Just Started-Could Really Use Some Good Advice

Sep 17, 2007

  1. jakcomp
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    jakcomp New Member

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    I've just signed on with an MGA with his own agency. Being a total newbie in the insurance industry, without the benefit of knowing anyone personally within the industry to be able to mentor me, I'm not sure if I've taken the right route. I really need the flexibility of being able to set my own schedule as I am taking care of my elderly and ill father, single and need to make my own living. So I would need to be an independent agent as opposed to captive and being locked in to the requirement of being at the home office on a daily basis. Preferably, working from home would be so ideal. I, by chance, met this gentleman with his own agency and have talked to him only briefly concerning my role as a subagent under him. He has told me that he conducts his sales only on the phone and through the internet and that he does quite well in this manner. He purchases leads and his girls in office pre-qualifies them and he calls these leads, while on the phone with them, then goes to the back office over the internet with the appropriate insurance company, supplies the person with a quote and if the party requests brochures, etc. on the product, then he either faxes, emails or snailmails them a brochure and quote - then he follows up in a few days. He tells me that he will teach me to do this that it is relatively easy to make sales this way, however, it seems that his enthusiasm has waned since our first meeting - after all, he is very busy with his own business to run. So it only seems that I may be able to get only 4 hours of instruction per week at this rate. He has offered to purchase the remainder of this year's Errors and Omissions insurance for me, as the health insurance company I will sell requires that I have it. He also says that he will supply me with leads. I have asked him, but he seems so vague and does not really answer me, when I ask if after December will I then be required to purchase my own E&O insurance and also purchase my own leads. I have completed an agents agreement under him and it is being processed at the insurance company and has not come back at this time. I suppose I decided to sign on under him as I had become so "desperate" and his charisma charmed me when he told me that sales were so easy if I followed his lead. I have only met with him on two separate ocassions and he has not even begun to explain and tutor me on the products I will sell. I was anxious to get going with my new career and was excited with the possibility of being able to work primarily at home, according to my MGA, he really seemed so excited about having me on board, but the enthusiasm he had on the first meeting dwindled to the point that I actually felt that I was "in his way" in his office on our second meeting.
    I just need some good solid advice please - I do want to begin this career on the right foot and true to my own personal character, remain totally ethical in my sales endeavors and, of course, striving to follow the legal components within my role as an agent. Thanks for any help.
     
    jakcomp, Sep 17, 2007
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  2. tommyk
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    tommyk Guru

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    Welcome aboard the forum. Just follow your heart in doing the right things and you will not have a problem,
     
    tommyk, Sep 18, 2007
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  3. somarco
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    somarco GA Medicare Expert

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    Try breaking up your posts into paragraphs. It makes it easier to read.

    Who is the carrier? Are there other agents working under him? Have you talked with them?

    How will you be paid? Who owns the business you write?
     
    somarco, Sep 18, 2007
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  4. jakcomp
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    jakcomp New Member

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    Sorry for the long post.
    I will be selling an HSA and another maj med of World Ins.
    He has briefly explained the compensation, although frankly at a glance, I am not understanding it, but he says it is excellent.
    Later, when I am accustomed to selling, I will begin selling a life with AIG.
    He has some 30 other agents although I do not know who they are to talk to them, also he says they sell the traditional way as opposed to the internet.
    Thanks for your input, as you can see, I need it.
     
    jakcomp, Sep 18, 2007
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  5. somarco
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    somarco GA Medicare Expert

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    World is competitive in a few markets, but they are not a major player anywhere. They have aligned themselves with Great West which is a so-so network.

    Selling in the "traditional" way, which I assume means face to face, can generate a higher closing ratio if you are good with people & know your stuff but may not always be a good use of your time.

    I know some World GA's/IMO's and wouldn't give you a nickel for any of them.

    Just a wag, but I would guess your GA owns the business and pays you diddly on commissions. He may tempt you with advances but watch out. You may never see the back end.

    He can say anything he wants about comp but that does not make it so.

    The World HSA product is one of the worst on the market. They do have some private label copay plans that are decent enough, if you like copays.

    If he has 30 agents there is a chance he has agency meetings. Introduce yourself to some there and find out what the skinny is before you get too deep in this.

    You could have done worse. You could have ended up with Mega or United American.
     
    somarco, Sep 18, 2007
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  6. jakcomp
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    jakcomp New Member

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    Thanks so much for your comments.
    I also have a contract with AFLAC, selling cold - no leads provided. B to B supplemental disability income. At least they were willing to actually "train" me for approx. 6 weeks in the field and otherwise.
    How to choose which companies to go with? when you can hear negatives about most all of them?
    Another question, what will the future hold for health insurance companies and their agents if the U.S. goes to socialized healthcare? I realize that a changeover in that direction could take a number of years.
     
    jakcomp, Sep 18, 2007
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  7. STIBROKER
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    STIBROKER Like My post and enter the DRAWING,,,, Moderator

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    what state are you in...
     
  8. jakcomp
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    jakcomp New Member

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    I'm in Mississippi
     
    jakcomp, Sep 19, 2007
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  9. ims01
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    ims01 Guru

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    You will find selling a life product from AIG very profitable. After you have the health app, just ask them what they are doing about thier life insurance.
     
    ims01, Feb 6, 2008
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