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CAPTIVE INSURANCE AGENT INTERVIEW Life and Health insurance Agent QUESTIONS TO ASK Before Saying Yes - YouTube
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Okay so if you're at the point in life
where you are out there interviewing
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captive organizations for your next
career path, I want to give you a handful
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of questions that you absolutely need to
get answered in order for you to pick
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the right place to go to work.
My name is Jeremy Smith and over the
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past 16 years I've been an agent, a
manager, an owner operator and for the last
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six years a business coach traveling
the country to help insurance agents
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grow their practice and today I'm gonna
try and help you grow yours. If you've
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been on YouTube before then you know the game please hit subscribe and ring the
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bell. So for the last 16 years I have
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interviewed hundreds, probably
thousands of insurance agents, and I want
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to go through with you a list of really
key questions that if I was in your
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position interviewing for a captive
organization I'd want to find out. The
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first question right off the bat seems
pretty simple, but how long have they
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been in business. Have they been in
business long enough that they've got things
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figured out or they still practicing on
agents? I want to know some stats and
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some facts. I want to know how many
agents do they have. I want to know how
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much production those agents are doing.
How much commission on average that
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their agents are making. That's a big one.
I won't probably know the tenure and the
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retention of those agents. Here's a great
one, a great question to ask. And a lot
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of them will give this to you, but
ask for a roster of their insurance
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agents that work for them
with phone numbers. Is it possible for me
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to call some insurance agents that work
for you and figure out what their
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experience has been? You might get a few canned answers, but I'll bet you'll find
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some real serious truths in that in
those phone calls. It's a great activity
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to do if you're interviewing for a new
company. I want to learn about their
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training. I want to figure out how long
their training lasts specifically you
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know is it in-house,
is it in the field, is it both. Is there
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an actual boot camp where I'm really
gonna go to in a classroom setting and
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learn my trade or is it just show up and
go get them tiger. Do I get paid during
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this training. Is there a
is there maybe a draw. Find out the
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compensations parts of things and I also
want to figure out after I go through my
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training getting into the field and I'm
I'm really into this gig when am I gonna
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start actually getting paid. On average
when's my first check gonna come. So
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let's talk about marketing for a second.
Marketing I want to know who's their
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target market. Who are the people that
on average they're out there
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targeting with their marketing approach.
What products do they sell to those
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people and what is their system for
getting in front of those people. That'll
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tell you a lot about the organization. I
want to know if I can I'd like to see
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what their organizational chart is. I
want to know that just so I know whether
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or not there's opportunity for
advancement. This important question that
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sometimes people don't ask and you don't
find out till you're actually in the mud.
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Is there a cost to doing business with
this company. And finally a big one here
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the book of business. Who owns it? If I go
and work for you and I work for the next
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three years building a whole big client
list and decide to leave who owns that
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book of business? A lot of times it's
gonna be the captive agency, but I'd
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ask that question and want to know that
before I went into business with them.
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I'd also want to know if I sell products
to those people are my commissions
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vested? Is the residuals vested and how
long do I have to work there before I'm
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100% vested in those residuals? So final
wrap-up thing I want to make a big point
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to you here. This is so important if
you're gonna go work for a captive
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insurance agency I want to tell you one
of the dirtiest little secrets in our
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business. Okay there is a lot of great
captive insurance companies out there,
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but there's some bad apples too. Actually
there's quite a few bad apples and I
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want to tell you what you need
to be looking out for.
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Normally one big red flag for me and
what I see out there are the captive
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organizations that are trying to get you
to come do business with them based on
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leads. Leads are abundant. Normally if you're
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buying leads you're buying leads for
final expense or you're buying them for
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Medicare. And I'm here to tell you you
can buy those just about everywhere
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other than a gas station in the United
States right now. So signing your life
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away in a marriage license to go work
for a company where you don't own the
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business just so they can give you leads
that you could buy anywhere else is not
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a good reason to go work for somebody in my opinion. The other thing when it comes
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to leads - is that they're normally
rewashed so you're buying leads or
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companies giving you leads that many
agents have been calling on those same
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people for years already. Keep that in
mind.
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Don't let that shiny object of leads be
the driving force and you deciding who
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you're gonna go work for. The other dirty
little secret in our business is that
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there's a lot of organizations out there
that they're real business model is
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recruiting. Their turnover ratio is
horrible and so and it's because they
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don't have the processes in place. They
don't have a great training process. They
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don't have a good marketing system. They don't have a quick and easy and
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foolproof documented way for you to go
from startup to making money and so a
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high percentage of those people go to
work for them and within three or four
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months they quit because they've went
broke. Their business model is recruiting
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instead of spending the time to fix
those different business fundamental
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business pillars. They just spend their
money and their time on recruiting
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people to replace the people that left.
That's their model. They're just
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replacing agents. They know that those
people go sell policies for them for
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three, four, six months starve out go
somewhere else or a different career
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they now own the book of business on
everything they sold. Bye-bye. I just
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replace you with another stick of mud. I
would want to know extremely important
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figuring out what the retention rate and
the survival rate and the success rate
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of the agents that have come before you
in any particular captive organization. I
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hope this is worth your time. You know
the game please like and comment below
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and stay with us.
I'm gonna talk on our next video where
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I'm going to talk to you about the
independent side and the pros and cons
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of an independent organization and how
to choose the right IMO if you're gonna
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go that direction. Thanks I hope this is
worth your time and look forward to
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seeing you in the next video.
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