Some Quick General Help Please...

[SCGamecock]

So, I am 14 years experienced in P&C, with some general life experience as well. I am thinking about starting a medicare supplement agency and moving into that field full time. A couple of quick question, what is:

a. your average premium
b. first year commission %
c. renewal commission %

I plan to primarily market with DM and door hangers, etc but am not against buying leads. I can probably go about 6 months without a salary (without having to add debt), will that be enough time to start generating a decent income? Any advice would be appreciated. Thanks!

 

[somarco]

a- $120/mo
b- 19%
c- 19%

 

[SCGamecock]

Thanks Somarco. How many policies a week do you realistically think a new agent can generate?

 

[Todd King]

Thanks Somarco. How many policies a week do you realistically think a new agent can generate?

A very good goal would be 1 policy a day. If your agents are going to put about 100% into that, then you'll probably want to see around 8-10 per week.

 

[thomasm]

Unless you're well capitalized, I would avoid DM in the beginning.

Your first goal should be to get to 100 MS clients within your 1st year.

Then take your 2nd year renewal income and buy leads with it.

In the meantime, the cheapest and best ROI is to self generate leads by telemarketing.

 

[vic120]

Also Depends on the state, Some carriers pay 21 or 22% some states have average premiums around the $140 $150 mark for the Plan G, Also depends the age group, T65 will be much lower premiums, 75 year old may want Plan F to Plan F plan Change might be $200 premium or plan G for $150 and higher in some states

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Unless you're well capitalized, I would avoid DM in the beginning.

Your first goal should be to get to 100 MS clients within your 1st year.

Then take your 2nd year renewal income and buy leads with it.

In the meantime, the cheapest and best ROI is to self generate leads by telemarketing.

Cold calling is not for everyone, If I had to cold call when I started I would never had made it in a million years,

 

[TDFnCali]

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Cold calling is not for everyone, If I had to cold call when I started I would never had made it in a million years,

It may not be for everyone (including me), but its the cheapest & fastest way to start....or buy TM leads of older medicare enrollees & try to replace their plan.

Id say the very best way to start (if u can- I couldnt), is to mail T65 6mos prior to 65th bday ea & every month....and 6mos later u have a steady stream of ppl to enroll continuously. And while waiting those 6mos while you're mailing out, cold call (or buy TM leads) as I stated above. Make sure to call/mail into counties where MAPDs aren't more then 25-30%.

Do that for 2-3yrs & you'll be on your way to sitting pretty like what SMAN & Somarco (and several others on here) have done!

 

[DS4]

door hangers,

I liked door hangers back in the day! I would team up with a window washing guy, and, a carpet cleaning guy. ROI was good. Better than direct mail.

 

[vic120]

It may not be for everyone (including me), but its the cheapest & fastest way to start....or buy TM leads of older medicare enrollees & try to replace their plan.

Id say the very best way to start (if u can- I couldnt), is to mail T65 6mos prior to 65th bday ea & every month....and 6mos later u have a steady stream of ppl to enroll continuously. And while waiting those 6mos while you're mailing out, cold call (or buy TM leads) as I stated above. Make sure to call/mail into counties where MAPDs are more then 25-30%.

Do that for 2-3yrs & you'll be on your way to sitting pretty like what SMAN & Somarco (and several others on here) have done!

My only experience was when I was new, I had signed up with One FMO for some carriers, I hod some internet and mailer leads and I was getting some deal's but I was keeping my eye out for maybe less expensive options.

Then I got a call from a recruiter wanted me to sign for 2 carriers with his FMO and I would get a free 2K mailer,Only he didn't tell me till afterwards I had to buy a list, After I did that and called him he said wait till the carriers approve me and send me welcome letter in mail.

Except when the welcome letters came so did the mail oversized mail pieces, That I had to pay postage and mail myself

After all that I got no response and decided to call the list. I tell you if I hadn't already had sales coming in already from my other efforts, I would have thought this buis impossible. Got 0 sales, many of angry hang ups, Just a waste of time for me

 

[GoPokes]

Diddo everything that has been said.

And It wouldn't hurt to carry a couple FE companies in your bag and cross sell that along the way.