Compensation for Captive Agents who Sell Med Supp?
- Thread starter heartburn
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your question doesn't make any sense. If you are captive then how you contract outside of your agency, and if they allow you to then basically you are contracting independent just like anyone else.
G
Guest
Guest
I understand your question. When I first started I worked in the Medicare market for a captive agency.
The commissions on Medicare supplements were half under the captive contract than they were under an indy contract. For example. I was being paid 11% commission on new business, when indy agents were being paid 22% with same carrier.
The justification for this was that they were providing ongoing support and education. They were providing leads and not charging us. Things like that.
Your best bet is to work for that captive company for 6 months or so and soak up every bit of education you can. Learn their prospecting methods, learn their sales presentations, learn how to set appointments, LEARN EVERYTHING!
Then after 6 months or so (whenever you feel ready) leave them and go indy, using all the knowledge you gained to be successful as an indy agent.
BTW. What company are you captive for?
The commissions on Medicare supplements were half under the captive contract than they were under an indy contract. For example. I was being paid 11% commission on new business, when indy agents were being paid 22% with same carrier.
The justification for this was that they were providing ongoing support and education. They were providing leads and not charging us. Things like that.
Your best bet is to work for that captive company for 6 months or so and soak up every bit of education you can. Learn their prospecting methods, learn their sales presentations, learn how to set appointments, LEARN EVERYTHING!
Then after 6 months or so (whenever you feel ready) leave them and go indy, using all the knowledge you gained to be successful as an indy agent.
BTW. What company are you captive for?
michael37421
New Member
- 2
Good advice. Can you suggest any captive agencies to that might be good for someone starting out?
New York Life, Prudential, Mass Mutual, Northwestern Mutual, TransAmerica, Mutual of Omaha and I'm sure a few others. Just depends on the market you like selling to. Do your due diligence before signing on with one. Interview with a minimum of 3-4 to get a feel of the agency and its managers as the experience can vary between offices.
Edit: if only looking for med supp, IMO Indy is the best as carriers are always playing the pricing game and plans standardized.
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