I Think I'm Ready to Go Indy

[JayJay]

Hello all,

I have been exposed to the insurance industry for about 3 years (1yr at Northwestern Mutual and 2 yrs and a Bank) and I currently work for a health insurance company that are is very shady when it comes to business and their employees. I am about to go independent selling life and health (Individual out of state and Group in NY) insurance. I wanted to know if anyone has any suggestions on how to survive the biz with limited funds. Maybe you guys can point me in the right direction even though I have some idea on what I might do. I just need a little guidance.

Thanks

 

[briko3]

Just out of curiosity, what made you leave NWM?

 

[moonlightandmargaritas]

I wanted to know if anyone has any suggestions on how to survive the biz with limited funds.

If you don't have an intelligent marketing plan designed to keep a continuous flow of prospects coming, and the necessary capital to pull it off...you're doomed.

 

[JayJay]

If you don't have an intelligent marketing plan designed to keep a continuous flow of prospects coming, and the necessary capital to pull it off...you're doomed.

What would you say is a good amount of capital?
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Just out of curiosity, what made you leave NWM?

I left b/c my son was born and I the time I thought it might me a good idea to get a salary plus commission job.

 

[moonlightandmargaritas]

What would you say is a good amount of capital?

What is your marketing plan?

 

[JayJay]

What is your marketing plan?

I plan on selling med supps and final expense to the senior market and employee benefits to small businesses.

 

[moonlightandmargaritas]

I plan on selling med supps and final expense to the senior market and employee benefits to small businesses.

That's not a marketing plan, those are target markets.

How do you propose to keep a steady stream of new prospects coming your way? That's a marketing plan.

 

[JayJay]

That's not a marketing plan, those are target markets.

How do you propose to keep a steady stream of new prospects coming your way? That's a marketing plan.

By cold calling on a daily basis as well as purchasing leads from time to time. Mainly cold calling and asking for referrals from everyone. Do you have any suggestions?

 

[ALG]

In the Med- Sup and FE Market you will need 15-20 leads per week minimum. You should budget $300-400 per week for the first 3 months.

 

[moonlightandmargaritas]

By cold calling on a daily basis as well as purchasing leads from time to time. Mainly cold calling and asking for referrals from everyone. Do you have any suggestions?

You've got a long, tough uphill climb here.

There are not enough hours in the day to thrive by primarily cold calling unless you've got two or three people calling for you. With small businesses, you'll get a little over 1 in 4 to answer the phone, and with seniors, it's a little under 1 in 10. Lots and lots of wasted effort in that process.

You'll find many posts on here about shared internet-type leads. A crapshoot at best unless you can buy lots and lots of them...

Referrals are hit and miss. I get plenty that are broke, uninsurable or both. You won't make a living (never mind a good one) on them.

Instead of cold prospecting, focus on warm prospecting; do some creative, targeted direct mail. Do speaking engagements, partner up with someone to do a seminar, etc.

Most importantly, build some relationships. (other agents, etc.) that can refer people to you on a favorable basis. Taking someone to lunch or breakfast that can send people your way, and staying in touch is worth 100 hours of cold calling.