Looking for a Good Company to Hang my Hat

[soon2bgenius]

I recently obtained my life, accident and health license and I've been reviewing a number of forums for feedback on different companies (NASB, NAA, One Life, etc) that experienced agents would recommend. I'm new to the insurance biz (not sales) so I'd like a company that has a strong lead program, support, and products.

-NAA seems to be full of themselves and push the kool aid hard which can be annoying. their leads seem decent, but costly. The commission split is terrible and doesn't appear you get much, if any residuals. your upline manager is usually in a different state and therefore ride alongs and other forms of training are usually out of the question.
-I picked up that One Life used to be Parker and Associates, which has a bad rep according to the forums for screwing their agents out of residuals, hold backs and refusing to release the agents. However, as far as being screwed out of your commissions, the carriers now pay the agents directly under One Life. Not sure about the release issues now that the company is under One Life instead of Parker.
-NASB I'm on the fence about. sounds like the leads are decent and the split is higher than One Life and NAA. Also sounds like they provide decent support.. although I assume it ultimately depends on your manager.

Going independent sounds ideal for commission splits except being new to the biz, I'm very hesitant to do so until I was comfortable with the products, training, and especially prospecting/LEADS.

What are your thoughts?

 

[xrac]

None of the above.......................................!

 

[jacketoff]

One of the common mistakes I see in this business [or most sales I guess] is paralysis by analysis. Don’t bog yourself down studying carriers too or you probably have a strong desire for a shower! My advice is hang your hat on your head because if you hang it anywhere else in this world someone's gonna steal it! If you are capable of putting your pants on all by yourself then you can make it as an agent. What I mean is that your support should come primarily from you and your ability to get yourself out of bed, make the calls you don't want to make and knock the doors you may dread knocking.

If you are going to rely on an FMO/IMO or "marketing organization" then you are setting yourself for failure. The reason I say that is simple. As with most sales jobs you will be promised roses and handed crap.. Step 1: Lower your expectations! That being said there are some good ones out there just don't put your hopes and dreams in sticking with one for more than a few years.

Deal directly with the carriers [if possible] to start and do some digging on your own just as you have begun to in this forum. Most carriers offer direct contracts to agents and the "street level" is enough to get you started if you are going to produce. If you will place enough will one carrier you will be able to get that contract bumped up in short time. An FMO may be able to bend some rules on production requirements so the relationship might come in handy.
If you don't have startup capital you may need to jump on board with an agency that can help subsidize lead costs. If you do have some money to buy leads just remember you usually get what you pay for. Cheap leads are almost always just that...cheap.

I like direct mail leads and telemarketed leads. You need to factor in the costs associated. The average piece pulls 1.5% so do a little math on postage, printing and maybe a BRM permit from the USPS and you can quickly get an idea about what it costs to do a mailer. There are no free lunches. If someone is "giving you leads" they are taking it from somewhere else.

It is hard to find objective information in a commissioned based world. I say dig a little then commit for a little while to what you are doing. Get past that first learning curve [which will require some pain no matter how hard you try to avoid it] and move on to your next commitment.

Sorry to rant but there are no good insurance companies; only good people. Not the creepy good people (like Stepford Wives) but actual good ones. Find them and you will be okay. Find an agency (people) that have been in the market you want to be in and trust your instincts. You know if it smells like a fish it's not a rose.

There is ALWAYS (even with home office direct contracts) someone making an override on you and that is not a bad thing as long as they are earning it. On the topic of comp NEVER sign an agreement commonly known as an assignment of commissions. IMHO you should also NEVER pay for materials or training up front from an agency.

If you can find an agency near where you live that would probably be a good start as far as support, i.e. accountability. Find one that is selling the kinds of products you want to sell and jump on board. Local is often better depending on the market you are in. It can be a huge benefit when the agency is intimately familiar with the local dynamics. Houston is far different from Dallas (even though they are in the same state) etc…

Sorry I didn’t do an endorsement for any carrier… again; look for good people and you will find your pot of gold.

Good selling!

 

[onefastpony]

i recently obtained my life, accident and health license and i've been reviewing a number of forums for feedback on different companies (nasb, naa, one life, etc) that experienced agents would recommend. I'm new to the insurance biz (not sales) so i'd like a company that has a strong lead program, support, and products.

-naa seems to be full of themselves and push the kool aid hard which can be annoying. Their leads seem decent, but costly. The commission split is terrible and doesn't appear you get much, if any residuals. Your upline manager is usually in a different state and therefore ride alongs and other forms of training are usually out of the question.
-i picked up that one life used to be parker and associates, which has a bad rep according to the forums for screwing their agents out of residuals, hold backs and refusing to release the agents. However, as far as being screwed out of your commissions, the carriers now pay the agents directly under one life. Not sure about the release issues now that the company is under one life instead of parker.
-nasb i'm on the fence about. Sounds like the leads are decent and the split is higher than one life and naa. Also sounds like they provide decent support.. Although i assume it ultimately depends on your manager.

Going independent sounds ideal for commission splits except being new to the biz, i'm very hesitant to do so until i was comfortable with the products, training, and especially prospecting/leads.

