Bankruptcy - can I be an agent?

"Like me? I'm no different than any other businessman. I provide quality products to people that want them and give them service after the sale. Only difference is I show others how to do it as well and earn off their production. I'm doing nothing that isn't happening everyday around the world already. We're ethical, honest, competitive and pay on time."

Gee, that sold me for sure, where do I sign on and how big a check do I write you so you can have the privilege of skimming 10% off the top of my business, plus the overrides? ;)


You are correct though, you are like "some" businessmen out there. Good or bad, can't say for sure with certainty either way.. and when you think about it, that's kinda a problem in itself.

You may be a great guy, but the methodology you use, isn't great guy methods. As I said most experienced agents are going to look at this and either be critical or just turn away.
 
Actually, the plan works money wise, if, and only if, you have 4 good closers working full time. If so, you can insert almost any product, just not necessarily the work the phone only component.

The problem is getting 4 people who are good in sales to work for $120 a day (2 x 60).... about $15 an hour for a job that should pay considerably more. If someone has to pay for leads as well, it's even less. I'm interested to see how this turns out in 6 months. Dan

The good ones will figure out what is going on and will do this on their own. Turn over will be constant.
 
LIKE I SAID.... S.C.A.M.... also look like one of the agents he refrenced in earlier post that thought he was a good guy has now turned coat on him....

OK Boys, the over and under on this clown is 8 months.... who wants any action?
 
blue said - " Do your agents explain the difference in non med products and their costs versus underwritten policies? I have never met anyone that chooses a higher priced non med product over a less expensive, A+ underwritten one unless they have something to hide. "

The clients we target wouldn't qualify for most Under Written plans. Mostly overweight or a single health issue. Since we only sell non-med over the phone / net, we sell on benefit and not pricing. We realize some will drop (25% projected), it's a numbers game. In addition - if you compare GTL and FLA to Senior Life, Lincoln Heritage, Baltimore Life - they beat them in most cases.

rawan said - " Only 60% commissions? Sounds a little NAA to me, how much would it hurt you to start them out at atleast 80? "

For these private label plans that are phone / net capable - we as a group only make 70% on GTL and 85% on FLA. I know it's low - but it's the trade off to being able to write just about anybody - regardless of weight / health AND via the phone / net - it's worth the trade.

We like the ease of non-med and the ability to not waste our time not being able to close the deal because of weight, diabetes, HBP, Heart disease, etc. We target the 40 to 60 year olds - so the pricing isn't crazy . . .

Rick said - " When you sell high price and mainly non-med plans, you're putting yourself first. Sell quality term at low prices from Banner, AIG, West Coast, etc. and if you must, show the non-med. Let the client decide what's best. Then you are showing you care about your client. "

Rick, as stated above - a 5'3" 290# smoking female wouldn't qualify for those you mentioned above. In addition - unless they have changed - those mentioned above require a wet sig app to place the biz. If they have phone / net capablities - please enlighten me . . .

" I'm not a life guy but even I can see a bad deal. "

Why? The client is getting coverage that the 4 or 5 agents before us told them they couldn't get or wanted to charge them a car payment for the plan.

" Honestly, when I spoke with you many months ago, I thought you were a good guy. Now I am questioning your ethics. "

You are entitled to your opinion. However - We have hundreds of satisfied clients AND provide above-average income to several dozen famalies, by providing coverage to those "seeking" life coverage that is backed by one of two quality companies that have been around longer than my parents.

Dan said - " Actually, the plan works money wise, if, and only if, you have 4 good closers working full time. If so, you can insert almost any product, just not necessarily the work the phone only component. "

The CSR's aren't closers - they are qualifiers. The Writing Agent is the closer. Each Writing Agent works with up to 4 CSR's at a time. The CSR has quality information to give to their Writing Agents and the prospect has shown a legtimate interest. Based on the numbers we are seeing - the Writing Agent is closing 1 out of 4 on the "call back" leads and 1 out of 2 on the live transfers. To get the 16 sales - it takes 32 quality call back leads and 16 quality live tranfers. Key word there is "quality" . . .

gilmore said - " Gee, that sold me for sure, where do I sign on and how big a check do I write you so you can have the privilege of skimming 10% off the top of my business, plus the overrides? "

We earn only 10% of the total commission. We pass everything else on to the call center manager or agent team if independent. We aren't trying to make a killing off one or two agents - we are trying to create mass volume.

My Grand Daddy once said - " Boy - what is 100% of nothing? Nothing! Boy - what is 10% of alot? Alot! Get it?

Just imagine 200 agents x at only 8 apps a week x $60 average x 10% over-ride x 9 months advance - 25% chargebacks. Sit down down because that's $64,800 a week for me and my! I can live with that I think . . . We have over 30 reps in less than 2 months at the start of Q3/08- we'll be at 100 reps by end of Q1/09. Heck - most of the work and managing the call center activity is handled by the call center owner / manager.

" You may be a great guy, but the methodology you use, isn't great guy methods. As I said most experienced agents are going to look at this and either be critical or just turn away. "

Please explain what is wrong with the "methods" we use?

We don't want "experienced" agents really. Hard to teach old dogs new tricks. Taking an experienced telemarketer and getting them licensed, is working well. They already know how to close. We've also had success with Real Estate Agents looking to supplement their income during down times. I ran an ad on Thursday - had 8 people respond - 2 are coming aboard + the one gentleman that wants to open the mini call center.

