I'm interested in moving from being a producer at a large captive company to being a one man FE salesperson but I have a lot of questions about how to get started and was hoping someone could answer them or show me a good place to get this info. Do I need to register an agency if I'm working with one of the FE contracting companies? Do I own my own BoB? Do I service any policies sold myself or does that duty move to the company I wrote the policy through? Any help would be great!
Advice for a potential independent agent?
- Thread starter 3rdand17
- Start date
- 3,996
First, you need to find a good mentor with a duplicatable sales system. Second, make sure they have a lead program that you fully invest in. Third, good products and fair comission levels.
You should own your own book of business, and you will service those clients.
Happy to answer any more questions here or reach out.
Chris
215-582-8624
You should own your own book of business, and you will service those clients.
Happy to answer any more questions here or reach out.
Chris
215-582-8624
- Thread starter
- #3
- 3,996
There’s no need to register your business with the Department of insurance. Whatever person you choose to work with will assist you in getting contracted with the carriers.
- Thread starter
- #5
BarryNY
Guru
- 272
Important question: telesales or F2F? That answer will determine a number of things like who to contract under, non-resident licensing, what type and how many leads you need to purchase to be successful, etc.
- Thread starter
- #7
BarryNY
Guru
- 272
If you've been trained for telesales by a large captive and I'll assume since you are leaving you've achieved some level of success...then why switch to F2F? IMHO Yuck...
Many doing F2F have migrated to telesales...I've not heard much about agents moving the other way.
That being said success as an independent telesales agent will depend on you setting up your "3 legged stool" correctly. What's the 3 legged stool?
1. Administrative Functions:
Many doing F2F have migrated to telesales...I've not heard much about agents moving the other way.
That being said success as an independent telesales agent will depend on you setting up your "3 legged stool" correctly. What's the 3 legged stool?
1. Administrative Functions:
a. Non-resident licenses in at least 10 states including CA, FL and/or TX.
b. Contracting with the right carriers at the right commission rates: a 10% difference in commission equates to about $68 in avg. additional cash flow - you'll need that to help pay for leads.
c. Finding an honest IMO that will offer all of "b" above.
2. Script and Trainingb. Contracting with the right carriers at the right commission rates: a 10% difference in commission equates to about $68 in avg. additional cash flow - you'll need that to help pay for leads.
c. Finding an honest IMO that will offer all of "b" above.
a. Your IMO should be skilled at telesales and have lots of video materials to help you with both sales and carrier training.
b. The most challenging issue for someone that's already trained in FE sales but coming out of a captive environment is learning where to place a prospect quickly
3. Prospects (not leads)b. The most challenging issue for someone that's already trained in FE sales but coming out of a captive environment is learning where to place a prospect quickly
a. I'll assume that being with a captive you've been suffering with low commissions offset by free leads? Now you'll need to find prospects.
b. Plan on needing about $3,000 for marketing costs...this is about 2 weeks worth of incoming calls from live TV - having high intent prospects calling you versus spinning your wheels and wasting your time chasing cheap FB leads...people who never answer their phone.
c. That $3000 will get you about 60 incoming calls. Experienced telesales agents should close 25%. You'll net from $500-$600/deal AFTER marketing costs based on #1 above.
d. 15 closed sales on the $3000 spend will bring in $7,500-$9,000 AFTER accounting for the $3,000 in marketing. You're well on your way to consistent success.
b. Plan on needing about $3,000 for marketing costs...this is about 2 weeks worth of incoming calls from live TV - having high intent prospects calling you versus spinning your wheels and wasting your time chasing cheap FB leads...people who never answer their phone.
c. That $3000 will get you about 60 incoming calls. Experienced telesales agents should close 25%. You'll net from $500-$600/deal AFTER marketing costs based on #1 above.
d. 15 closed sales on the $3000 spend will bring in $7,500-$9,000 AFTER accounting for the $3,000 in marketing. You're well on your way to consistent success.
- 3,996
fake news
tribetime32
Guru
- 377
I would recommend going with a group that will help you with leads, training and high comp. If you don’t have money for leads, I know that we can help subsidize the cost without you having to give up your renewals (ownership) of your company and still give great comp.
Your clients are your clients. You manage them (which you can get help with them), and if you know how, there is a ton of opportunity for them to increase down the road.
You can choose to register your agency as an organization if you’d like but it’s not required. Good luck figuring this thing out! Have a Merry Christmas!
Your clients are your clients. You manage them (which you can get help with them), and if you know how, there is a ton of opportunity for them to increase down the road.
You can choose to register your agency as an organization if you’d like but it’s not required. Good luck figuring this thing out! Have a Merry Christmas!
