This may be a bit long, but I ask you to read through it because I'm in need of some advice.
I was recently hired by an insurance company that has what I would call aggressive in its hiring practices. So, with money saved up (and tickled that I could become something like an insurance agent so young), I left my steady job to try my hand at something I thought could make me a lot of money through commissions. I don't want to name the company that I'm a captive agent for, but I would like to describe my situation so those of you with experience in the insurance business can perhaps tell me if I'm in a good situation or need to look for another company.
I had very little face to face training, as the nearest office for this company is some distance away. Thus, I work from home much of the time which is sometimes difficult to explain to people. I paid for an online training program out of pocket, my exam "sitting fee" out of pocket, and license registration fee out of pocket. As I said, I'm a captive agent with really only one "good" policy with a few (limited) benefit levels to stand on. The other policies I would say are more suited to some one who just can't afford other insurance or are in horrible health as the benefits are arguably not worth the premiums. I can really only pitch to individuals as the group policies aren't really group policies and require each employee to take an appointment to discuss their premium and benefits (at no discount). It is more of a "Hey, can I try and sell all of your employees some insurance, and maybe save you money on taxes if a certain amount of them sign up." I'm not down talking my products, I would say it fits some folks needs, but then again, I just don't know what other companies are offering.
My commission schedule is generally as follows:
Lower age bracket: 200% first month, 90% third, 70% forth, 50%, then 10% there on out
Middle age bracket: 170% first month, then lower residuals
Older age bracket: 120% first month, then even lower residuals
Problem is, that schedule only applies when there is BANK DRAFT. If they don't do bank draft and instead opt for direct bill (which I'm finding many people prefer), the commission is only 30%, then some "piddily" little residuals. I've only been at this a couple weeks, and honestly had prepared myself by accepting that I probably wouldn't make any money the first month. Well, my little heart was broken when a deal that I had been working on that would have provided about $600 dollars in commission only provided $150 because the customer said, "If I have to do bank draft, I don't want it." I've found this to be the case with other prospects as well. Frankly, a 30% commission is usually not worth the time and gas I spend on prospecting and going to appointments.
I am given brochures, "pull tabs," and "under window wiper" fliers at no cost. The company will sell me signs to put out, if I choose to do so. I have put out a lot of fliers out, but due to ZERO response after hundreds of fliers have been put out I am beginning to question if some one would actually call about insurance advertised on a flier underneath their windshield wiper. I am given some telemarketer generated leads to work off of, but the majority of my leads are suppose to (have to if I am going to make it) come from my own lead production.
Have I got a pretty good things going for me, or do I need to look elsewhere?
BTW: If anyone has managed to deduce which company I represent, please do not broadcast the name to the forum as I'm not sure if I'm actually in a bad position or am just being a cry baby because this is just a difficult business.
Thanks.
I was recently hired by an insurance company that has what I would call aggressive in its hiring practices. So, with money saved up (and tickled that I could become something like an insurance agent so young), I left my steady job to try my hand at something I thought could make me a lot of money through commissions. I don't want to name the company that I'm a captive agent for, but I would like to describe my situation so those of you with experience in the insurance business can perhaps tell me if I'm in a good situation or need to look for another company.
I had very little face to face training, as the nearest office for this company is some distance away. Thus, I work from home much of the time which is sometimes difficult to explain to people. I paid for an online training program out of pocket, my exam "sitting fee" out of pocket, and license registration fee out of pocket. As I said, I'm a captive agent with really only one "good" policy with a few (limited) benefit levels to stand on. The other policies I would say are more suited to some one who just can't afford other insurance or are in horrible health as the benefits are arguably not worth the premiums. I can really only pitch to individuals as the group policies aren't really group policies and require each employee to take an appointment to discuss their premium and benefits (at no discount). It is more of a "Hey, can I try and sell all of your employees some insurance, and maybe save you money on taxes if a certain amount of them sign up." I'm not down talking my products, I would say it fits some folks needs, but then again, I just don't know what other companies are offering.
My commission schedule is generally as follows:
Lower age bracket: 200% first month, 90% third, 70% forth, 50%, then 10% there on out
Middle age bracket: 170% first month, then lower residuals
Older age bracket: 120% first month, then even lower residuals
Problem is, that schedule only applies when there is BANK DRAFT. If they don't do bank draft and instead opt for direct bill (which I'm finding many people prefer), the commission is only 30%, then some "piddily" little residuals. I've only been at this a couple weeks, and honestly had prepared myself by accepting that I probably wouldn't make any money the first month. Well, my little heart was broken when a deal that I had been working on that would have provided about $600 dollars in commission only provided $150 because the customer said, "If I have to do bank draft, I don't want it." I've found this to be the case with other prospects as well. Frankly, a 30% commission is usually not worth the time and gas I spend on prospecting and going to appointments.
I am given brochures, "pull tabs," and "under window wiper" fliers at no cost. The company will sell me signs to put out, if I choose to do so. I have put out a lot of fliers out, but due to ZERO response after hundreds of fliers have been put out I am beginning to question if some one would actually call about insurance advertised on a flier underneath their windshield wiper. I am given some telemarketer generated leads to work off of, but the majority of my leads are suppose to (have to if I am going to make it) come from my own lead production.
Have I got a pretty good things going for me, or do I need to look elsewhere?
BTW: If anyone has managed to deduce which company I represent, please do not broadcast the name to the forum as I'm not sure if I'm actually in a bad position or am just being a cry baby because this is just a difficult business.
Thanks.