I've spent all day working out the details of the mini call center and we're going to attempt to market the concept on a larger scale. $9,999 for a 4 seat call center complete with networked computers, VOIP phone system, custom sales cubicles with desk and chair, custom website, simple accounting system, initial agent hiring, training and ongoing support. If the call center owner wishes to subscribe to a management contract - we will charge a 5% management fee for marketing assistance, ongoing training, support, etc. This will be an option becuase the call center manager can do all this themselves if they wish.

" The good ones will figure out what is going on and will do this on their own. Turn over will be constant. "

Yes - but they will not be able to use our private label GTL and Fidelity plans. We will not suppress anyone's future. we expect turnover to be 100% a year. Thus the reasoning to keeping the program simple and only doing the basic non med life products through only the 2 carriers - short learning curve. We won't be teacj=hing people "sales skills" - they'll already have that - we'll just be teaching them how to sell the easy issue life products. Training will take less than a week.

peeler - you're just jealous. I can't wait to get you in a hold 'em sit and go - I'm gonna rail you personally . . .

In review of the OP question - yes you can sell insurance with a bankruptcy. I just got a team member appointed and she is still in her bankruptcy - actually - less than a year into it. She was a top producer in our prior company doing FE.

We can appoint someone with just about anything except criminal behaviour and convictions. However - your charge back withholding will be a little higher in the beginning - 30% versus 20%.

So - If you still haven't found a home and don't mind starting out at smaller commissions - we'll take you in AND provide marketing and training assistance. As you grow and if you believe the grass is greener on the otherside - well - cross the road . . . We understand.

Tom
 
This program still will not create the long term client agent relationship... u must turn and burn and churn... there is no chance of doing anything with that client longterm with other products.... it's a wham bam thank you mamm process and not the original concept of insurance via building a client base and working it like a professional broker should.... when november and december hits and this biz slacks off he will see....

it's selling to the dredges of the market the lowest of prospects... and it sounds like from now and past post you do it with agents that are also scraping bottom from the credibility and responibilty spectrum.... all i have read is fat, sick, bk, living in the local crack motel tires on top of the trailer bumpkins
 
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gilmore said - " Gee, that sold me for sure, where do I sign on and how big a check do I write you so you can have the privilege of skimming 10% off the top of my business, plus the overrides? "

If you are an agent in our group - you pay us nothing. An agent is responsible for their own expenses - ie" prelicensing courses and fees, appointment fees, E&O (optional till making $1000 per month - then mandatory), lead fees (if any) or any expenses - they are independent.

Call Center Setup is $9,995 for 4 seats + travel expenses.

Each additional seat is $1,500. Includes complete setup, except any remodeling and normal monthly operating expenses. Centers producing $5,000 or more in weekly sales also pay a monthly management royalty fee of 2.5% of all commissions created.

Call Center owner makes 60% and 75%. They pay their inside agents 25% to 50% depending on lead cost. They buy leads for $15 for callbacks or $25 for live transfer. They earn $25 lead credit for every issued app, if issuing 10+ policies per week on a rolling average.

It's a business in a box . . .

Been a long day - but we got it worked out. Now - to go market it - that's the FUN part . . .

peeler said - " OK Boys, the over and under on this clown is 8 months.... who wants any action? "

Who holds the money? I'll take $10k on the over.

expat said - " You must dream in technicolour. 6 at most. "

Again - who holds the money? I'll take $10k on the over.

Set it up boys. I'll deposit mine within 1 hour of notification of your wager. Who holds the money?

peeler also said - " This program still will not create the long term client agent relationship... u must turn and burn and churn... there is no chance of doing anything with that client longterm with other products.... "

Yes - that's why we factor in the 25% chargeback. In addition - the money is in the first year using this marketing plan. Renewals will accumulate - but - the bang is in the advance 1st year. With the client base we're going to have - it will be simple to cross market other products - med sups, accident plans, CI, etc. Heck - even cruises and vacations ( remember I own a travel company and am an active travel agent ) should the client want them. Anyone say Baby Boomer . . . ??

" it's a wham bam thank you mam process and not the original concept of insurance via building a client base and working it like a professional broker should.... when november and december hits and this biz slacks off .... "

1) yes - bang bang bucks. Who wants to be "traditional" or follow an "original" routine. The big money is in first year. The "play" money is renewals - if any. We don't even project them.

2) November / December we'll be doing are normal marketing + we'll be co-oping with MA and MAPD reps that don't do Life and exchanging ideas. Plus - we shut down from 12/20 to the second Tuesday in January for family time. Agents and Call Centers can still write if they want - but, we'll be closed for normal operations. However - I'm always available via email.

" it's selling to the dredges of the market the lowest of prospects... "

Well - that is part of the mix. Wierd thing happened the other week - we created some impaired risk leads - we had about 25. Over 2/3rds said that an agent had been in contact but either couldn't write them or didn't want to - that's why they responded to our advertising. A bell went off in my head and we have since been targeting that market - and it works. The closes are easier as there is a greater urgency by the client to get the coverage. Now - with our health carriers - we only targetthe healthy ones - all others are run upline.

" and it sounds like from now and past post you do it with agents that are also scraping bottom from the credibility and responibilty spectrum.... "

No - we believe people change and that they are capable of change. We won't tolerate anything unethical or below board. Our agents follow a certain protocol - and will be held accountable for their actions. All agents - regardless of past will be monitored and managed according to their needs.

To make you feel better - out of 30 agents - only 5 have ever filed bankruptcy - I'm one of them.

Feel better peeler ? ? ?

Tom
 
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