Make the Jump to Independent?

[OTAFallday]

Hi Y'all,

Currently I work for a large agency, think SQ, and as I have progressed through the company I have found myself thinking about making the jump.

I jumped into insurance beginning of 2019 and found immediate success, albeit on "warm transfers," and placed roughly 70K a month after I got my pipeline rolling.

I was given a promotion (Less money, more work) and built out the senior market department, which has been pretty successful.

Obviously, I am still pretty green in the business and don't know what I don't know, but these 65-70 hour weeks are tough.

If it pleases the court:

What is the potential income (After expenses) in the first year of a new independent agent that has had success in tele sales previously?

Not having inbound leads will no doubt decrease production. Is closing 5% of TS leads a decent benchmark?

What cash reserves should I put in place prior to making the jump?

Will I need a release from the agency?

Do all carriers pay 75% during the first year?

Is a 30% lapse reserve the right number?

Thank you your honors

 

[tikibarrister]

I jumped into insurance beginning of 2019 and found immediate success, albeit on "warm transfers," and placed roughly 70K a month after I got my pipeline rolling.

You’re closing $840,000 per year?

 

[OTAFallday]

I was on track to inforce 840K prior to getting promoted.

Easier than it sounds when you get 20 inbound calls a day and close at a decent clip.

 

[DHK]

I wouldn't equate success with inbound leads with outbound prospecting. Too many nuances.

 

[OTAFallday]

DHK I 100% agree with you. Completely different sport.

If I believed I could get anywhere close to that production on my own 18 month into the business:
1. wouldn’t be asking questions here.
2. Would need to take another clozapine

I am a worst case scenario kind of guy who will have 3 months of leads and 6 months of living expenses saved up before I consider making this transition. I am hoping someone can answer the questions above because I’m not quick to jump into any new decision and trying to get guidance from the guys that have done it before.

 

[rousemark]

On FE, with that type if production, you could probably get close to double that first year commission. Not to mention a corresponding increase in renewals. That would buy a lot of Leads. You need to be talking with some of the independent FMO/IMOs.