Just Layed Off Today.Ready to Strike Out on My Own

[Joshua77]

I'm one of 94 laid off this morning from a national health insurance carrier. I'd only been in the business for just over a year (in sales in other industries previous), but I really took to it, and think its something I could not only enjoy, but excel at. I'm weighing all of my options at this point. Going out on my own, seeking a similar position with another carrier, an established brokerage, or opening a hot dog stand with the perfect chilli-coleslaw balance.

I know its a tough, long build to being self-sufficient if I decided to strike out on my own, but with an honest assesment of my personality and skills, I think it may be the best move. Any advice on getting started? Why I should rethink this decision, or why I'm a total moron? As rough as the economy is, it seems like a good time for fresh blood with fresh ideas and enthusiasm. But am I deluding myself?

Be helpful and brutally honest please.

 

[arnguy]

Re: Just Layed Off Today...ready to Strike Out on My Own

Welcome to the forum. I am sure you will find excellent advice on here.

 

[Joshua77]

Re: Just Layed Off Today...ready to Strike Out on My Own

You're correct arnguy. After my intro here I've been clicking around some of the other advice here in the forum. Excellent resource and definitely some food for thought: GA or no? Advance vs. as-earned? Fly solo or look at an outfit like Health Choice One (they seem to offer a pretty solid setup)?

Thanks for providing such a great resource here, all!

 

[somarco]

Re: Just Layed Off Today...ready to Strike Out on My Own

What kind of position did you hold at this "national carrier"? Moving from a "real job" to independent can be scary and tough. Fortunately there are folks here who have made that jump. You can learn from their mistakes and make this a short learning curve if you want.

 

[Joshua77]

Re: Just Layed Off Today...ready to Strike Out on My Own

I was a Marketing Sales Rep with Assurant. Set up agents with our products (training, webinars, how to present our products, etc), put together proposals. Worked the small group, IM, and STM lines, plus a bit of the ancillary (dental, STD, Life). I feel like I have a pretty good education in the industry, though its admittedly one sided. I did a good bit of prospecting for new agents to work with, but I'm not sure how well that experience translates into prospecting for clients. I know I'd be very good face to face with a client in presenting and selling, but getting to that, I suppose, is everyones biggest struggle.

I have the resources to put a few months into this without a paycheck, but not much beyond that and I worry about the slow build. I know there's no magic bullet, but what would you say is the best way to hit the ground running?

 

[stormtracker]

Re: Just Layed Off Today...ready to Strike Out on My Own

Before you do anything, take a deep breath and realize that you can't eat an elephant in one bite. There are several routes you can explore, and based upon your self-assessment, it sounds like you've got a good grip on reality. I'm assuming that you are life-licensed? There is a difference in prospecting for clients, but the basics are still similar. You may go captive or independent. You can research the various options with each here. I started in the insurance business with a home service company (American National) as a debit agent. Another debit company is Reliable. Either one of these pays relatively low, but you do get a paycheck every week. Eventually, after I had been promoted to sales manager, I realized I was working way too hard for way too little. That's when I made the jump to independent. I never forgot my roots though-- the training at ANICO was indispensable. No matter which route you choose, ask questions here-- lots of experienced and successful agents to mentor you.

 

[somarco]

Re: Just Layed Off Today...ready to Strike Out on My Own

Prospecting and selling on the carrier side is a lot different from going direct to consumer. For most folks, it takes a bit of time to get a rhythm and feel for this side of the business.

Give me a call if you want to talk. 404 252 5859

 

[ABC]

Re: Just Layed Off Today...ready to Strike Out on My Own

Having a health insurance background helps a great deal.
Hopefully in your time with Assurant you learned a lot about the inner workings of a health carrier.

I will be brutally honest with you the health industry is horrible right now. Most agencies are down 1/3.

You know the comp structure for individual health.
Do you think you can go out and write 30 policies the first year? If you think you can jump in but get a PT night job.

If not make sure you never put ketchup on a Chicago Dog!

 

[ScottHCO]

Re: Just Layed Off Today...ready to Strike Out on My Own

ABC / Joshua77,

Please call me or email me. I would like to help. I believe this is a great time to enter the Health Insurance industry.

Our agency is not down... We were flat for several months after the presidential election due to uncertainty about healthcare reform, but picked up dramatically this summer when Obama announced that it would take until at least 2013-2014 for any reform measures to take hold. We have been growing ever since.

With the right leads and the right products, you can sell even during the toughest of times. We have tools to assist you with both.

I'll show you our agent newsletter where our agents are producing every week. Seeing is believing... lol

I look forward to speaking with you...

 

[mickeystones]

Re: Just Layed Off Today...ready to Strike Out on My Own

My advice would be to specialize in one area to start; become an expert at that niche and then add on later.
Being all things to all people (trying to be) is one of the main reasons people fail in this business.