Effectively working from home

[DM77]

So back to the original post...

For those of you who work from home, how are you marketing yourself? Do you subscribe to a lead service?

Also, if you're licensed in multiple state, how do you choose which states to get licensed in?

 

[patch36]

Chuck, how does one find a Medicare Advantage company though? Are there companies that solely just market the Medicare Advantage Plan or just Medicare Supps and the related? I am solely interested in just the Senior Market and that is what I am confused on at this point. I am trying to do all the research I possibly can so that I can be successful in that specific area. What companies would you recommend looking into that only deal with the Senior Market? TIA

start with medicare.gov and see what plans are in your area. If there are Medicare Advantage plans that are PPO and/or HMO, start with them.

Then, you can contact some of them direct and see if they have programs for independent agents or you can be totally independent and look at one of the FMO's that represent lots of companies.

I don't know your experience level or what part of the country you are in, so the advice will vary. There are captive companies, but unless you really need the management and training, I would stay away from them.

You are welcome to pm me and we can talk. I am not a GA or FMO and will only give you my insight and the benefit of the mistakes I have made. In other words, I am not trying to sign you up...

 

[patch36]

Thank you..I was tired of the restaurant jokes yet wondered if they've been to a food court in the mall before. There are options because people want options and one size does not fit all.
Here's my background...I started out in the insurance world in 2001 trying to sell Med Supps with UA. I got crap leads from my unit manager (of course...he kept the good ones for himself) Going door to door seemed a waste of time...how do you know who's in the market for med supps or not? So I expanded...I went to Liberty National (okay--please don't laugh). I did that because I already had the supplements figured out and wanted to have other types of insurance to offer so if I did get the guts to start door knocking I knew I had something to talk about when the person answered the door. Then after 9/11 my husband laid off and we moved from GA back to MT. And here I am...

Through my B/D I have lots of options and I'm as independent as I can get with being Series 7/66--sorry, don't want handle the compliance crap/FINRA on my own. The 15% my B/D gets is well worth what I get from them.

I understand that I need to focus. However, I'm trying to decide what to focus on. I have knowledge and training in a lot of areas and each person and family has different needs and desires. I'm afraid that if I focus on one or two things, I'll pick the wrong ones and lose out. I'd really like to focus on disability insurance but I'm not sure where to begin. I considered focusing on medical community. I don't know if just doing disability insurance is enough to make a living on. I don't see anybody else specializing in DI--is there a reason for that?

Small market and there are probably some experienced agencies doing group and individual stuff that have the market locked up.

Do you use your securities licenses or are you only selling insurance?

 

[saieddie]

Are the 2 guys you're working with splitting any commissions w/you? Do you get a base salary?
Unless you're getting some kind of compensation from your current arrangement, you're crazy for staying with it. Go find a new BD. There are several that will give you a base salary for a year or 2 until you build your base.
As for working from home, I haven't seen any worthwhile internet leads for securities or mutual funds.
If you're determined to use your 66 and 7, get an office and start knocking on doors, cold calling people, and join a business networking group.

 

[DM77]

Are the 2 guys you're working with splitting any commissions w/you? Do you get a base salary?
Unless you're getting some kind of compensation from your current arrangement, you're crazy for staying with it. Go find a new BD. There are several that will give you a base salary for a year or 2 until you build your base.
As for working from home, I haven't seen any worthwhile internet leads for securities or mutual funds.
If you're determined to use your 66 and 7, get an office and start knocking on doors, cold calling people, and join a business networking group.

I don't get to split their commissions. They pay me hourly for being their assistant (think "Cinderella, Cinderella"). Yes, they paid for my licenses. There's a bonus plan in place but I only get a bonus if we reach a certain level of GDC (and we've done that once this year). The problem is they're trying to transition their book to more fee-based and/or trail business. So GDC has been a lot lower the last few years and we're just now starting to see it get better when the trails hit. However, I'm doing just as much or more paperwork than before. 2 years ago when they said they're not giving me a raise anymore (and when there wasn't another job to go to that paid better) I thought I'd just give myself a raise by selling insurance since they weren't. They didn't mind since they'd get a cut of my commissions too since they're paying my E&O and Fidelity bond. Oh...but then it was as if they decided to blast me with more work. And then if an insurance oppty came up, oh, well, they'd just ask me how to do it since, you know, it's their client. I'm just sick of the abuse. They don't see anything wrong with this arrangement. Unfortunately, my B/D is great. I just have lousy bosses. My B/D has open offices BUT it would require moving to another state and the locations aren't very appealing.
I do not want to give up my securities licenses because I'm afraid that as soon as I do, I'll want them back and I do not want to ever take those tests again. I feel that I'm farther along the learning curve with insurance than I am with the securities. My goal is to become a CFP. So I need to keep those licenses.
I'm using insurance leads (life/disability) as a way to get my foot in the door to then discuss other financial matters. It's all about relationships. Some people are slow with opening up about their other stuff. Plus I'm not pushy/aggressive. Sure with some people, I'll only have their life insurance policy but with others, they're starting to open up more. We do mailings and seminars throughout the year and I add my clients to the mailing list and stay in contact with them. Plus, just because I sell them a life policy now doesn't mean they won't have an IRA r/o in a couple years. They all know that I do more than just life insurance so it's just a matter of timing things right.

