What Drives You?

[CHUMPS FROM OXFORD]

Just a wag, but probably you (Chumps) are driven like I am . . . a desire to help others and you truly enjoy what you do. Nothing else really makes sense.

Yes, I enjoy what I do, and helping others is a nice byproduct. BUT...I would quit the business in a minute, and retire, if a relative left me Ten Million bucks.

So...does that mean that money drives me?

I wonder how Ted Turner would answer this question!

 

[somarco]

1) Find a relative in good enough health to qualify for a $10M life policy. Preferably a relative you are not very fond of.

2) Find an agent who is willing to write the policy. I suspect you may not have to look too far . . .

3) Once the policy is issued, call "Bruno"

 

[Guest]

I would quit the business in a minute, and retire, if a relative left me Ten Million bucks.

Interesting thread. Let me ask everyone this. If you had a nice pension or annuity and you had enough income to live comfortably AND (in some mythical world) selling insurance was a volunteer endeavor where you made zero money, would you still do it?

At the risk of sounding crass and mercenary, I'll say up front that I see money as how we keep score (batting average, if you will) and I like to get hits and get on base or put one out of the park. If I were allowed to play on the Yankees but struck out all the time and no one ever hit the ball to me in the field, I would not want to play.

I think if I were to work for nothing, I'd teach school or build houses with Jimmy Carter.

I AM motivated by being able to make money, and I don't see it as a bad thing. The beauty of our capitalist system is that you can do well by doing 'good.' (Unfortunately you can often do better by doing bad ... I won't mention names of various carriers and their agents, but you know whom I'm talking about.)

Al

 

[Crabcake Johnny]

For some very odd reason it's almost taboo to state that money drives you in the insurance business. Lol. Money drives me! I want to make as much as I can. For some reason commissions are tied to ethics.

I'm a whore if I sell a Mega plan with a $1,500 drug cap to get advanced but I'm some benevolent agent if I sell Carefirst with a $500 cap for $17.50 a month. So it doesn't matter how shitty the plan is, just as long as you don't make much you're a saint. Oh, and sell whatever you want - if you take it as-earned you're an automatic saint. Advanced? You're a whore.

Likewise you can sell the most solid product in the world like Golden Rule and Assurant but if you're at 25% you're a whore - advanced or not. I've been around some older brokers at various events and their distain for ANY company that pays "great" commissions is immediately apparant.

Years ago at a conference I told a table of brokers that I sold Golden Rule and Assurant. The response back was pretty much "well that's because you're new and haven't learned to take care of clients yet." Then it was a 30 minute disseration of why I should never write a GR or Assurant deal...ever.

Screw that. If I can make $5,000 in a week that's what I'm gonna do.

 

[midwestbroker]

I love insurance. I love working in the senior market.

I also love the money. I look at it as a reward for doing well.

 

[J.R.]

Interesting thread. Let me ask everyone this. If you had a nice pension or annuity and you had enough income to live comfortably AND (in some mythical world) selling insurance was a volunteer endeavor where you made zero money, would you still do it?

HaHa, sounds like a set-up. In that mythical world, I would pursue two courses. Friends and family can ask me any question they have about health insurance and I am more than happy to help. However, If I don't know you and I cannot receive any type of commission I would write a book about how to buy health insurance, market it and give the proceeds to organizations I deem worthy.

On the other hand, I think it is fair and right to charge a nominal charge IF you do not also get a commission. "Ok, Mr. Client, I charge $100 an hour for my services, so I would recommend you take the time to come up with topics that you want to talk about regarding your insurance options and plan to spend 1-3 hours with me. If you want to leave it open, I am perfectly fine going over a contract with you line by line making sure you understand ALLLLLLLL 90ish pages word for word. Plan on taking 30 hours for the full course." Would mornings of afternoon work for you better?

 

[furlover]

I have been in consulting sales for over 20 years. First for 4 years with Merrill Lynch as a stockbroker, ..then 16 years as a Mortgage Lender, with my own company.

I think everyone of us have those days when we really have to "perform." Keeping that "devil" at bay, is the mark of integrity. To me integrity is simply know who really are, ...and why we really do what we do.

It is easy to do "the right thing" when you are doing well. It is that day when the bills roll in and you have no money, ...and no idea how you will pay them, that separates the person who really "wants" to do the right thing, and the one who ends up selling his soul.

At first the person will be bothered. Then one day it will not be a problem at all. It will be rationalized as being OK. Then that small quiet voice will forever go away.

Some later hear another voice. It sounds something like this: "Please all rise. The court is in order!" And, they will set in amazement wondering how this ever happened. Some lucky ones actually reconnect with that small voice again.

The saddest of all go through life not realizing that a part of their humanity has died. They are the zombies that look only at where they are in the sales rankings and how much money they have accumulated. They never get it, ...even to their death beds.

 

[Crabcake Johnny]

You should make a LOT of money sellling insurance. It's hard work, involves a lot of liability, generating prospects is daunting and you have to service your book. Because of that I can't imagine any agent giving a significant amount of business to any company that pays low commissions.

I'm expected to generate the business, sell it and keep everyone happy AND take on the legal liability for 5%? 10%? 15%? No way. Those companies have the same margins as companies that offer great commissions - they're simply stroking agents. Can you imagine the dancing that goes on in the Carefirst boardroom as agents sell those plans for $17.50 a month! "Hey...another round of lobsters for lunch!!!"

 

[J.R.]

You should make a LOT of money sellling insurance. It's hard work, involves a lot of liability, generating prospects is daunting and you have to service your book. Because of that I can't imagine any agent giving a significant amount of business to any company that pays low commissions.

I'm expected to generate the business, sell it and keep everyone happy AND take on the legal liability for 5%? 10%? 15%? No way. Those companies have the same margins as companies that offer great commissions - they're simply stroking agents. Can you imagine the dancing that goes on in the Carefirst boardroom as agents sell those plans for $17.50 a month! "Hey...another round of lobsters for lunch!!!"

HAHAHA!!!!! Imitation baby......imitation!!!!!

 

[Sam]

Can you imagine the dancing that goes on in the Carefirst boardroom as agents sell those plans for $17.50 a month!

I have some young HMO HSA clients with Cerefirst for whom that represents 30% of the premium, and 30% EVERY single year ain't half bad!