Is Insurance agent a Fastlane track ?

[Zandyer]

Hi Everyone,

I am currently still reading the book Fastlane Millionaire, chapter 24.

There is a part where MJ is being approach by a MLM , Network marketing agent. This make me wonder whether insurace agent is the track i should go all in ?

I am a full-time engineer and part time insurance agent.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[WJK]

Hi Everyone,

I am currently still reading the book Fastlane Millionaire, chapter 24.

There is a part where MJ is being approach by a MLM , Network marketing agent. This make me wonder whether insurace agent is the track i should go all in ?

I am a full-time engineer and part time insurance agent.I think i

I think it more like productocary rather than a fastland. You can build up a good income that just rolls along. It's hard to get it all started -- but, once it's going, it can be really good money. And if you own the agency, you can sell it in the end.

 

[Kevin88660]

Hi Everyone,

I am currently still reading the book Fastlane Millionaire, chapter 24.

There is a part where MJ is being approach by a MLM , Network marketing agent. This make me wonder whether insurace agent is the track i should go all in ?

I am a full-time engineer and part time insurance agent.

Faster than average job but Practically Not a fastlane.

The regulatory and compliance framework ensures that you cannot scale your sale like one click in a button.

You remuneration package and product competitiveness are decided by the products provider, and you lose all recurring revenue should you switch.

Good things are needs are guaranteed. Hard to argue without a medical insurance these days with the kind of financial literacy getting around. And the law states that business owners have to buy all sorts of mandatory insurance.

 

[Guest-5ty5s4]

Control is low, unless you start an actual insurance COMPANY, not AGENCY (very few such companies exist, and info on how they’re started is quite difficult to find online, nothing but agencies).

Entry is very low. You basically get the license and that’s it. (Starting a new COMPANY is extremely high entry, like GEICO, and that’s why Warren Buffett is so rich).

Need is high. The laws set by the government make your product mandatory.....

Time can be good because you can get residual income in the insurance industry, but in the beginning, you’re just a salesman in the E or S quadrant.

Scale can be OK as an agency, zero as an agent, and massive as an insurance COMPANY.

(I kept putting company in all caps because it’s a huge distinction - lots of insurance guys call their agency a company, but I’m not talking about that. I mean being the founder of a company like State Farm, GEICO, or Goosehead, not an agent or broker-owner)

One more note: there is no requirement that the founder of a company work their way up from agent, to broker, to agency, to company. The founders and owners of the big companies rarely have backgrounds as insurance salesmen. Usually it seems they are investors, or groups of investors.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[WJK]

Control is low, unless you start an actual insurance COMPANY, not AGENCY (very few such companies exist, and info on how they’re started is quite difficult to find online, nothing but agencies).

Entry is very low. You basically get the license and that’s it. (Starting a new COMPANY is extremely high entry, like GEICO, and that’s why Warren Buffett is so rich).

Need is high. The laws set by the government make your product mandatory.....

Time can be good because you can get residual income in the insurance industry, but in the beginning, you’re just a salesman in the E or S quadrant.

Scale can be OK as an agency, zero as an agent, and massive as an insurance COMPANY.

(I kept putting company in all caps because it’s a huge distinction - lots of insurance guys call their agency a company, but I’m not talking about that. I mean being the founder of a company like State Farm, GEICO, or Goosehead, not an agent or broker-owner)

One more note: there is no requirement that the founder of a company work their way up from agent, to broker, to agency, to company. The founders and owners of the big companies rarely have backgrounds as insurance salesmen. Usually it seems they are investors, or groups of investors.

BUT, there's also a down side. The owner of the company must have very deep pockets and be well connected. If something happens beyond the normal, it can wipe out the company. There are secondary insurance companies for back up, but that doesn't always cover the losses. The guys who back Lloyds of London must pledge their fortunes down to their last cent.
And the premium rates are regulated in almost all areas of that industry.
I wonder if the recent hurricanes and other disasters might create some companies up for sale?

 

[Guest-5ty5s4]

I wonder if the recent hurricanes and other disasters might create some companies up for sale?

Now THAT is some fastlane thinking.

I love it.

 

[Kevin88660]

Control is low, unless you start an actual insurance COMPANY, not AGENCY (very few such companies exist, and info on how they’re started is quite difficult to find online, nothing but agencies).

Entry is very low. You basically get the license and that’s it. (Starting a new COMPANY is extremely high entry, like GEICO, and that’s why Warren Buffett is so rich).

Need is high. The laws set by the government make your product mandatory.....

Time can be good because you can get residual income in the insurance industry, but in the beginning, you’re just a salesman in the E or S quadrant.

Scale can be OK as an agency, zero as an agent, and massive as an insurance COMPANY.

(I kept putting company in all caps because it’s a huge distinction - lots of insurance guys call their agency a company, but I’m not talking about that. I mean being the founder of a company like State Farm, GEICO, or Goosehead, not an agent or broker-owner)

One more note: there is no requirement that the founder of a company work their way up from agent, to broker, to agency, to company. The founders and owners of the big companies rarely have backgrounds as insurance salesmen. Usually it seems they are investors, or groups of investors.

Most scalability comes from owning an agency or being a agency sales leader. Yes. And even that it is not as easy as internet business. You still have to do the recruitment work one by one.

The barrier of entry is usually time. Anyone who spent 1-2 years consistently grinding can build a small base of clients that makes a living. But most quit after a few weeks or months.

The make or break factor in my opinion for an individual sales rep is how much leads your agency or insurance company can provide. Life is easier with free leads with decent quality.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Andy Black]

The make or break factor in my opinion for an individual sales rep is how much leads your agency or insurance company can provide.

I’m pretty sure there’s fastlane businesses in the lead generation space for insurance. Be it creating websites for all the agents, and/or running their marketing campaigns. Or building a brand and generating and processing leads.

As a freelancer, I ran the ads for the largest insurance broker in Ireland for three years. I took over from an agency that was charging way more. There’s money flowing, so there’s business opportunities.

 

[WJK]

I’m pretty sure there’s fastlane businesses in the lead generation space for insurance. Be it creating websites for all the agents, and/or running their marketing campaigns. Or building a brand and generating and processing leads.

As a freelancer, I ran the ads for the largest insurance broker in Ireland for three years. I took over from an agency that was charging way more. There’s money flowing, so there’s business opportunities.

There's a lot of similar opportunities in many businesses. The same for any business that has sales at their heart. And it's not just running ads -- it's also generating sales leads through creating databases of prospects.