Is Independant the way to go?

[The Man]

I have been in the insurance business for 5 years working for other people primarily in the P&C field. I am now considering going independant and concentrating on the senior market. I have been selling medicare supplements for about 4 years, but only as accomidations to the P&C customers.

I have offers from companies to become a starting agent with them, but none offer a salary and all have quotas and managers I would have to appease.

With the amount of work it takes for a new agent to become successful it seems almost silly to work that hard for someone else. So this is why I am thinking of going at it on my own.

I already have an FMO that is wonderful to work with.

Now the questions and concerns:

I do not have the capital to open an outside office right away. I would be working at home with a separate phone for my business.

What kind of experience do people have from working at home?
Is it a problem for clients if you don't have an office for them to go too?

The only thing working for a company seems to offer me is office space. It doesn't seem worth it to join another company for that sole purpose. But since I have never worked from home, I could be wrong.

My primary product would be Medicare Supplements.

Do you think there is ample market to support concentrating only on Med Supps?

I have sold some MA plans in the past, but with all the special rules I prefer to sell supplements.

As I plan I will spend alot of my time cold calling. Where do you advise I purchase lists from? I am not interested in purchasing leads at this time. I rather just have lists and do the calling myself.


Any comments and suggestions are appreciated.

Thanks in advance.

 

[LGilmore]

I do not have the capital to open an outside office right away. I would be working at home with a separate phone for my business.

Well, I had an outside office for 19 years and moved my office home last year. I don't reallly miss the overhead as I entertained maybe three clients in office a year on average. Times have changed considerably in the 20 years since I started. It is not necessary to have a outside office.

What kind of experience do people have from working at home?
Is it a problem for clients if you don't have an office for them to go too?

So far so good. It hasn't been a problem I come to them or meet at starbucks. Pretty much the same as I did when I had an office.


The only thing working for a company seems to offer me is office space. It doesn't seem worth it to join another company for that sole purpose. But since I have never worked from home, I could be wrong.

My home office is an exclusive office that has nothing but "work" stuff in it. I shut down the house (lights, heat) and don't answer the home phone. The only time I venture down is for a bite at lunch if I'm not out with clients. New technology allows you do more with less. It has it's own bathroom and outside door. If I had to run my office in my bedroom/laundry room or do chores during the day I don't think it would work. So from about 9 till 5 the house is dark and cold except for the office.


Do you think there is ample market to support concentrating only on Med Supps?

Couldn't tell you. I sell a variety of product to a variety of people. works for me.

good luck.

 

[midwestbroker]

I work from my home and have had no problem.

When I was captive (Humana), very rarely did I have clients come out to the office. Over the past year, I think I had maybe 2. 90-95% of my appointments are in home.

Frank is the king of med supps. He would be the one to talk to. I do both supps and MA plans, but more so on the MA side.

Depending on where you live to if MA's make sense to offer. In the KC metro, Humana and Coventry have over 45,000 members. So, the MA market out here is strong. It may be different where you live, but you will have people who cannot afford a supp or cannot pass underwriting, so MA's may be a back up plan for them.

Best of luck to you...

 

[The Man]

Thanks for the info guys.

I have my paperwork to be appointed with Coventry and that is who I will probably offer MA's through.

I am in Wisconsin and I primarily run into Med Supp's.

I am new to the forum and do not know who Frank is, but if he sees this and can impart any wisdom, it would be appreciated.

Thanks.

 

[senior-advisor-indiana]

Frank can set you up with an office and secretary on your own computer. No need to rent a space.

 

[somoman]

Hi,

I am a newbie in San Diego, Ca. Please. Quick question for you: I currently contracted with a FMO/GA. Am I able to be contracted with more than one FMO/GA, or can I be contracted with a FMO/GA and also contracted directly with a carrier directly(Healtnet). Let me know.

 

[mcleanbr]

Somoman:

Yes, you can be appointed with multiple FMO/GAs. You cannot appoint with the same company with multiple FMO/GAs. Be careful, because in the senior market once you have contracted with a carrier through a FMO/GA it is difficult to get released. You should expect somebody that will give you great support for the products they are offering. You can go direct as well but I would wait and be sure that is the best option in your area. My experience with direct is no support. As a new person, you need support from the sales end and the administration end. It's not unusual for Coventry, United Healthcare, or Humana to mess things up for these seniors. They need you to get them answers and you need support to help them.

 

[Kimber]

In the past I used to get lists from the Department of Elections (voters registration). I have not been on the road for many years (health issues) but I have had agents who have had luck getting lists this way. In Florida, you are able to get lists divided by zip for whichever target group you want (i.e 67-70 year olds in a certain area). I don't know what the rules are in different states, but I have had agents I work with use this method successfully in WV and OH as well as Florida. It might be worth your while to check it out. I know that the fees are usually nominal.

 

[billyb2909]

I have been in the insurance business for 5 years working for other people primarily in the P&C field. I am now considering going independant and concentrating on the senior market. I have been selling medicare supplements for about 4 years, but only as accomidations to the P&C customers.

I have offers from companies to become a starting agent with them, but none offer a salary and all have quotas and managers I would have to appease.

With the amount of work it takes for a new agent to become successful it seems almost silly to work that hard for someone else. So this is why I am thinking of going at it on my own.

I already have an FMO that is wonderful to work with.

Now the questions and concerns:

I do not have the capital to open an outside office right away. I would be working at home with a separate phone for my business.

What kind of experience do people have from working at home?
Is it a problem for clients if you don't have an office for them to go too?

The only thing working for a company seems to offer me is office space. It doesn't seem worth it to join another company for that sole purpose. But since I have never worked from home, I could be wrong.

My primary product would be Medicare Supplements.

Do you think there is ample market to support concentrating only on Med Supps?

I have sold some MA plans in the past, but with all the special rules I prefer to sell supplements.

As I plan I will spend alot of my time cold calling. Where do you advise I purchase lists from? I am not interested in purchasing leads at this time. I rather just have lists and do the calling myself.


Any comments and suggestions are appreciated.

Thanks in advance.

I dont know how its turned out for you since you placed this thread, but I would say med supp only would be hard getting started. If you are wanting to do life and health I can get you the highest comps that are out there. Hope the best for you.

 

[Josh]

First of all I would totally recommend going independent based on the type of work you'd like to do. As far as purchasing lists goes, I buy my data from Steve at The List Company. If you google TLC lists they're the first hit. You might want to consider buying leads from companies that will preset the appointment for you, google "affordable medicare leads" and you'll get a bunch of options, some are better than others. The idea behind letting someone else set the appointment is it gives you more time in the field. You might have better success calling yourself, but you might want to try both.
You already have an FMO that is great to work with? Why don't you share with the class We're always looking for information about good FMO's. I posted a thread about good FMO's yesterday, would you mind adding to it?

With respect to the office situation, when I was an independent agent I wrote a TON of business without an office. As long as you're meeting folks in their house and handing out your number and available, most people wont mind at all. That being said, that's my experience in Upstate New York and I know it's the same in a lot of areas, each market can be different.

As far as med supp only, you should totally learn the MA rules. If you have any questions about it please shoot me a message, I'd be more than willing to help. Your FMO should be a good resource too. While it's a little more work, you're going to be able to sell a lot more product. I would also recommend having a final expense product in your bag, but never try to sell the two on the same appointment.

Hope this was helpful and let me know if you have any questions about the Med Advantage, that's really what my expertise is in.