Dormant License - Getting Back In?

[DROB]

Hey all, I'm looking for some advise on how to get back into the insurance industry.

I got my Life and Health License by working for a call center doing CSR and Sales for a major carrier that was in the Individuals and Families health market. I did 2 open enrollment periods for them, only had my license for one of them, before they pulled out of that market.

After that I got moved to working for a different client at that call center selling credit card apps.

Anyway, I have a license that I'm not using and would like to get back into the industry as a career. I've tried applying for a number of insurance jobs through job sites like Indeed, but it seems most of them are looking for people with P&C.

Lately I've started hearing about FMO/IMOs and have been wondering if I could join one and start building an insurance business from home on the side while I doing my dayjob. Well I've been doing some research on it and it seems like doing it part time would probably mean cold calling on the phone, which would probably mean buying leads. I don't have much money for that right now. I definitely don't have the savings to quit my job and start prospecting full time, either.

So I guess here's my questions:

1) Does anyone have advice on how I could bootstrap working independently from home part time, on a budget?

Or if that sounds like a bad idea...

2) Is there a better way to find a salaried insurance job besides going through job sites? I should probably start calling agencies directly and seeing what they have.

Thanks in advance for your advice.

 

[DHK]

Check out Dave Duford's @Rearden YouTube channel for more ideas.

 

[Travis Price]

Dave is a pretty great guy. I’m in the same bucket, but slightly farther along. A few things I think you should consider:

1) What sort of insurance do YOU want to market? You should niche instead of all falling.

For example Final Expense, Senior Health, Mortgage Protection, Annuities. It’s not to say you can’t pick other products, but you should focus on one starting out.


2) What’s your marketing strategy?

Your market Niche dictates the *most effective* marketing strategies. You’ll also need money...

3) What’s your goal?

My goal is to get tf out of the rat race. I’m building a book for residuals. Once I hit my number of income, I’m only working on CS and replenishment.

Also because you’re working full time (me too) don’t try to set the world on fire. Instead, consider a marketing plan that ramps you up over time.

For example, I’m heavily internet based. Youtube, Local SEO, and content marketing are the cornerstone of my plan. It gives me time to get educated on other aspects of this business, like selling psychology, lead development and the sales process.

My upfront costs are higher, because I’m paying for my lead generation in 6m-1y today. However, I’m working my plan for tomorrow.

There’s a wealth of information on this website if you use the search bar. Before jumping into an IMO, you should answer the two questions above.

Travis

 

[DROB]

Thanks for your responses so far!

1) What sort of insurance do YOU want to market? You should niche instead of all falling.

...

2) What’s your marketing strategy?

1) I've been hearing a lot about FE. Sounds like a relatively easy product to understand and pitch, and the sales process is quick from what I hear. Also, decent good commissions but the renewals aren't great.

2) I have a good understanding of how content marketing, SEO, Local SEO, and Facebook ads work. I think I would be most comfortable using these methods to generate leads but don't know if the FE market would be good for these methods.

 

[goillini52]

Thanks for your responses so far!



1) I've been hearing a lot about FE. Sounds like a relatively easy product to understand and pitch, and the sales process is quick from what I hear. Also, decent good commissions but the renewals aren't great.

2) I have a good understanding of how content marketing, SEO, Local SEO, and Facebook ads work. I think I would be most comfortable using these methods to generate leads but don't know if the FE market would be good for these methods.

FE is good up front money, but the renewals aren't that good.

Medicare Supplements don't pay as much up front, but the renewals are great.

Start with one and get good at it, then add the other. There are also a lot of ancillary products that you can add later like dental, cancer, etc., that are good cross sells.

 

[Travis Price]

Thanks for your responses so far!



1) I've been hearing a lot about FE. Sounds like a relatively easy product to understand and pitch, and the sales process is quick from what I hear. Also, decent good commissions but the renewals aren't great.

2) I have a good understanding of how content marketing, SEO, Local SEO, and Facebook ads work. I think I would be most comfortable using these methods to generate leads but don't know if the FE market would be good for these methods.

I would agree with you. I would not do digital marketing for FE. You're looking at Direct Mail. That's $470+/week every 1-2 weeks. You won't see leads until around week 5.

So, pro's of FE:

1) Easy to understand and explain. You pay premiums, you die, they pay.
2) Commissions are decent; each sale is on average $600 in Comm for the year. Renewals are 5-10%? I don't do FE, someone else can give you a better idea.

Con's:
1) Heavy drive time. FE is a f2f business.
2) You have to sell FE. Most people see a need, but they'll put it off because they have other bills.
3) PERSISTENCY- Bruh, those great commissions go in the toilet when you get chargebacks; which you will. Think of it like this, sometimes it's a difference between a life insurance payment and a light bill.
4) You're dealing with lower income people. Houses can be falling apart, dirty, roaches, etc.
5) You stop selling, you stop eating.

God love FE agents. I would rather keep my day job. However, my goals are super different.

 

[DROB]

@travis what is your niche?

 

[Travis Price]

@travis what is your niche?

Senior Health.

So, all disclosures up front. I don't write production at this point.

My marketing dollars are focused on long term growth. I focus on Content Marketing, Local SEO, and I just started doing Youtube Animation Info Videos that correspond to my written content. That takes time. I'm lucky that because I have a decent paying job, I can wait it out without starving. It's also a lot less stressful and helps me learn products and the marketplace.

Initially, I was going to do Telemarketed leads, but after a discussion with a more experienced agent, I re-evaluated my local market. Most of the agencies in my area that are really competition are outbound marketers (and they're sketchy af), been in business since 2009 and have a lot of referral streams in place, or sell P&C and offer Medicare products (I don't consider them direct competition.) They're all weak on Digital Marketing. I found it to be where I can be competitive AND I can easily market to the entire state while focusing locally.

Instead of buying leads, running seminars, etc..

I buy SEO products and CTA add-ons (like Livechat, e-mail marketing), write content, product animation videos, grind out citations and make my website as fast as possible (mobile and desktop) while making it as easy to use as I can. Once my traffic gets legit and I'm seeing the level of impact that I think justifies it, I'll be adding a quote engine to do Drip E-mail marketing.

I'm in a marathon, not a sprint.