| Topic Name: |
INSURANCE AGENTS CAN MAKE BIG BUCKS |
| Message Name: |
Captive or Independent Agent |
| Date Posted: |
01/11/2000 |
| Message: |
Over the past six months I have recieved hundreds or requests for more information.
What follows is a general response to some of the most commomly asked questions.
Long term I believe the way to go, is as an independent agent. However, most people need to be with a captive agency for one or two years, to learn the basics and for the financial support. I've seen a lot of agents go out on their own too early in their careers and end up struggling and finally giving up.
Once you have the experience and decide to go independent it is easy to get contracts with most of the major companies. All you have to do call the company and ask for the name of the recruiter in your area. However, I have seen too many agents flounder and end up failing, once the leave the captive system, because they have too many choices, and they want to be everything to everybody. Below is a list of what I feel are the "Critical Keys to Initial Success as an Independent Agent"
1. Develop (or find an independent career agency system with) a very focussed marketing plan, to a specific group of people. The quickest way to failure is trying to be everything to everybody.
2. Find yourself a good experienced mentor (individual or independent career agency). Whether you believe it or not, it takes a minimum of 5 years to learn the fundamentals of this industry and initially it is very lonely out there as an independent.
3. Find one or two companies, that offer a good selection of products, to be your primary companies. One of these companies should have a full service broker/dealer affiliation. Note: There are some very good independent career agency systems out there that already have the company affiliations you'll need. These agencies can/will support your efforts and help you build your own agency. Also note: There is a big difference between a life brokerage agency and an independent career agency. The brokerage agency provides you with access to a lot of companies, but with very little support and training.
4. Become a student of selling. This is a sales career. If you are looking to make $100,000 or more per year you must learn relationship selling. You should be reading and listening to sales tapes at least 4 hours a week. (visit salesdoctors.com)
5. Keep your expenses very, very low. However, most people can not work from home. Rent a single (one room) office in professional building that offers a receptionist, copier, access to a conference room, etc.
6. I recommend you have at least 6 months of income, in savings, before you go out on your own.
The internet is whole other discussion topic.
Briefly: In my opinion you probably do need a
home page. But not for making sales over the internet. It is to refer clients and prospects to, so they can get information about you, the services you offer and other important information. You do not want to quote or talk about products on your internet site.
These are just some of the high points.
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