Senior Life Services: Cancelations Letters Requirement

[jdeasy]

We just started our new Insurance MLM.

We have 2 Writing Agents [ WA ] and 17 Referral Agents [ RA ] presently.

March we had 80 Policy's Issued & Paid.

WA #1 - wrote 55 of the 80.

WA #2 - wrote 25 of the 80.

They each earned 40% of the AP. 1st Year Advanced [ 6 months ] + the potential PayThru months 7 - 12.

The average Monthly Premium was in the $75 range.

WA #1 was Advanced almost $10k for the month.

$150k a year net can be achieved with hot contacts.

That is just the Individual potential income. Doesn't count the MLM over-rides . . .

No way even 1 of them will net $150K in a year under that system.

Get back on here next April 1 and name the one that did.

 

[DonP]

We just started our new Insurance MLM.

We have 2 Writing Agents [ WA ] and 17 Referral Agents [ RA ] presently.

March we had 80 Policy's Issued & Paid.

WA #1 - wrote 55 of the 80.

WA #2 - wrote 25 of the 80.

They each earned 40% of the AP. 1st Year Advanced [ 6 months ] + the potential PayThru months 7 - 12.

The average Monthly Premium was in the $75 range.

WA #1 was Advanced almost $10k for the month.

$150k a year net can be achieved with hot contacts.

That is just the Individual potential income. Doesn't count the MLM over-rides . . .

What leads are these supposedly hot contacts that buy ins 50% of the time ? Also see what sticks . Few few agents " net" $150 k

 

[myinsurebiz]

No way even 1 of them will net $150K in a year under that system.

Get back on here next April 1 and name the one that did.

Could happen since the WA takes transfers from the RA.

 

[myinsurebiz]

What leads are these supposedly hot contacts that buy ins 50% of the time ? Also see what sticks . Few few agents " net" $150 k

Not "leads". Live referrals from the RA.

These are peeps that the RA has informed of their products and then the RA refers them to the WA.

Last month it worked. Will it sustain remains to be seen.

 

[jdeasy]

Could happen since the WA takes transfers from the RA.

We'll see. I know how I'm betting.

 

[DonP]

Not "leads". Live referrals from the RA.

These are peeps that the RA has informed of their products and then the RA refers them to the WA.

Last month it worked. Will it sustain remains to be seen.

Who are these 17 referral agents sending you 90 referrals in a month ? What type agents ? I know you'll say P&C on some .Thats 5 referrals each agent sent you on avg . Since there agents why wouldn't they just write themselves and make 120% plus? I could understand if they sent you a 1 off referral here or there not to mess with it . But to have have 5 strong referrals a month a light bulb most have gone off saying " We can make $5k a month and its easy to do"

 

[myinsurebiz]

Who are these 17 referral agents sending you 90 referrals in a month ? What type agents ? I know you'll say P&C on some .Thats 5 referrals each agent sent you on avg . Since there agents why wouldn't they just write themselves and make 120% plus? I could understand if they sent you a 1 off referral here or there not to mess with it . But to have have 5 strong referrals a month a light bulb most have gone off saying " We can make $5k a month and its easy to do"

It's a cool concept.

RA's are mostly people than have other jobs / careers and don't wish to be a full time Insurance Agent.

We show someone how to pass a simple test and pay a few hundred bucks a year how to make 5 figures a year by just referring their warm market peeps or by passing out a business card that creates a referral to the WA.

They earn 6 month advances + pay thrus on their personal business + the MLM over-rides.

TBH - I was actually surprised how well it has turned out.

We haven't approached the P&C market - but, that may be a good fit.

Of our current 17 RA's - 10 of them are Car Sales peeps.

 

[myinsurebiz]

But to have have 5 strong referrals a month a light bulb most have gone off saying " We can make $5k a month and its easy to do"

If they choose - they themselves can be a WA and make more $$$ . . .

 

[DonP]

It's a cool concept.

RA's are mostly people than have other jobs / careers and don't wish to be a full time Insurance Agent.

We show someone how to pass a simple test and pay a few hundred bucks a year how to make 5 figures a year by just referring their warm market peeps or by passing out a business card that creates a referral to the WA.

They earn 6 month advances + pay thrus on their personal business + the MLM over-rides.

TBH - I was actually surprised how well it has turned out.

We haven't approached the P&C market - but, that may be a good fit.

Of our current 17 RA's - 10 of them are Car Sales peeps.

What are you paying them in overrides ? If there insurance agents isn't that considered rebating ? How are you keeping track of chargebacks on the car salesman referrring ?

 

[myinsurebiz]

What are you paying them in overrides ? If there insurance agents isn't that considered rebating ? How are you keeping track of chargebacks on the car salesman referrring ?

It is a 3 x 15 Forced Matrix.

Not rebating. They are a licensed Agent that gets a split on the sale.

Then everyone in the Matrix shares in the commissions.

Nothing really different than how it all works in the IMO / FMO environment currently.

Except - we share the majority of the commissions with the Team.

Rockefeller said it best:

"I would rather earn 1% of 100 people's efforts than 100% of my own efforts,"