Hi,
I am starting my own insurance agency, and am fresh out of college with no experience in Insurance. I am nervous because I want to make sure I am doing everything legitimate and legal. I am starting with Med Supps, and then eventually moving into FE, Auto, etc… Please read over what I have done so far and if there is anything else that should be done to be successful and/or avoid future trouble.
-First off, I have my license in Life & Health
-I have set up an LLC to avoid personal liability
-I am currently in the process to be trained by Frank Stastny on Med Supps. (he is an expert and trainer in Med Supps on this forum). I have also purchased his CMP (Contact Management Program) to keep myself organized.
-I am contracted (through Frank) with Mutual of Omaha, Woodman of the World, ANTEX, and Standard Life. (for med supps)
-I haven’t yet, but I am in the process of setting up a business bank account.
-I also think I need to file for my Tax ID number (correct me if I’m wrong)?
-As far as an office, we have an apartment detached from our house. My dad used the upstairs for his home real-estate office, but my parents are divorced now, so it will be fine for me to use to sell Med Supps. Once I start producing enough revenue, I want to have a nice retail location to start selling Auto Policies, etc.
That Is the things that I have done and know (I think) are correct. Now here are some questions that I am curious about, and do not exactly know the correct answer. Please help me.
1) I do not have E&O as of now. I was told that it would be ok to wait to get it until I start selling other types of insurance, and can afford it. Does this seem ok?
2) I am going to talk to Frank about this, but is there some sort of Dialer that is recommended. I have heard some things about a Mojo Dialer. I am not really sure exactly what is best. The only thing I know is that it lets you call up to 3 people at a time…
3) Should I get a website up and running right away? Or at least buy my domain name for email address purposes? I have some experience with websites, and could make a simple one that is mainly text, until I can hire a web developer to create one exactly how I want. (or buy one from those online websites).
4) Would getting a P.O. Box be beneficial?
5) I am still confused on where to get leads for Med Supps from. Where exactly do I buy these so called “lists”?
6) My dad recommended me to get an 800 number to look more professional, would this also be beneficial?
7) Also, as I said, I am training with Frank, so he should be able to answer all my questions as to what to do on the appointment, phone conversation, etc… BUT, is there anything that I should watch out for (legally) as far as prospecting or filling out the app, or collecting the initial premium? I am confident I can handle the “selling” part; I just want to make sure everything I do is done to my best knowledge, and legally.
Also if there is anything else that I failed to mention, or you have valuable insight, please let me know, I am open to learning as much as possible!
One more question LOL, I would like to move into Auto Insurance as quickly as possible (after Med Supps and FE). I know that there are many things to consider before I do so however. I know it depends on the resources I have, and my determination, but how long would you say I should sell Med Supps for, to be able to become efficient at both (Med Supps and Auto). I know I cannot initially be a jack of all trades, so I want to perfect each line of business before I move on to a new one.
Thank you in advance for all your help and patience in this rather lengthy post!
-Craig
I am starting my own insurance agency, and am fresh out of college with no experience in Insurance. I am nervous because I want to make sure I am doing everything legitimate and legal. I am starting with Med Supps, and then eventually moving into FE, Auto, etc… Please read over what I have done so far and if there is anything else that should be done to be successful and/or avoid future trouble.
-First off, I have my license in Life & Health
-I have set up an LLC to avoid personal liability
-I am currently in the process to be trained by Frank Stastny on Med Supps. (he is an expert and trainer in Med Supps on this forum). I have also purchased his CMP (Contact Management Program) to keep myself organized.
-I am contracted (through Frank) with Mutual of Omaha, Woodman of the World, ANTEX, and Standard Life. (for med supps)
-I haven’t yet, but I am in the process of setting up a business bank account.
-I also think I need to file for my Tax ID number (correct me if I’m wrong)?
-As far as an office, we have an apartment detached from our house. My dad used the upstairs for his home real-estate office, but my parents are divorced now, so it will be fine for me to use to sell Med Supps. Once I start producing enough revenue, I want to have a nice retail location to start selling Auto Policies, etc.
That Is the things that I have done and know (I think) are correct. Now here are some questions that I am curious about, and do not exactly know the correct answer. Please help me.
1) I do not have E&O as of now. I was told that it would be ok to wait to get it until I start selling other types of insurance, and can afford it. Does this seem ok?
2) I am going to talk to Frank about this, but is there some sort of Dialer that is recommended. I have heard some things about a Mojo Dialer. I am not really sure exactly what is best. The only thing I know is that it lets you call up to 3 people at a time…
3) Should I get a website up and running right away? Or at least buy my domain name for email address purposes? I have some experience with websites, and could make a simple one that is mainly text, until I can hire a web developer to create one exactly how I want. (or buy one from those online websites).
4) Would getting a P.O. Box be beneficial?
5) I am still confused on where to get leads for Med Supps from. Where exactly do I buy these so called “lists”?
6) My dad recommended me to get an 800 number to look more professional, would this also be beneficial?
7) Also, as I said, I am training with Frank, so he should be able to answer all my questions as to what to do on the appointment, phone conversation, etc… BUT, is there anything that I should watch out for (legally) as far as prospecting or filling out the app, or collecting the initial premium? I am confident I can handle the “selling” part; I just want to make sure everything I do is done to my best knowledge, and legally.
Also if there is anything else that I failed to mention, or you have valuable insight, please let me know, I am open to learning as much as possible!
One more question LOL, I would like to move into Auto Insurance as quickly as possible (after Med Supps and FE). I know that there are many things to consider before I do so however. I know it depends on the resources I have, and my determination, but how long would you say I should sell Med Supps for, to be able to become efficient at both (Med Supps and Auto). I know I cannot initially be a jack of all trades, so I want to perfect each line of business before I move on to a new one.
Thank you in advance for all your help and patience in this rather lengthy post!
-Craig
