market and demeaning meetings drove me away. Next, I tried Lincoln Heritage - that was a bust per the amount of clients who didn't have checking accounts. Now, I am with Penn Life as a captive agent under their umbrella - I am licensed with Universal American, LFG, Aviva, and John Hancock. I work with the senior market, and 75% of my business is getting declined.

I want to be creative and do my own marketing, but my manager is very strict on following the script and having 15-18 appointments a week. Trouble is - the majority of those appointments are a waste because of health/wealth.

If I am having trouble being successful as a captive agent, is it likely that I will have trouble going independent?

What are the rules with staying licensed with current companies, but not staying under the Penn Life umbrella? Is there a waiting period? Would my manager have the right to not release me?

Thanks!
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One of the biggest problems I am having is that I am not putting the blame on myself.

I have a feeling that my psyche is telling me to just do it "his" way and get the 40% commission ..... and if I am going to do it "my" way - then I should be getting the 80% + commission.

I pay $5 for med supp leads and nothing for calling off a non-responder list. I have no expenses aside from the lead cost, but I have to be committed to doing the 15-18 appointments weekly, and show up in the office two days a week for phone days.

I also don't have a modified FE available and I'm losing clients in that respect.

Another thing I don't like about being captive, is that the people I have met since joining Cornerstone/Senior Solutions, is that I lose them if I leave. Being independent - I have control over my clientele for life.

Anyway - I guess I'm just scared of failing as an independent because I'm having such trouble now with being captive. And I read on this board how going captive first is a good idea - but how long staying captive?

 

[Cenla Agent]

I could never see the rationale for giving up that much commission to Senior Solutions. Unlike Humana and some other carriers, (which also pay more commission to captive agents as well as health insurance, car allowance, salary, cell allowance etc.) as an organization they don't appear to generate the volume of leads that you need. I looked at Senior Solutions in 2006 and it appeared that the only way to really make it was to recruit agents under you and get overrides. As with most captive outfits, I'm sure there is some variation depending on who your manager is. But you're still working within the same system.

If you are looking to go independent, I'd look to get contracted with the major med supp. carriers, FE carriers, etc.

Also, the MA market in many cases is going to be a different market than the annuity, LTC, etc. market. In many cases, the best MA prospects are not going to be a prospect for those products, often due either to financial or health reasons.

You also said most of your business is getting declined. Are you referring to FE, LTC, etc? There should be no declines for MA business if you're filling out the app correctly and they live in the service area and don't have ESRD.

 

[brokerme4u]

Thank you for your reply.

This Sr. Solutions office will be a year old in July... so it's been a bit of trial and error. Being a trainer you have to give up 30% of your commission, but the good thing is that appointments are being made for you and there is a small override on issued business by those you trained.

I only sold a few MA plans, I didn't like them, they made me nervous - doctors were not accepting them... hospitals too. I only wrote up folks who had medicare alone and they could get the ma plan for zero premium. Fortunately a few I wrote are Vets - so they can get their scripts from the VA hospital. It's a win-win and I could rest easy at night.

I only write FE plans to those that I know will pass... and with LTC... 75% are declined. I am part of the partnership program with LTCi - and want to find a way that I can use this to help people. Aside from relying on the govt. (har har) -.... LTC is devastating to so many and it's only getting worse. I have passion for LTC.

What is up with Aviva not accepting new agents? No more 1035 transfers? I have only written one annuity and that was a split - I'm rather green with the annuities - but feel they are a good product.

In order to be licensed with my own collection of insurance companies, do I need special licensing?

Lately, I've been with the senior market - hoping to get the kids as referrals. If I go indy... I'd hit the 40-60 market and then approach their folks with the FE..... and focus on LTC and life insurance for the 40-60 market.

My concern with going indy is if my manager will release me ... and will I not be be able to write for Aviva - as I am under his umbrella? With Aviva commission I make 3-4%.

Also- the name is no longer Sr. Solutions per being in CA, and not allowed to having "senior" in the name. It's essentially - Penn Life.

 

[insuranceexec]

Search senior solutions here on the forum; you will find the answers you are looking for. I hope this helps.............

 

[brokerme4u]

I have ... and I saw some similarities, but not spot on.

I didn't find anything about what the rules were in regards to being released to work with these companies individually.

 

[insuranceexec]

I have ... and I saw some similarities, but not spot on.

I didn't find anything about what the rules were in regards to being released to work with these companies individually.

If your SS is like the rest of the country; then NO, you will not be able to contract with your companies when you leave, for a cetain period of time anyway.

The time period I have seen is usually between 12-24 months.

You can contract with other companies. If you need some help there are many on here that can assist you. I hope this helps..............

 

[brokerme4u]

Oh gawd.... that is what I was worried about. :(

How do I go about asking for guidance and help with signing on with other companies?

Do I make another thread? Is there a better forum to use?

 

[Todd King]

You're not going to miss a thing by not having just a couple of companies. Though Aviva is actually still a good product, they are making it hard...there are plenty others out there. LFG is good, but once again...others out there. JH....others to be had. Universal American...doesn't have many competitive products left other than Constitution's FE. Plenty more out there that are better. You have plenty of experience to be independent. I would personally suggest you do so. You should give InsuranceExec a call, he can give you good contracts. The companies that he doesn't have he can put you in touch with those who have them and are willing to give you good contracts. By the way, what state are you in?

 

[brokerme4u]

Thank you Todd.

I am in California.