Going Independent in Northern Ohio

[5always]

I am getting licensed next week and I want to look at starting independent versus going captive. I was thinking I would start with selling final expense in the neighborhood I grew up in. The neighborhood is lower income and most individuals there would have a need for this.

I want to know what companies are best to contract with?

Also what are some good prospecting ideas for me to get started with?

I want to work Monday thru Thursday 8am to 9pm and Friday 8-5 Saturday 11-4. I am looking for some productive ways to feel that time outside of appointments. I believe it is important to keep a schedule and work it just like any other business.


I am also looking at New York Life and Western Southern because of the training but I don't know if it is worth losing most commission and leaving my book of business behind.

Any advice or help is appreciated. I have already received some and it has made me think.

 

[moonlightandmargaritas]

I am getting licensed next week and I want to look at starting independent versus going captive.

What sort of background and experience do you possess that would support "starting independent"? Is it possible that you don't know what you don't know?

The neighborhood is lower income and most individuals there would have a need for this.

This statement makes me question your experience level - a need for it is immaterial. They have to have a want for it, which you of course help them realize.

Also what are some good prospecting ideas for me to get started with?

If you don't have this figured out, you have little chance of success as an "independent".

I want to work Monday thru Thursday 8am to 9pm and Friday 8-5 Saturday 11-4.

Hard work is necessary - but it's not enough. Don't focus on "hours", focus on doing whatever is necessary to succeed.

I am also looking at New York Life it Western Southern because of the training...

These two companies are at polar opposite ends of the spectrum. Do you have any kind of natural market?

...but I don't know if it is worth losing most commission and leaving my book of business behind.

As opposed to starving as an "independent" because you don't know what you're doing, and don't know what it takes to make it work?

Best of luck with whatever you decide.

 

[5always]

What sort of background and experience do you possess that would support "starting independent"? Is it possible that you don't know what you don't know?

It is very possible and that is why I am soliciting the advice of individuals on this site. I dont think anyone truly knows anything until they do it.

My background is in restaurant supervision, I have a degree in business administration I do not have a background and insurance and it will actually be something new.

I have read on here where a lot of the agents started captive and later went independent after paying their "dues". I am just looking to explore all options before I move forward. I have spent the last few months looking into the field and building up my cash reserves so that I have something as I get started.

This statement makes me question your experience level - a need for it is immaterial. They have to have a want for it, which you of course help them realize.

I understand this most insurance is sold and not brought. The customer needs to be educated on why it is good and they need to be shown why they should buy it. When I was saying want I was referring to this versus some of the other types out there available. Insurance is not a tangible product such as a car where I can let you sit in it and get the new car smell but an intangible product where you need to be shown why it is important to you and your loved ones.

On the other hand I am not selling you a kirby and looking for the transactional sale where I am here today gone tomorrow.

Sales building = Relationship building

I want to take care of you and I want you to feel good about the service I provide so we can do business again in the future.

If you don't have this figured out, you have little chance of success as an "independent".

I have ideas that I would like to do but is there something wrong with seeking out other things that I just may not of thought of? This site has tons of agents who have done tons of things and I was looking for someone to throw out some of those ideas and maybe I could add one or two of those.

I know this business is a contact sport and getting in front of people is key. if you don't have names and phone numbers you have no chance.

I have experience on the phones and door knocking which I plan to do both. I just want to have more to do.

Hard work is necessary - but it's not enough. Don't focus on "hours", focus on doing whatever is necessary to succeed.

I don't mind doing whatever I have to what I am saying by the hours is that these are the hours I would like to make sure that I am dedicating to doing productive work related to the business. If things come up outside I have no problem doing them. I dont mind having to door knock, cold call, or anything that is needed to succeed.

I just know it is critical to get into a habit of doing things because it is too easy to get complacent and say "oh i will do that this some other time. For the last 9 years I have controlled my own schedule and had no one to say when to work and I would like to have a schedule I am committed to at the start.

These two companies are at polar opposite ends of the spectrum. Do you have any kind of natural market?

I realize both are totally different of each other I seeked out NYL and was pointed toward W&S by a friend. I am 27 and I do have a natural market most of which has a typical income of 30k or less in the are I was raised. I also have another natural market through my previous job of which most are young restaurant managers making $25k to$40k and just starting life.

I have looked at a few agencies and I can say I have connected and enjoyed the NYL office and partner more than I did at W&S but I know an individual who was a manager for the company for 32 years and did quite well. The thing is was he was at a different office in another part of the state. From what I have heard both companies have great training and that is key. While I have better connected with NYL I think W&S may be more competitive in my natural market.

I am also looking into AGLA and speaking with them.

As opposed to starving as an "independent" because you don't know what you're doing, and don't know what it takes to make it work?

I am well aware that 50% of something is 100% of nothing and that is why I am looking into this and weighing all options. I have been told on here independent is the way to go training can be found on here and other avenues.

I was looking at the captive agencies for the simple fact of getting training and maybe going independent later if the need or want is there.

I have not set anything in stone but rather am weighing my options. I am looking here for ideas and I will decide when the time comes.

Best of luck with whatever you decide.

I appreciate the reply and the points you made were very valid thanks for the straight forward answers.

 

[Enosis]

Welcome 5always, I'm based in N.E. OH and work FE. I think 27 is a great age to start in the business. You're done with school, have some buiness experience to reflect on and have contacts. Selling FE is a good way to learn the business - and you might need to work those long hours you've specified. However, you might want to consider what you want to be doing at age 35, 45, 55, and 65 years. If you jump from company to company and write 1-2 policies per week (50-100/yr) until you retire - you'll make a living. If you pick a single company (stay with them) and write 2 per week in 10 years (age 37) you will have 1,000 clients. My advice is think about the future - set a target/goal - and chart a strategy. Every career is different.

 

[Justin Bilyj]

Companies in Ohio include Monumental, RNA, Foresters, and Oxford. GI companies are Kemper and Presidential.

 

[5always]

Welcome 5always, I'm based in N.E. OH and work FE. I think 27 is a great age to start in the business. You're done with school, have some buiness experience to reflect on and have contacts. Selling FE is a good way to learn the business - and you might need to work those long hours you've specified. However, you might want to consider what you want to be doing at age 35, 45, 55, and 65 years. If you jump from company to company and write 1-2 policies per week (50-100/yr) until you retire - you'll make a living. If you pick a single company (stay with them) and write 2 per week in 10 years (age 37) you will have 1,000 clients. My advice is think about the future - set a target/goal - and chart a strategy. Every career is different.

That is my thought process exactly. I want to pick a company that will fit my as well as where I am comfortable there as well. I don't want to just make a living I actually want to grow and add on business. I think in this career consistently switching companies takes away one of the best things and that's renewal income.

I was thinking find a great agency with great training and contract there and maybe it will be a place I can stay or I can take that training and use it going independent.

On the other hand I hear individuals saying start independent and learn on your own.

I just am looking to see how feasible that truly is.

 

[5always]

There you go have at M&M.