Not all IMO’s are the same.
As you are exploring a career in the life insurance business your #1 objective should be to find the right fit for YOU! In order to do that you need to know the various models in the industry.
Let me educate you so you can make an informed and intelligent decision and choose the right model for you.
IMO vs. Captive. The company that I represent is considered an Independent Marketing Organization (IMO). We are not an insurance carrier but represent several major insurance carriers. As a sales professional this allows you to provide the best product and rate for your clients. I never lose on price or health issues a client has because I have over 30 major insurance carriers that I represent. On the other hand, you have captive agencies where you represent only one company. If your client has a health issue that does not meet the companies underwriting requirements you are done. You have nothing else to offer and you just lost a sale. To be successful as a life insurance agent and a six-figure earner you need to have multiple options available for your client’s.
In the IMO world there are various sales models and if you don’t choose the right model you’ll find yourself frustrated, broke and to be honest you’ll go back to what you are doing now.
Friends & Family model = broke agent. There are some insurance organizations that will have you make list of 250 of your closest friends and family. These companies will start you at very low comp rate like 25%. They will tell you a good sales person doesn’t need leads to be successful. Do you realize that they are making over 140% on each sale? So, if they are paying you 25% who is the big winner in that deal? You can easily spot these organizations because they will have a lot of people that are not selling much. This model is designed to make the company extremely rich and not designed to allow the sales agent to succeed. This model is very difficult to scale and to create a consistent income. It’s great for the insurance agent hobbyist. Do you want to get paid 25% and bug your friends and family knowing that the company is make over 100% on every sale you make? Not what I want!
Canvass the business community model = burnt out agent. The other model will have you canvass the business community 6 to 8 hours a day door knocking, trying to get past the gate keeper, and ignoring the No Soliciting signs causing people to be extremely rude to you because you did not respect their policy. In this model you’ll spend 90% or more of your time prospecting. This model also pays a low commission typically around 25% – 35%. Again, the company wins because they are not paying you an hourly wage or base so there’s nothing to lose for them. It’s called “free feet on the streets”. Again, it’s designed to make the company rich and designed for an individual agent to succeed. Do you want to spend 90% of your time prospecting making a low commission? Not what I want!
The Successful Agent model = happy profitable agent. Our model is designed for you to get in front of people and be profitable the first week or two. We know that the only time an agent makes money is when they are in front of a qualified prospect. The quickest and best way to get in front of a qualified prospect is from a lead. Our agents invest in leads and run several appointments each week meeting with qualified prospects. No cold calling! Because our model is designed for the agent to succeed we start our agents off with a higher commission 80% and allow our agents to get up to top comp rate of 140% with additional bonuses. You’ll need to invest in leads and having a higher compensation rate provides you plenty of commission to purchase leads and get in front of more qualified prospects each week. Our agents meet with more qualified prospects and make more sales in 2 or 3 days than other agents do in a month with the other sales models. It’s simple math – the more opportunities you have the more money you’ll make. The difference is you are not burning yourself out literally beating down doors each day or being the annoying friend or family member with our model.
So, the question for you is which model fits you? Do you want to get paid a lower comp and make the company rich and honestly be broke? Or do you want to create a legitimate career and business that in the next 12 months where you can realistically make six figures?
Let me know what you decide, and we’ll discuss further to see if you are a good fit with our winning team.