Getting Started - Where to Begin?

[FA_Hayek]

First, let me introduce myself. I'm a recent college graduate with some pretty good programming skills and some business sense. I am interested in selling insurance online, and I don't know quite where to begin.

Here are a couple of questions I'm hoping someone here can help me answer.

1. What licenses are necessary to sell insurance?

1a. If I get a license in West Virginia, can I sell insurance to someone in Maryland?

1b. I intend to try to sell insurance over the internet. I'm hoping to sell insurance to people in all 50 states. Are there any regulations that might prevent this?

2. How do you get hooked up with a company that sells insurance? How do you process leads?

3. How much do you typically make per sale on commissions? $20? $50? $100? $500?

4. Is there some sort of insurance producer organization that all of you belong to?

Thanks. I appreciate any help you can give me.

-Rob

edit: Also, do I need an office? Can I sell it entirely over the internet / phone?

 

[xrac]

Welcome to the forum. Here is my advice. Go to your Alabama Department of Insurance (or whatever it is called) site and learn the requirements for your state. You have to be licensed in every state where you do business although many states have reciprocity. Start reading through this forum until you begin to have an understanding on what is involved. Figure out what part of this business you will concentrate on: health, life, P&C, or senior sales. Join www.ihiaa.com.

 

[Mark]

First, let me introduce myself. I'm a recent college graduate with some pretty good programming skills and some business sense. I am interested in selling insurance online, and I don't know quite where to begin.

Here are a couple of questions I'm hoping someone here can help me answer.

1. What licenses are necessary to sell insurance?

1a. If I get a license in West Virginia, can I sell insurance to someone in Maryland?

1b. I intend to try to sell insurance over the internet. I'm hoping to sell insurance to people in all 50 states. Are there any regulations that might prevent this?

2. How do you get hooked up with a company that sells insurance? How do you process leads?

3. How much do you typically make per sale on commissions? $20? $50? $100? $500?

4. Is there some sort of insurance producer organization that all of you belong to?

Thanks. I appreciate any help you can give me.

-Rob

edit: Also, do I need an office? Can I sell it entirely over the internet / phone?

Here are some of the answers.
1. What ever kind of insurance you are selling, is the kind of lic you need. If you are selling life insurance, then you need a life insurance lic. ETC

1a. You need a lic in which every state the clients feet are in. It does not matter where you feet are, but where the clients feet are. SO if you are in Texas and the client is in Iowa, then you need a lic in Iowa. Each states has it own non res lic.

1b, you will need to get a lic in all 50 states then.

2. Look for an IMO or manager or captive insurance company. I don't understand the question on how to process leads.

3. Depends on the product and what you are selling. In life insurance you make the premium times the commissions and maybe times 9 for advancing.
Example. Clients gives me a check for $100 x 115% = $115 a month, but if I'm on advancing I will get $1035

4. I would recommend that you read as much as you can about this business and talk with as many agents as you can that are already successful.


Let me also save you some time and tell you that this is no get rich quick business and if it was simple everyone would already be doing it and be rich. This business is a lot of work, and by reading your questions, I already wonder if this is the right business for you.

 

[FA_Hayek]

Thanks for the responses. I'm looking for other avenues as the requirement for getting licensed in all states I do business with kills my business plan.

What about my question makes you think this business isn't for me?

Let me also save you some time and tell you that this is no get rich quick business and if it was simple everyone would already be doing it and be rich. This business is a lot of work, and by reading your questions, I already wonder if this is the right business for you.

I'm not looking for a get rich quick business. I have an economics degree and I'm looking for a way to utilize my programming skills and marketing background to start an actual business. It sounds like you make a good bit of money on each policy.

 

[Carlos Gil]

We can have you running your own agency in less than a month with all the carriers, E&O ($199 per Year), Rater, and an Agency Management System.

Plus the ability to do taxes.

Please visit FiestaFranchise(dot)com for additional information.

Should you have any questions please contact us.

Carlos Gil
Sales & Marketing Manager
16162 Beach Blvd Suite 100
Huntington Beach, Ca 92647
(714) 842-5420 Ext 237
(714) 842-5401 Fax
(714) 916-1758 Cell
E-mail: E-mail: [email protected]

 

[CHUMPS FROM OXFORD]

Meet Carlos...the King of Spam.

 

[VolAgent]

It makes me wonder, do spammers have the same thought process as an agent cold calling? If I spam/cold call enough people, eventually someone will want to talk to me?

P.S. For complete disclosure, I have and sometimes still cold call, but I've never spammed.

 

[moonlightandmargaritas]

P.S. For complete disclosure, I have and sometimes still cold call, but I've never spammed.

Cold calls are nothing more than phone spam.

 

[UnknownGenius]

I'm sure Carlos does get people. I bet the original post contacts him.
- - - - - - - - - - - - - - - - - -
Fa - You better have some money to invest in your business, you have to get your license, all 50 state licenses and appointed with all companies.

Not to mention purchasing leads. Good luck.

 

[Frank Stastny]

First, let me introduce myself. I'm a recent college graduate with some pretty good programming skills and some business sense. I am interested in selling insurance online, and I don't know quite where to begin.

Here are a couple of questions I'm hoping someone here can help me answer.

1. What licenses are necessary to sell insurance?

1a. If I get a license in West Virginia, can I sell insurance to someone in Maryland?

1b. I intend to try to sell insurance over the internet. I'm hoping to sell insurance to people in all 50 states. Are there any regulations that might prevent this?

2. How do you get hooked up with a company that sells insurance? How do you process leads?

3. How much do you typically make per sale on commissions? $20? $50? $100? $500?

4. Is there some sort of insurance producer organization that all of you belong to?

Thanks. I appreciate any help you can give me.

-Rob

edit: Also, do I need an office? Can I sell it entirely over the internet / phone?

Your questions are not short answer questions. If you would like to give me a call I will be glad to discuss them with you. I really don't feel that this is the place to do that. A phone conversation will be a lot more productive.

For my contact information look down.