My immediate challenge is how to remove myself from the office and work on insurance leads from home and make money. The reason why I'd work on those from home is so I can concentrate on MY stuff and not their stuff. Then as I build my insurance sales and build those relationships, I can then shave off more time at the office and work from home even longer. What this should do is send a very BIG hint to my bosses that I'm serious about being a producer and they need to find someone to replace me. Right now it's too convenient for them to call on me to do everything for them because I'm there. If I'm at home they can't throw something else at me as easily.

 

[Frank Stastny]

I got crap leads from my unit manager (of course...he kept the good ones for himself) Going door to door seemed a waste of time...how do you know who's in the market for med supps or not?

The above statement bothers me a little because I have heard this so many times from agents who worked for me.

You most likely were working direct mail "leads". There is no way anyone can pick through direct mail leads and "pick out the good ones". They are simply a name, address and phone number.

There are no "good or bad" or "hot or cold" direct mail leads, only good and bad agents who are are working them. When I was captive just about all I worked were leads that other agents had returned saying that they were "bad" leads.

Why was going door to door a waste of time. I have been working in the senior market for 15 years and have been very successful when I was going door to door.

The first thing one needs to learn to be successful selling insurance is how to prospect. Knowing "who is in the market for a Med Supp" is insurance 101. The best prospects are those, in my opinion, between the ages of 67 and 78. Almost every one of them is "in the market" for either a Med Supp or an MA plan. Ninety plus percent of the people I sell Med Supps to already have a Med Supp.

You said you "already had the supplements figured out". The senior market is probably the easiest market to work yet you apparently didn't do very well. It doesn't sound to me that it was the leads, you may have not worked them correctly or very hard and gave up too quickly or your expectations were too high. Your presentation may also have needed a lot of work. It doesn't sound like you spent a lot of time trying to sell them. Maybe I'm wrong.

All I sell is Med Supps now, I don't sell the PFFS plans, and I have more than enough to keep me busy.

You are very inexperienced and trying to move into too many different markets. You can't go on an appt and try to sell a Med Supp, have the prospect say no and then try to sell them two or three other products. If you do a Med Supp presentation correctly they will not be willing to listen to a whole new "pitch" of another product.

Pick one area and master it before moving on to others.

 

[Paradigm]

Can u afford to leave? If you can it would be best as ytou cant be an entrepreneur and a slave too

 

[Nttwrkz LLC]

There's a great Italian restaurant right down the road. Man, if they would only add Chinese food to their menu just imagine how packed they'd be.

Me tooo!!!!

 

[DM77]

The above statement bothers me a little because I have heard this so many times from agents who worked for me.

You most likely were working direct mail "leads". There is no way anyone can pick through direct mail leads and "pick out the good ones". They are simply a name, address and phone number.

There are no "good or bad" or "hot or cold" direct mail leads, only good and bad agents who are are working them. When I was captive just about all I worked were leads that other agents had returned saying that they were "bad" leads.

Why was going door to door a waste of time. I have been working in the senior market for 15 years and have been very successful when I was going door to door.

The first thing one needs to learn to be successful selling insurance is how to prospect. Knowing "who is in the market for a Med Supp" is insurance 101. The best prospects are those, in my opinion, between the ages of 67 and 78. Almost every one of them is "in the market" for either a Med Supp or an MA plan. Ninety plus percent of the people I sell Med Supps to already have a Med Supp.

You said you "already had the supplements figured out". The senior market is probably the easiest market to work yet you apparently didn't do very well. It doesn't sound to me that it was the leads, you may have not worked them correctly or very hard and gave up too quickly or your expectations were too high. Your presentation may also have needed a lot of work. It doesn't sound like you spent a lot of time trying to sell them. Maybe I'm wrong.

