For Liberty Mutual Reps on Here

[backatit]

Hello, I have a few questions for the LM guys and gals on here. I have been lurking on this board for around 6 months trying to learn as much as I can about the different captive companies in hopes of making the best decision for me and my family. I looked at State Farm, Farmers, some local independents, and Futurity First but ended up accepting the offer letter from LM. The salary, benefits, pension, etc. all seem to offer a little more security than what I could expect with the others (that's not to say that the others aren't great as well, this was just what was best for me). Anyways, I was hoping I could ask you guys just a few quick questions.

1) To accept employment I will need to move about 150 miles from where I live now. During the training with LM I was told that I would need to build a contact list of a minimum 300 people that I can quote. Did any of you LM people move to accept your position and if you did, was it hard developing the list of 300 people. I can honestly say that I only have about 100 people in the town that I live in now that I could quote so the idea of finding 300 people in a town I am new too is a little worrisome to me.

2) I was given all of the sales requirements for a new agent during my interview process but I dont have them in written form. Can anyone from LM give me the sales expectations they had for that first year. I am very confident in my p/c ability and have no doubts that I will do quite well in that regard but I am not quite as proficient in life insurance. I read a thread in this forum from the past where I young man was let go from LM for not hitting his life insurance goals so I would really like to know what the life numbers I need to hit to be job secure and also what I would need to hit to be considered successful in life.

I am very excited to get started with LM (my start date is in three weeks) and no matter what info you give me, I am going ahead with my employment with them. So, for those independents who will say go IA, it isnt an option for me at this time. I owe the equivalent of a large SUV in college loans from my undergrad and graduate degree programs so the idea of having enough savings to support myself and my family during the first few years of IA is a dream at this point. Maybe one day, but not right now. Also, my wife and I just had our first child last week so the motivation to succeed is stronger than it ever has been but the financial strength is at one of its weakest points. That is why LM seems like such a great fit.

Anyways, thanks to anyone in advance for their input and I look forward to posting more as I continue my journey down the captive agent trail. If you decide to message me, this is only my second post so I wont be able to respond.

Thank you to nyc2phi for responding to me earlier.

 

[Guest]

During the training with LM I was told that I would need to build a contact list of a minimum 300 people that I can quote. Did any of you LM people move to accept your position and if you did, was it hard developing the list of 300 people. I can honestly say that I only have about 100 people in the town that I live in now that I could quote so the idea of finding 300 people in a town I am new too is a little worrisome to me.

I'm a captive agent, but not with LM.

As far as the list of people go, its not uncommon. I wasn't asked to do that before coming aboard with my current company, but they definitely made it clear they were looking for someone with lots of contacts and involvement with the community.

On your list just write out every friend, family member, and acquaintance you have. Then just start making a list of all your FB friends, Twitter, LinkedIn, etc. They won't verify that you are actually 'friends' with the person.

 

[RonRoberts]

I'm a captive agent, but not with LM.

As far as the list of people go, its not uncommon. I wasn't asked to do that before coming aboard with my current company, but they definitely made it clear they were looking for someone with lots of contacts and involvement with the community.

On your list just write out every friend, family member, and acquaintance you have. Then just start making a list of all your FB friends, Twitter, LinkedIn, etc. They won't verify that you are actually 'friends' with the person.

This reminds me of a friend several years ago called me after 20 years and tried to sell me NYL...and now a friend trying to sell me Primerica. I know that for some it works but I definitely wish there was an easier way.

 

[nyc2phi]

No problem.

I moved by choice to a LM office that I wanted to work for they didnt require me to move.

I would not stress over the 300 people list. I did not really complete mine and it was never throughly reviewed. They just want to knwo that you have people to call when things dry up.

For the first year you will need to maintain a 2.9 per cap which means an average of 3 policies a week. This can vary depending on your location. 4 life policies must be sold in the first six months and another 4 in your second 6 months on plan. You can easily get terminated for not hitting these numbers but they are not hard.

They will give you a lot of leads in the begining but to start off on the right foot when you get back from training is to make your GSP calls, call your CM Leads, start purchasing leads, and start looking for networking groups. Stay late as often as you can and be productive while your at work and you will do great.

 

[The Colonel]

Also captive for a different company-here's a few ideas that helped me succeed...
-I went to see the top producing agent in my area when I started and sought his advice. He quickly became a friend (as did our wives) and mentor and guided me well in my first few years.
-figure out a way to get in front of people-they will buy from you if they like and trust you. Many will be even willing to spend a little more to do business with you if they know they can count on you. In the end, the company you represent doesn't matter that much, it's your relationship with your clients that will determine your success.
-Don't get discouraged early on, If this was easy everyone would be doing it,

 

[backatit]

Thank you to all who have responded. I look forward to the challenge and I feel that I will be successful. I was just really worried about that list of 300 names. My old employer wanted 150 I think and I was able to build that list but adding another 150 to it, plus knowing the ones from my original list that I can't solicit too for another few months due to my non-compete, just had me a little worried.
nyc2phi - can you give me a little further info about what GSP calls are and what CM leads are? Are the CM leads the affinity group leads?

 

[nyc2phi]

GSP's are affinity accounts. We can call companies with 50 or more employees to set up these affinity accounts. If you call and open one up, you can do onsites there and tell the employees about the discount they will get. It takes a while to get some of these going but you can get a lot of policies out of them. CM leads are just basically leads your manager will send you. Don't stress over the 300 name list, its really not that important.

 

[Guest]

GSP's are affinity accounts. We can call companies with 50 or more employees to set up these affinity accounts. If you call and open one up, you can do onsites there and tell the employees about the discount they will get. It takes a while to get some of these going but you can get a lot of policies out of them. CM leads are just basically leads your manager will send you. Don't stress over the 300 name list, its really not that important.

Just out of curiosity... What is an average starting salary at LM for agents?

 

[nyc2phi]

Training for 4 months is 50K when you go "on plan" and start selling it drops to 25K. Each year it drops a little more till it bottoms out at 15K

 

[b61mack]

I think the commission is 15% on auto. They are one of the best place to start. You earn while you learn. I would just get out the phone book, and start writing names, to form the list.