I have a thought that I feel needs some feedback from you guys. On friday the principals of my firm sat down and we discussed a way to generate larger revenues without hiring a mass of agents to our firm. I came up with a preliminary outline for a competitive internship, and I need to see if you guys feel it is a viable solution.
Everyone knows that the more agents you have actively marketing the more sales your firm generates. Supposing the law of large numbers is the most effective way of broaching this my solution was simple.
1. How do you hire agents without making the expense unworthy of the outcome.
The thought I came up with was college internships. College students need professional internships to gain valuable experience in the job market before graduating. Contacting the colleges and setting up meetings with potential interns is simple. What my thoughts were was that we would have 10-15 interns work out of our various offices contacting provided leads from Welcome to Salesgenie.com - Unlimited Access to Sales Leads and Mailing Lists! for small business ranging from 1-5 employees. They would market individual health life and di to prospective clients, and have a weekly quota to achieve. At the end of six months 1 agent would be selected from the group to remain on as a full time member of our agency, and the rest would receive perpetual pay for the remainder of the year. We would provide the office housing, phones, computers, and appointments with health carriers as well as life and supplemental. They would get their own licenses, and be responsible for simply setting up meetings. We would train them extensively in mass on how to perform their jobs effectively, and then allow them to work independently on their client meetings. Most college internships provide no source of revenue for college students, and by doing a 70/30 split (firm keeps 70) we will allow them to build a residual income for the year, or for the duration of their career assuming they place first in the internship. (Much like pursuit of happiness) I am aware that the payout for stocks is much higher than the payout for insurance sales, however, this will allow them to gain valuable experience and at the same time allow us to gain 1 productive agent every 6 months without incurring expense or headache of hire fire.
2. We planned on doing the internship 2 tiered. What I mean is that we will have a p&c division as well as health, but the primary focus of each would be small individual sales as opposed to commercial.
Looking at the numbers if we did 10-15 new apps a week on the health end that process through and are approved by underwriting, and we did 10-15 personal line apps a week processed and approved by uw...we will generate 180,000 in revenues over the next 6 months in shear volume.
The individual sales market is not one we usually play in due to the difficulties in uw, retention, and low commissions (in dollar amount). However, it would be a great way to generate revenue assuming that we specifically are not the ones focusing on it, and it will also provide invaluable training to our new prospective agents.
So that being said, what do you all think?
Everyone knows that the more agents you have actively marketing the more sales your firm generates. Supposing the law of large numbers is the most effective way of broaching this my solution was simple.
1. How do you hire agents without making the expense unworthy of the outcome.
The thought I came up with was college internships. College students need professional internships to gain valuable experience in the job market before graduating. Contacting the colleges and setting up meetings with potential interns is simple. What my thoughts were was that we would have 10-15 interns work out of our various offices contacting provided leads from Welcome to Salesgenie.com - Unlimited Access to Sales Leads and Mailing Lists! for small business ranging from 1-5 employees. They would market individual health life and di to prospective clients, and have a weekly quota to achieve. At the end of six months 1 agent would be selected from the group to remain on as a full time member of our agency, and the rest would receive perpetual pay for the remainder of the year. We would provide the office housing, phones, computers, and appointments with health carriers as well as life and supplemental. They would get their own licenses, and be responsible for simply setting up meetings. We would train them extensively in mass on how to perform their jobs effectively, and then allow them to work independently on their client meetings. Most college internships provide no source of revenue for college students, and by doing a 70/30 split (firm keeps 70) we will allow them to build a residual income for the year, or for the duration of their career assuming they place first in the internship. (Much like pursuit of happiness) I am aware that the payout for stocks is much higher than the payout for insurance sales, however, this will allow them to gain valuable experience and at the same time allow us to gain 1 productive agent every 6 months without incurring expense or headache of hire fire.
2. We planned on doing the internship 2 tiered. What I mean is that we will have a p&c division as well as health, but the primary focus of each would be small individual sales as opposed to commercial.
Looking at the numbers if we did 10-15 new apps a week on the health end that process through and are approved by underwriting, and we did 10-15 personal line apps a week processed and approved by uw...we will generate 180,000 in revenues over the next 6 months in shear volume.
The individual sales market is not one we usually play in due to the difficulties in uw, retention, and low commissions (in dollar amount). However, it would be a great way to generate revenue assuming that we specifically are not the ones focusing on it, and it will also provide invaluable training to our new prospective agents.
So that being said, what do you all think?