All I sell is Med Supps now, I don't sell the PFFS plans, and I have more than enough to keep me busy.

You are very inexperienced and trying to move into too many different markets. You can't go on an appt and try to sell a Med Supp, have the prospect say no and then try to sell them two or three other products. If you do a Med Supp presentation correctly they will not be willing to listen to a whole new "pitch" of another product.

Pick one area and master it before moving on to others.

Here's my experience with United American from April 2001-August 2001: in Savannah, GA the GM was the father of the 3 Unit Managers in the office. The leads were direct leads and yes, based on the address, you can tell which were good and which weren't...in Savannah, the neighborhoods are very distinct of who's Medicaid and who's not. When I started getting the same names and neighborhoods over and over, I knew there was a problem. Another problem, the only people in the office that were selling anything were the 3 unit managers and one other agent whose entire family lived in Georgia. I didn't have a network in Georgia to work on, practice with. My main concern with starting at UA was the leads/prospecting and they said, oh, we give you leads to work on. Oh, and this was a p/t job for me because 2 mo's before that my daughter was born so this seemed like a good opportunity because of the flexibility.
Med Supps are pretty simple. We had plans A, C, F & G to choose from. I couldn't set any appointments though. Why? All of the leads I got were Medicaid eligibles OR they already had a UA supplement that was sold to them by one of the UM's a few months before. Plus I was getting a couple each week. The postmarks on them were from a few months before so it was like I was getting the leads that the others couldn't do anything with.
No, I didn't try door knocking. I had no training on prospecting. My experience prior to this was all administrative in financial services.
When I went to a training session in Atlanta 3 mo's after I started I witnessed some ethical issues that I couldn't get past concerning the GM and UM's (infidelity).
So, I transferred over to Liberty National...I could still sell UA supplements plus I could sell life and supplemental health. I did some door knocking and such...plus spent a lot of time collecting premiums on my little book. But again, I know I didn't get proper training. I got to know the products very well but again, the problem came down to converting leads to appointments. Oh, and this is where I learned to door knock and cold call. That was fun. The thought of cold calling and door knocking still makes my stomach hurt. 2 months after starting there (oh...my hire date was 9/11) my husband was laid off from Gulfstream and my training pay ended. We moved back home to MT in January 2002. Those 8 months with UA & LNL were tough and the scar I have is my fear/anxiety with door knocking/cold calling. But I think I'd prefer to door knock because it's harder for people to say nasty mean things to your face compared to on the phone.

Looking back on my appointments, when I get in front of a prospect, I typically close the sale. My problem is getting in front of qualifed prospects. My experience at UA and LNL was that I spent so much time wading through the Medicaid leads. Before leaving GA I closed 2 supps where I met the couple through a chat board. They were from Atlanta and we met in Macon to sign ppw. It was easy.

And no, I did not go to an appointment try to sell multiple things to get a sale. I went to an appointment knowing what we were going to discuss and if they said no, I didn't whip out something else, I asked for referrals. I didn't get no answers with qualified prospects. Now, when I was door knocking with LNL, I can't remember how I introduced myself but it was pretty general. I was trying to set appointments and not push my way in like the Kirby guy. I'd cross-sell products to those already in the book or if I picked up on something they said during our conversation.

So when you're door knocking, how do you determine who's old enough to be on Medicare? I look at where I live and the seniors and Boomers and families live in the same areas. Well, then there are a few golf course communities that are non-soliciting areas. (Down there, those were gated and no-soliciting). Plus, the town I was in was primarily military (Richmond Hill/Hinesville) so it wasn't like I could pick a street and door knock to sell Med Supps. I'm guessing you must've had a list to work from so you knew which houses/streets to work. Back then, I didn't have a clue about lists...I do now.

So, there's my story.

 

[ims01]

Danielle,

The advice to pick your specialty is sound. But in doing so, you must consider when you are available to work. It sounds like evening is the only time so Life would be the best option. It is also very easy to sell over the phone because of few moving parts.

It sounds as if your current realationships are not ones that can help you go far with your goal. Look for an IMO that has lead programs specifically for agents in your postition and the tools you need to sell over the phone (quote engine, online forms library, training, etc.).

Get your non-res in CA or other states in the Pacific time zone. This will allow you to stretch the time you have available to call.