Does anyone know a systematic way to look at the industry?

[Jmos]

I'm brand new to all this, and I'm just trying to wrap my head around some things.
From what I can tell, there are carriers you can work for, and then there are brokerage agencies you can work for which are called IMOs, or FMOs. Those are places for independent agents, as they arent captive. Once working for one (or more) of them, you can pretty much sell whatever product you want from ancillary to whole life. But, it's best to pick one or two things you understand well, and sell them.
Sound right so far?
Then, once you're underway, and making calls to help people with insurance, your FMO or IMO will have given you a software or website to use to build a customized policy based on the conversation you have with your client.

Commission structure varys, as some FMO/IMOs pay you, while sometimes the carrier pays you directly, so you have to be careful and figure out how you're getting paid.

Am I close to understanding these things? Or am I way off? Is there a good resource you'd recommend for this type of over-all grasp of the career I'm looking to obtain here?

This is just what I think I've pieced together from reading comments on here. I appreciate any help you're willing to offer.
Thank you in advance.

 

[kpbdy99]

Yeah, you've pretty much nailed it. There is no "one way," you have to find the one that works for you. One approach that you may want to consider is to find a captive role - such as with a Northwestern Mutual or New York Life as an employee - where they're going to teach you the basics, then you can move on and use the skills you've learned for yourself. AS soon as possible you need to get out on your own, be paid directly by the carrier, and have the autonomy to do what's right for your clients. Some of us didn't learn that early enough in our careers.

 

[Life Hawk]

Note that direct carrier contracts are less and less of a thing. More often you work with an FMO or an IMO.

My personal experience begins with a single company then moved to an FMO then became independent and using IMO's to obtain contracts. Your road may differ, but there are a few key things to remember. Training is King. Focus training is good, but I think an agent needs to be introduced to several different products so that they can get a feel as to where their talents are and find the best fit for their "style" of sales.

You will learn your pay structure as you progress... it's a pain to keep up on even as you age along in the business if you write for multiple carriers at a time.

Keep in mind though, the most important thing in this industry above all else is your ability to produce. You don't get paid to understand the ins and outs of product, or the history of carriers, you get paid to sale... no sales no money.

Even if you hitch your wagon to wrong star to begin with, you can make that change as you grow and become more knowledgeable in the business, but if you don't sale... you won't stay.

I always suggest that new or would be agents find an older guy who's been in business for awhile and buy him a cup of coffee and discuss the trade. That will be the best most profitable cup of coffee you will ever purchase.

 

[bmarsh]

Distribution Models:

Insurance Company--->FMO/IMO---->Agents (Independent)
Insurance Company---> Agents (Captive)
Insurance Company---> Agents (Independent)
Insurance Company---> Agents (Independent) or Agents (Captive)

 

[LostDollar]

I always suggest that new or would be agents find an older guy who's been in business for awhile and buy him a cup of coffee and discuss the trade. That will be the best most profitable cup of coffee you will ever purchase.

That can be entertaining with Carpenters, Plumbers and Electricians, even if you are not one. I haven't decided about Insurance Agents yet.

 

[Life Hawk]

That can be entertaining with Carpenters, Plumbers and Electricians, even if you are not one. I haven't decided about Insurance Agents yet.

Mr. Rohn may have put it this way, "Collect the stories". Stories are powerful, they tell a history, they influence, and they create pathways to communication.

I'm afraid though, when you get a bunch of shop talkers together, you get more stuff to shovel through as opposed to learn from.

 

[Jmos]

Note that direct carrier contracts are less and less of a thing. More often you work with an FMO or an IMO.

My personal experience begins with a single company then moved to an FMO then became independent and using IMO's to obtain contracts. Your road may differ, but there are a few key things to remember. Training is King. Focus training is good, but I think an agent needs to be introduced to several different products so that they can get a feel as to where their talents are and find the best fit for their "style" of sales.

You will learn your pay structure as you progress... it's a pain to keep up on even as you age along in the business if you write for multiple carriers at a time.

Keep in mind though, the most important thing in this industry above all else is your ability to produce. You don't get paid to understand the ins and outs of product, or the history of carriers, you get paid to sale... no sales no money.

Even if you hitch your wagon to wrong star to begin with, you can make that change as you grow and become more knowledgeable in the business, but if you don't sale... you won't stay.

I always suggest that new or would be agents find an older guy who's been in business for awhile and buy him a cup of coffee and discuss the trade. That will be the best most profitable cup of coffee you will ever purchase.

I would love to take this idea and use it, however, I cant believe how hard it is to find an agent in my area. There are two that I could find, but they both work for healthmarkets which I read on here is a scammy company, or shady rather.

 

[Jmos]

Distribution Models:

Insurance Company--->FMO/IMO---->Agents (Independent)
Insurance Company---> Agents (Captive)
Insurance Company---> Agents (Independent)
Insurance Company---> Agents (Independent) or Agents (Captive)

Thanks! That helps a lot!

 

[Markthebroker]

I always suggest that new or would be agents find an older guy who's been in business for awhile and buy him a cup of coffee and discuss the trade. That will be the best most profitable cup of coffee you will ever purchase.

Coffee, and sandwiches have had some unbelievably high roi for me over the years.

 

[Cornelius]

Grab one of these guys and have UBER Eats deliver them some Olive garden or a favorite sandwich and do a zoom.

No six packs because after a few cold ones the conversation could go anywhere.