Closers versus Insurance Salespersons ???

[westpac99]

Tom,
What happened to you? Sounds like your previous work history was short term! You must have been selling real estate! What happened to all your past clients? How about selling them insurance?

 

[somarco]

I became an insurance agent in 19 hours of pre-testing, 90 minutes of testing and $300. Be real - ok

Not exactly.

You got your license. Becoming a professional agent takes a lot more.

Not every agent can be classified as professional. In fact, probably 90% who get their license are short timers just passing through.

If you can make it 3 yrs in this business, you are on your way.

Of course, not everyone who makes it past the 3 yr mark is a pro. Some of them are just fast talking shysters who make things bad for the rest of us.

 

[midwestbroker]

Lets say you do this. And an agent came out to sell my family insurance (my wife and I have separate individual policies).

I pay $32 per month for my HSA
My wife is $272 for herself and 2 kids (PPO)
Both Humana. Street level 20% commission

For me...
20% of $32 is $6.40. You would take 75% leaving the agent with $1.60 in commission, on going.

My wife/kids commission $54.40 and the agent would get $13.60 in commission, on going.

The agent went from making $60.80 per month to making $15.20 per month.

Annualized that lead cost $547.20.

Am I correct in this?

 

[Crabcake Johnny]

Well for me where this whole idea goes south is the "closer" won't be closing. They'll be (if I'm reading this right) turning the deal over to the agent for final verification.

So - the agent ultimately closes the deal - defining "closing" as the person who actually takes and submits the app.

So basically you want "qualifiers" to make 75% of the commission. Gooooood luck.

 

[slushhhpuppie]

The word professional is being thrown out way too much on this thread.

 

[gradyinsurance]

IMO, a "Professional" insurance agent is something quite different from the guy who is a "Salesman". The difference is very simple, and easy to see. A professional agent is one who has an understanding of his products, and applies his knowledge, in order to provide his clients with the best products for their situation and needs. I might add, that doesn't mean, stick 'em with the policy that pays the highest commission.

I grew up around the insurance business. I've seen all kinds of "agents", including some that I wouldn't buy water from in the Sahara. Agents who consider insurance just another "sales job", IMO, shouldn't be insurance agents. Insurance, unlike other "sales jobs", involves sellling protection against risks or future harm/loss. That's a little bit more involved than selling somebody a used Pontiac. Insurance is/should be a long term product, as such, it needs agents who are in for the long haul.

Dave

 

[moonlightandmargaritas]

Amen.

 

[Crabcake Johnny]

I'm wondering if any of these "salesmen" would talk to a diabetic in MD and know to recommend MHIP - then spend all the time necessary to go over the coverage for $100.

 

[insuremojo]

Not exactly.

You got your license. Becoming a professional agent takes a lot more.

Not every agent can be classified as professional. In fact, probably 90% who get their license are short timers just passing through.

If you can make it 3 yrs in this business, you are on your way.

Of course, not everyone who makes it past the 3 yr mark is a pro. Some of them are just fast talking shysters who make things bad for the rest of us.

This is why as "professional agents" we strive to be known as "trusted advisors" rather than "salesmen".

Salesmen or transactional agents are a dime a dozen and drop out of the industry usually after a short stay.

 

[myinsurebiz]

bob said - " If you can make it 3 yrs in this business, you are on your way. "

I hope I've made enough by then to pass on the operation and just make a little slice of the pie until I eventually end up selling it.

MWB - we will be targeting - 30 to 60 year olds.

Here's the process:

Lead acquired - data mined or lead card. $10 hr telemarketer calls the lead with qualifying questions. Interested parties are forwarded to a closer who is next in rotation. High Risk or Bad Health leads are forwarded to those closers that want to take the time to deal with it.

The closer gathers all the pertinent information, they forward the basic info to the writing agent and they go over the available solutions. The closer then sells the deal to the client, completes all the necessary paperwork, collects any premium ( if available ) and gets all this to the writing agent.

The WA then receives the paperwork, reviews it, calls the client to review it with them, answers any additional questions and if all is good - processes the app. Closer overnights all documents to WA if not able to process online.

Closer follows up with client periodically and upsells add ons, etc.

WA does the same thing . . .

john said - " So - the agent ultimately closes the deal - defining "closing" as the person who actually takes and submits the app. "

The closer takes the app and closes the deal. The WA just reviews it for accuracy. The best plan for the client was formulated by the closer or the closer in concert with the writing agent. In this scenario - the WA does very little - reviews, signs and submits.

dave grady - the client will be better served by our concept than perhaps an agent that only carries 2 or 3 companies. We will have them all. If I didn't care about the clients needs first - I would just get the highest paying policies and sell them to everyone. We will actually be like a cafeteria for the client to indulge themselves with the best plans.

In response to insurance not being the right product for "salesman" - I disagree. The commissions are excellent, requires very little service and has renewal and add on abilities.

insuremojo said - " This is why as "professional agents" we strive to be known as "trusted advisors" rather than "salesmen". Salesmen or transactional agents are a dime a dozen and drop out of the industry usually after a short stay. "

Call and think of yourself however you wish. No offense - but this "professional" and "trusted" stuff is just another form of closing the deal. Belly up to the client, get the warm and fuzzy feeling going, develop that "trust" - then go for the close and get a check. Sounds good 'eh . . .

We'll see I guess . . .

Tom