Experienced Sales Agent Transitioning Into Insurance

[DKinIL]

First, thank you to everyone who offers such fantastic information on this forum.

I am an experienced sales professional in the Chicago area with 9 years of sales and sales management/development and 4 years as a marketing director. There are obviously different nuances in different industries, but I know how to organize my time, how to prospect and how to sell. I have decided over time and research that I want my future career in insurance sales. I have done substantial research but I wanted to throw a few questions out to the experts to get a little real world feedback.

1. I understand the differences between independent vs. captive. I do know how to sell and how to prospect but clearly I need to learn that as applied to insurance. It seems as though I would have a better opportunity to "learn the business" as a captive agent. Is this accurate?

2. In my sales experience, I have always believed that the larger and more competitive my arsenal of products, the more opportunity I had to sell but I read a lot of threads on this board about finding a niche and selling to it to develop a business. Thoughts on this?

Thank you!

 

[xrac]

First, thank you to everyone who offers such fantastic information on this forum.

I am an experienced sales professional in the Chicago area with 9 years of sales and sales management/development and 4 years as a marketing director. There are obviously different nuances in different industries, but I know how to organize my time, how to prospect and how to sell. I have decided over time and research that I want my future career in insurance sales. I have done substantial research but I wanted to throw a few questions out to the experts to get a little real world feedback.

1. I understand the differences between independent vs. captive. I do know how to sell and how to prospect but clearly I need to learn that as applied to insurance. It seems as though I would have a better opportunity to "learn the business" as a captive agent. Is this accurate?

2. In my sales experience, I have always believed that the larger and more competitive my arsenal of products, the more opportunity I had to sell but I read a lot of threads on this board about finding a niche and selling to it to develop a business. Thoughts on this?

Thank you!

It doesn't matter if your are indy or captive but what is important is having a mentor who can teach you.

If you are looking at going P&C the more tools you have the better. If it is life and health I think concentrating on certain markets is the way to go. You can't be everything to everybody successfully.

 

[Norwayguy]

I agree with Xrac about the help a mentor can bring to the table. I personally feel it is easier to find a mentor or vetran agent willing to help you and the ease of both of you getting paid by working with a Captive shop for a period of time.

Having a niche over being a generalist can be very helpful...just because it is a niche doesn't mean you can't offer a large selection of products in that niche...I worked the 403(b) market for 8 years and I was able to offer the majority of approved insurance companies on the list plus every mutual fund that offered 403(b)(7) accounts through common remitting, I picked up clients that liked say American Funds but other brokers couldn't set up the accounts.

Also after you have picked up their business through the niche you can build your moat wider and deeper by placing additional coverage over time.

 

[bluemarlin08]

Without a doubt the easiest way to find a good mentor is through a captive shop.

 

[Mark]

Captive companies don't train you like they use to. There are so many new agents out there today, that they will get you to write your friends and family members and then just leave you hanging and go to the next new agent to allow him to write his friends and family members. They are not going to do a lot of hand holding.

 

[xrac]

Without a doubt the easiest way to find a good mentor is through a captive shop.

Without a doubt.