Selling Medicare, Life & Health Plans in a Retail Setting... Good Deal for an Agent?

[somarco]

going captive with UHC - fed leads, marketed, promised sizeable territory, etc. This was really tempting because I could probably build my book quicker.

When you are captive you are building a book for someone else, not you.

 

[Hopes]

When you are captive you are building a book for someone else, not you.

That's what I thought. All the marketing was for them even if it had my name on it somewhere. Everything I was told sounded so tempting but none of it branded "me". And the contract was way too restrictive in may ways. It was too easy for them keep my commissions if I left.

It definitely would have been a long term commitment.

 

[sman]

That's what I thought. All the marketing was for them even if it had my name on it somewhere. Everything I was told sounded so tempting but none of it branded "me". And the contract was way too restrictive in may ways. It was too easy for them keep my commissions if I left.

It definitely would have been a long term commitment.

"It was too easy for them to keep my commissions if I left".

This is a given when captive. There is ZERO chance of an agent to be paid once they leave a captive situation. The commissions are theirs even while you work there. They just let you have some of the commissions while employed.

 

[Hopes]

"It was too easy for them to keep my commissions if I left".

This is a given when captive. There is ZERO chance of an agent to be paid once they leave a captive situation. The commissions are theirs even while you work there. They just let you have some of the commissions while employed.

I'm learning that. Thankfully I didn't have to learn it the hard way.

The person tried to tell me I could keep my book and sounded like he genuinely believed it. There was a provision about being "fully vested" in 5 years but even then the wording worked against that.

"...all persons solicited...under this Agreement shall remain exclusive clients of..."
The agent couldn't have contact with "any person whose identity was learned" during the contract. The agent could not "seek to be appointed with or seek to represent" ANY insurer in ANY state. The list goes on.

The whole contract was a bit of a train wreck for an agent.

 

[JimmyCrappedCorn]

Like StephanieCJ, last year was my first AEP and I worked a Walmart booth. For new agents, I think they can be great if you work the staff and are in the right area of town.

I was in a visible location in the store until the last week when a new store manager moved me and that killed the momentum. Also, I still go by and say hello to the staff and I’ve had a few referrals from them.

I did however conduct appointments there. I realize I missed a couple of passersby doing this. I did this because I already had a second AEP venue booked (not a Walmart) and had very little time outside of the events. I would not have been able to keep up if I only prospected there. Maybe I overbooked my events but what else did I have to do? I didn’t know if I would see anyone at all and was afraid of not staying busy.

I was not charged anything by my FMO and probably wouldn’t have done it otherwise since I already had another location lined up and was still scouting. That being said, I wrote more at Walmart than my second location.

It was pointed out in an earlier post that “successful” agents wouldn’t be caught working a Walmart – no one starts out successful. I’m still undecided on how to handle it this year. I can host AEP again at my second location and believe I can find more locations. I also think one more year at Walmart might be a good idea.

Beyond that, I was recently approached about going captive with UHC - fed leads, marketed, promised sizeable territory, etc. This was really tempting because I could probably build my book quicker. At some point, a retail location would have been involved. I really had to think about this one and consider the price to be paid. In the end, I decided against it for several reasons but the main one was I wanted my freedom.

I'm learning that. Thankfully I didn't have to learn it the hard way.

The person tried to tell me I could keep my book and sounded like he genuinely believed it. There was a provision about being "fully vested" in 5 years but even then the wording worked against that.

"...all persons solicited...under this Agreement shall remain exclusive clients of..."
The agent couldn't have contact with "any person whose identity was learned" during the contract. The agent could not "seek to be appointed with or seek to represent" ANY insurer in ANY state. The list goes on.

The whole contract was a bit of a train wreck for an agent.

They can keep your book easy enough but keeping Your Clients will not be easy for them at all. You can steal them back 3 times easier then they can hold on to them. The number one way most agents do build their own book is by working as a captive and then quitting and rolling the book under their own contract. Its not how I did it but it is how most did.

 

[somarco]

"fully vested" in 5 years

Fully vested in commissions, but they still own the block. And you probably are only vested in business written 5 yrs prior. Not unusual to have a rolling vesting schedule where you are never vested in all the business you have written.

 

[20th Maine]

I did Thursday AMs in a UHC Kiosk during AEP a few years back --figured two hours a week was no great loss if it didn't work. And it didn't. Six weeks I think I got TWO new clients--altho I had a couple of prospects from other carriers that found that store to be convenient and they came by to enroll. Overall its OK for beginners

 

[sman]

They can keep your book easy enough but keeping Your Clients will not be easy for them at all. You can steal them back 3 times easier then they can hold on to them. The number one way most agents do build their own book is by working as a captive and then quitting and rolling the book under their own contract. Its not how I did it but it is how most did.

Unless the agent signed a non-compete. And I'm quite certain every captive agent signs a non-compete. Sure, agents break non-competes, but if the carrier wants to make the agent's life miserable with litigation and bleed them dry financially because they have deep pockets.

And once again, it's 'than' not 'then'.

 

[rndz7]

Good way to start the MA career. Its up to the individual. I would obtain leads to call for 4 hrs while you learn the MA language...DR

 

[somarco]

Good way to start the MA career. Its up to the individual. I would obtain leads to call for 4 hrs while you learn the MA language...DR

Sounds like you are suggesting to initiate the call to Medicare Advantage prospects