SaaS sales to Insurance sales

[zmakers]

Hey Folks, I'm 30, currently an account executive for a software company. I love sales and got into tech because it is booming right now and pays well. My on target earning is supposed to be 120k with a split between base and commission. Base is 60k/year and earn 60k more if I reach 100% of target + accelerators and bonuses for overachieving.

Because of restructuring and disorganization in the company my territory and comp plan keeps getting changed. I've made no commission for 7 months even though I've been making sales. There are rumors of my software company being acquired and I will have to join a new software company and start selling from 0 again.

I've always been interested in Insurance sales because of the control you have over your destiny and the ability to start your own business down the road. Also you can build a client/referral base instead of always having to hunt and start fresh every time you switch companies. I'm thinking of either getting into commercial or life insurance and leaving software - because I don't want to depend on the corporate culture/company.

Has anybody here gone from software sales to insurance and done really well and been happy with the decision? I will really appreciate your thoughts on this.

 

[Markthebroker]

I was an advertising for 10 years. It's not a SAS but it has more similarities than differences. The story about your comp plan always changing so you actually never end up making anything makes me laugh, because it's so familiar. The commission based on OTE is a very common bs pie in the sky. Been there. Done that.

If you have experience selling an intangible product, then you have a big head start. If you want to go independent you need a lot of time to ramp up, not making very much money. Your best bet is to start out with a captive carrier like State Farm to get your feet wet as an employee before you jump in the deep end and go independent. In the long run you will probably make a lot more money if you make it. But, in the beginning you'll make a lot less.

 

[BADTROUT]

I was an advertising for 10 years. It's not a SAS but it has more similarities than differences. The story about your comp plan always changing so you actually never end up making anything makes me laugh, because it's so familiar. The commission based on OTE is a very common bs pie in the sky. Been there. Done that.

If you have experience selling an intangible product, then you have a big head start. If you want to go independent you need a lot of time to ramp up, not making very much money. Your best bet is to start out with a captive carrier like State Farm to get your feet wet as an employee before you jump in the deep end and go independent. In the long run you will probably make a lot more money if you make it. But, in the beginning you'll make a lot less.

I agree with everything @Markthebroker is saying save for one thing... I started out selling computers, ended up in insurance by luck and happenstance. The only thing that I would not necessarily disagree with, but expand on is the captive thing. I think starting out working for a firm, be it captive or independent can be beneficial to a transition. The advantage of going captive is that the training tends to be well laid out and in a time tested yet kool-aid fueled immersion whereas on the indy side you may get that, or you may get a "figure it out kid" training approach. In three years, you'll look back and be thankful for the education, but glad you are not still "there" wherever "there" may be.

 

[Markthebroker]

The only reason BadTrout is correcting me is because he is jealous that I can fly, and he is a fish.

But in all seriousness, he is absolutely right. The most important thing is that you get training to start, because there is a LOT to learn. Usually you find better training going captive, and then usually when you go indi, they sit you down and more or less, as BadTrout said, tell you "figure it out kid".

 

[BADTROUT]

 

[Markthebroker]

A fish that flies? Sounds fishy...

 

[zmakers]

Thanks @Markthebroker and @BADTROUT . Really appreciate the input guys - is there a way to go indie and still get mentoring/training that you need. I have worked for a 100% commission before and done well. I would definitely need some help to get started but would prefer to start indie if possible. If you were to start indie what would be the best way to learn and reduce the pain/length of the process.

Thank you!

 

[Markthebroker]

If you want to go commercial P&C a realistic amount of time to get comfortable with the products I would say is around five years. I can't speak for life insurance.