- Staff
- #21
Picking the Right Company
- Thread starter JaceG
- Start date
Deborah Armstrong
Expert
- 83
I will start by saying this industry takes on average anywhere 3 -10 years to build a successful career depending on how much time and effort you put into it. On average I would say around 7.
If you are new and have never been in sales a captive agency will teach you the sales skills that you will need, most MLM's will focus on recruiting and independent agencies will want you to hit the ground running. Very few teach you how to research the products you are selling. Learning how to research products is vital. Ask about training in researching products and how much training you will get.
The reason why I make these statements is based on my own personal experiences below:
I got my license in 2014 and was an intern at MassMutual while attending college to get my finance degree, so I was part time. The only thing I learned was Needs Analysis. I was never taught how to research products.
A year later I joined an "MLM". They focused on recruiting. Nothing about learning the insurance industry or researching products.
After a year at an MLM, I went to Penn Mutual. Their training was all about role playing and how to make appointments and handling objections and rebuttals. I was outside B2B commission sales for over 20 years prior to insurance they were teaching me things I already knew. Nothing about researching products.
In 2018 I joined a company that sold insurance and securities. They worked in teams. You could be a financial advisor or a licensed marketing advisor. Since I had never been taught how to research products during my first 4 years, I decided to be the marketing advisor. My job was making the calls, finding the clients and setting the appointments through Calendly for my partner. I learned how to get good at finding clients through social media in multiple states and people started contacting me. Unfortunately, the company I was with said I would have to make arrangements with the offices in the other states on how we would share the commissions.
You need to ask yourself what kind of training do you need and find a company that fits your needs. Make a list of what you want and need for company support.
If you are new and have never been in sales a captive agency will teach you the sales skills that you will need, most MLM's will focus on recruiting and independent agencies will want you to hit the ground running. Very few teach you how to research the products you are selling. Learning how to research products is vital. Ask about training in researching products and how much training you will get.
The reason why I make these statements is based on my own personal experiences below:
I got my license in 2014 and was an intern at MassMutual while attending college to get my finance degree, so I was part time. The only thing I learned was Needs Analysis. I was never taught how to research products.
A year later I joined an "MLM". They focused on recruiting. Nothing about learning the insurance industry or researching products.
After a year at an MLM, I went to Penn Mutual. Their training was all about role playing and how to make appointments and handling objections and rebuttals. I was outside B2B commission sales for over 20 years prior to insurance they were teaching me things I already knew. Nothing about researching products.
In 2018 I joined a company that sold insurance and securities. They worked in teams. You could be a financial advisor or a licensed marketing advisor. Since I had never been taught how to research products during my first 4 years, I decided to be the marketing advisor. My job was making the calls, finding the clients and setting the appointments through Calendly for my partner. I learned how to get good at finding clients through social media in multiple states and people started contacting me. Unfortunately, the company I was with said I would have to make arrangements with the offices in the other states on how we would share the commissions.
You need to ask yourself what kind of training do you need and find a company that fits your needs. Make a list of what you want and need for company support.
- 5,460
Bingo. 7 was the sweet spot for me.
Come on Chris, what exactly is your problem?
tippingpoint
Super Genius
- 109
Does this mean being familiar with what most companies offer and narrowing it down to the best options for your customer?
- 11,456
I'd recommend new agents start with one company as a baseline. Just pick one. Study out their products. What are their strengths? What are their weaknesses?
Then look at another company and their products. What are their strengths compared to the other company? What are their weaknesses?
Which one would you use at which time? Keep in mind that a stronger guarantee or a different policy definition is usually reflected in the premium, rate, or price. So that doesn't mean that the other company is 'bad'. Just means that there's a different advantage to their products and who they are meant for than the other.
Most IMOs have a preferred product provider (or two or three). Find out why. Keep comparing and determine which you would prefer to use for your chosen demographic.
But know enough about the others that you know when to pivot to them and when not to.
PrivClientSG
Guru
- 353
Being familiar with companies does help -- but you can't be familiar with all of them obviously. You can be familiar with some, several, the ones you find most often. However, even if you are familiar with several, you have to keep current, continue to stay current, updated, and do the work on a case by case basis, because all the variables change. On the other hand, if you have a process, and in a particular situation you are not familiar with a specific company, then it's not a problem. You have a process and you can do the work.
I pay for a few services to get a lot of information that I use in my due diligence, in my process, etc. Especially with UL, NLGUL/VUL, IUL, and PPLI. In my opinion it's easier with whole life, but even then you have to stay current. With whole life insurance, in the HNW marketplace you tend to run into the same names -- Mass Mutual, Northwestern, NY Life, and Guardian, occasionally a few others -- and of those, I write three of the four, and have JC work with the fourth (although I can't write them on my own). If you are in the business owner marketplace (for whole life), you can add Pacific Life, and NY Life will be common as well (especially with business insurance and high limits/death benefit). Each marketplace has it's "short list" so to speak. You just have to do the work each and every time. Thanks.
tippingpoint
Super Genius
- 109
I think I would enjoy this market once I know what I'm talking about. I'm 59, was a business major, and still love to talk about business. I was in sales previously for the last nine years. I would like to be in the higher end market and will enjoy studying it but I'm a realist and will start in FE and work my way up. No offense to the FE guys I'm about to be one of you too, it's honorable and a smart move. Thank you!
Deborah Armstrong
Expert
- 83
Yes, when you do a needs analysis you need to be able to research the companies you are contracted with to see which ones offer what the client needs and wants. Also, look at the ratings. You want to know if they have a good track record of paying. Some companies are better than others. You are supposed to act in the best interest of the client. The company I am with now has a CRM that combs through all the carriers we have and matches the needs analysis to the carriers.
- 11,456
That's NOT what ratings track. Ratings track the financial stability and ability to pay claims of the given company, not a track record of paying claims.
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