How to Find a Health Insurace Agency that Fits You
Choosing a good agency to work out of is a very important choice for a new health insurance agent to make. Mind that I did not say health insurance company, but said agency. Health insurance companies are fairly similar in what products they offer agencies vary greatly and can do a lot to determine your success or failure as a new health insurance agent. How do you determine what health insurance agency is right for you?
Captive or Independent?
If you are starting out on a health insurance sales career, the first consideration to look at when choosing a health insurance agency to work out of, is if you want to join a captive agency or independent agency. What are the differences?
Captive: You are only allowed to write health insurance policies that are approved by your agency, usually for one or two companies. This is not a bad thing for new health insurance agents initally because you can learn a few health insurance products very well, and will know exactly what health policy fits your client’s needs. Other advantages of joining a captive health agency is that usually they provide hands on training, provide leads, help you develop a business structure for yourself, and generally your manager is getting a override from your comissions, so they should have a vested interest in your success.
Independent: If you are already familiar and comfortable with the sales process and closing, you would probably be smart to consider going with a independent health insurance agency. Allthough you would be responsible for your own training and health lead generation, the comissions are generally higher.
If you are just getting started in comissioned sales, chances are that you will need a strong support system initially to help you become skilled at being a health insurance agent. A health insurance agency should provide the following things to you, especially if you are a captive agent.
1. Product Training
2. Sales Training/ possibly a mentor
3. Health Insurance Leads
4. Help with developing a business plan including a marketing plan.
5. Your manager or general agent should be honest with you and help you set realistic goals.
What you should avoid:
1. Agent mills (as in puppy mills). How these types of agencies work is that they contract an unusually high number of new agents and quickly run through them. When an health agent gives up and leaves then the manager collects a larger commission of the policies that agent wrote.
2. Any manager or general agent who pushes you to use unethical sales practices. These types often push new agents to make sales using high pressure or to commit insurance fraud. Many new agents give in to the pressure because of they fill this will get them better bonuses or better leads. When a health insurance agent gets into trouble, this type of manager will not know what you are talking about and you will be left holding the bag.
3. Any health insurance agency that does not seem to use wise business practices. (lack of cash flow, legal problems, etc.)
So consider your options and make a good choice, your success may depend on it!
next: Health Insurance Lead Generation
Categories
Pages