What are your thoughts?

efes..........................

 

[xrac]

efes..........................

Better suggestion than what you have been thinking.

 

[Mattschmidt]

Out of curiosity xrac, where would suggest based upon your personal production with comanies???

 

[xrac]

Out of curiosity xrac, where would suggest based upon your personal production with comanies???

Not based upon on my current personal production because it is basically non-existent. However, that does not prevent me from understanding some of the companies out there. That knowledge I have by reading the experiences of others but by too much personal trial and error. There are literally dozens of companies that prey on green ill informed new agents as you know. I worked for a managing agent who stole money from me, another managing agent who is now barred for life by FINRA, and a third who currently faces state and federal charges of running a Ponzi scheme locally and stealing more than $2,000,000 from people, some whom I personally brought to the agency. I almost went to work for another guy who also currently is facing federal charges. I do not know if our area is an exceptionally corrupt town or that I have exceptionally strong ability to find thieves to work for. I am reminded of the guy who said, "if you want to know where all the ditches are just ask me because I have been in all of them at some time in my life".

 

[goillini52]

Not based upon on my current personal production because it is basically non-existent. However, that does not prevent me from understanding some of the companies out there. That knowledge I have by reading the experiences of others but by too much personal trial and error. There are literally dozens of companies that prey on green ill informed new agents as you know. I worked for a managing agent who stole money from me, another managing agent who is now barred for life by FINRA, and a third who currently faces state and federal charges of running a Ponzi scheme locally and stealing more than $2,000,000 from people, some whom I personally brought to the agency. I almost went to work for another guy who also currently is facing federal charges. I do not know if our area is an exceptgionally corrupt town or that I have exceptionally strong ability to find thieves to work for.

I am reminded of the guy who said, "if you want to know where all the ditches are just ask me because I have been in all of them at some time in my life".

You really know how to pick em'!

 

[xrac]

You really know how to pick em'!

Don't I though!!!!'!!!' That is not an exaggeration!

 

[soon2bgenius]

One of the common mistakes I see in this business [or most sales I guess] is paralysis by analysis. Don’t bog yourself down studying carriers too or you probably have a strong desire for a shower! My advice is hang your hat on your head because if you hang it anywhere else in this world someone's gonna steal it! If you are capable of putting your pants on all by yourself then you can make it as an agent. What I mean is that your support should come primarily from you and your ability to get yourself out of bed, make the calls you don't want to make and knock the doors you may dread knocking.

If you are going to rely on an FMO/IMO or "marketing organization" then you are setting yourself for failure. The reason I say that is simple. As with most sales jobs you will be promised roses and handed crap.. Step 1: Lower your expectations! That being said there are some good ones out there just don't put your hopes and dreams in sticking with one for more than a few years.

Deal directly with the carriers [if possible] to start and do some digging on your own just as you have begun to in this forum. Most carriers offer direct contracts to agents and the "street level" is enough to get you started if you are going to produce. If you will place enough will one carrier you will be able to get that contract bumped up in short time. An FMO may be able to bend some rules on production requirements so the relationship might come in handy.
If you don't have startup capital you may need to jump on board with an agency that can help subsidize lead costs. If you do have some money to buy leads just remember you usually get what you pay for. Cheap leads are almost always just that...cheap.

I like direct mail leads and telemarketed leads. You need to factor in the costs associated. The average piece pulls 1.5% so do a little math on postage, printing and maybe a BRM permit from the USPS and you can quickly get an idea about what it costs to do a mailer. There are no free lunches. If someone is "giving you leads" they are taking it from somewhere else.

It is hard to find objective information in a commissioned based world. I say dig a little then commit for a little while to what you are doing. Get past that first learning curve [which will require some pain no matter how hard you try to avoid it] and move on to your next commitment.

Sorry to rant but there are no good insurance companies; only good people. Not the creepy good people (like Stepford Wives) but actual good ones. Find them and you will be okay. Find an agency (people) that have been in the market you want to be in and trust your instincts. You know if it smells like a fish it's not a rose.

There is ALWAYS (even with home office direct contracts) someone making an override on you and that is not a bad thing as long as they are earning it. On the topic of comp NEVER sign an agreement commonly known as an assignment of commissions. IMHO you should also NEVER pay for materials or training up front from an agency.

If you can find an agency near where you live that would probably be a good start as far as support, i.e. accountability. Find one that is selling the kinds of products you want to sell and jump on board. Local is often better depending on the market you are in. It can be a huge benefit when the agency is intimately familiar with the local dynamics. Houston is far different from Dallas (even though they are in the same state) etc…

Sorry I didn’t do an endorsement for any carrier… again; look for good people and you will find your pot of gold.

Good selling!

thanks for the input Jacketoff. I agree with much of what you said. However, if I had not done some research the first 4-6 companies I came across would have been a difficult lesson and could have prematurely terminated a very prosperous career. I've grateful to have received some great feedback from the forum. NAA is out of the question at this point, as is Securus and NASB.

I still need more info on Equita, 360, First Family Life, TRKing and Final Expense Contracting.

What companies have you had success with for telemarketing and mailers?

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efes..........................

who or what is efes?