In the Insurance Business who are you actually working for???

[Orion1]

No one local. Will give you the other $0.98 separately hope it helps.

 

[DHK]

My question was really more about when you dealing with uplines and downlines. You have some agents who have a downline and who llc'd there business and they consider anyone in there downline someone who works for them.

I met with one guy, and at the time I met with him I had an understanding on the contract levels. He said he was a GA and that he had 50 agents working for him, but that the beauty of it is that you run your own business under him.

I guess to put it this way I was curious about the business structure and business model of the insurance business more then who you technically work for.

Then let me add this one:
4) If I am given a lead by an "upline" or other source, I am obligated to first sell an insurance product through a contract that I have through that source, if it's appropriate for their situation. Gotta pay where your bread is buttered first.

Otherwise, you don't work "for" anyone. There are various contract levels of compensation, and they may (ought to) provide you with some levels of support... but that isn't required. Plus, I'd recommend relying far less on "upline" as much as possible.

Now the MLMs (PHP, WFG, Primerica, etc.) have their own culture within their company and encourage everyone to get trained and do things "the company way". This encourages the myth of "duplication" in results and the hierarchy also seems to show levels of support and leadership training and development. Because of the branding of the MLM, it's easy for them to say "I work for PHP" or whatever... but they are all independent contractors, just like every other insurance producer.

 

[StarterAgentKG]

Then let me add this one:
4) If I am given a lead by an "upline" or other source, I am obligated to first sell an insurance product through a contract that I have through that source, if it's appropriate for their situation. Gotta pay where your bread is buttered first.

Otherwise, you don't work "for" anyone. There are various contract levels of compensation, and they may (ought to) provide you with some levels of support... but that isn't required. Plus, I'd recommend relying far less on "upline" as much as possible.

Now the MLMs (PHP, WFG, Primerica, etc.) have their own culture within their company and encourage everyone to get trained and do things "the company way". This encourages the myth of "duplication" in results and the hierarchy also seems to show levels of support and leadership training and development. Because of the branding of the MLM, it's easy for them to say "I work for PHP" or whatever... but they are all independent contractors, just like every other insurance producer.

More or less a great answer. You would have that branding behind you.

So you could have two agents try to partner up and create there own “Agency” as well , pay for the marketing and distribute leads and train. But one of them would need to be an IMO to get the agents contracted.

 

[DHK]

You don't even have to do that. Just contract someone under your selling contract for less than what your contract pays you. All General Agent contracts allow for that.

Now, in order for YOU to get higher payouts reserved for IMOs... I would *guess* that you simply do more of the same and do quality business. At some point... somehow, you would be offered "IMO" payouts.

However, I've never done it. I'm only assuming (and I hate that word).

 

[Life Hawk]

My question is as an Agent who gets contract by a carrier through and IMO and gets put in another agents downline. Who are you actually working for- are you working for the agents in your upline, the IMO, or technically just the carrier.

I'm working for all the bill companies that contact me on a monthly basis and this month that includes the State of IL department of insurance who wants their cut as well...

Not to mention Uncle Sam, mama and the 3 kids...

Now that I sit here and think of it... I have a lot of bosses...

I think they call that being an "indentured salesman".

 

[Newby]

just curious how much do you guys charge per lead.

There are different options. The most basic is $25. The highest is a little over $30. But most of our agents are paying $27.50.

 

[Newby]

You don't even have to do that. Just contract someone under your selling contract for less than what your contract pays you. All General Agent contracts allow for that.

Now, in order for YOU to get higher payouts reserved for IMOs... I would *guess* that you simply do more of the same and do quality business. At some point... somehow, you would be offered "IMO" payouts.

However, I've never done it. I'm only assuming (and I hate that word).

Yes you just work your way up through production. An agent with 50 downline agents but little production is not attractive to anyone. An agent with 4downline agents and issue paying $1,000,000+ of quality business is very attractive.

 

[StarterAgentKG]

How do you get contracted directly with a carrier, do you just call them up

 

[goillini52]

How do you get contracted directly with a carrier, do you just call them up

Yep, but not that many will let you go direct.

 

[Ryan S]

Here is my question. If my agency/upline has me contracted directly to the carriers, do they get a commission off of the business I write? I write Medicare, Life, Dental, Vision and Annuities.