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  • Bonus Programs and Structure

    Let's Talk Money

    Most companies have bonus programs to help you earn extra cash. Before you start planning your next trip to the Caribbean with all of this newly acquired money, make sure you check out the details of each program.

    THE FINE PRINT <—That’s what I am talking about. You need to pay attention to get paid. Make sure you are reading the fine print for each of these programs because you will notice that they differ from carrier to carrier. Policies will only count towards bonus qualification if they meet the requirements, such as the effective date of the policy, whether the policy is underwritten, or which plan it was. You must make sure you are reading the details.

    KEEP TRACK OF YOUR APPS!
    I cannot say this enough. You may have to submit a form to collect your extra bonus, and you will be out of luck if you were not keeping track. Even if you racked up thousands of dollars, it is your job to keep track of the apps you are submitting, so make sure you are doing so.

  • Proactive vs Reactive: The Importance of Contracting Before it’s too Late

    During the weeks before Annual Election Period there is a spike in the number of agents contracting with new carriers. But why wait until the busiest time of the year to contract? Why not have the tools you need to insure you’re prepared for each client all year round? Here are just a few reasons to contract now:

    Be Proficient – First off, ask yourself if you are currently confident with all of the products you have to offer a client. Are you prepared if you receive a call from a referral that is in a neighboring town outside your usual area? Don’t be caught without the most competitive plans in not only your direct area, but surrounding areas as well. The most competitive plan in one zip code can be drastically different in the next. When you’re missing something from your “tool bag,” clients can become uneasy about your ability to write the policy that best fits their needs. You might also miss out on referrals that could otherwise help grow your book of business.

    Be Prepared – Having the right materials and information for a company can be crucial to making the right sale. Applications and promotional materials can take a while to arrive. The same goes for properly registering sales events and advertising materials. Contracting early allows you to have these supplies sooner and on hand when needed.

    Stop Losing Sales – Clients often hear of health insurance plans from commercials or through their friends and they’re suddenly set on having that specific product. No other product will do in their minds. This happens more and more often. Advertising is effective and friend’s opinions matter. Just because you personally think that another plan might be better doesn’t mean your client will be set on that product. Offering more options opens up more opportunities.

    Don’t Scramble – Clients need to feel like you have a handle on their insurance needs. Waiting until a client requests a company and then starting the contracting process is an easy way to lose a client. Especially if they’re a new client and don’t have long until their enrollment period ends. You don’t want to have to refer your client to another agent and lose a potential sale.

    Know Your Contract – While keeping everything else listed above in mind, it’s also important to know your limitations or if it’s time to rework your contracts. Know the difference between being a captive agent, career agent and a broker and contract in the way that makes the most sense to you. Captive agents can only sell the products from the company they are employed by, while a career agent can offer other products but only after first offering the products from the company they work with. Brokers, on the other hand, are not chained down. They are able to sell any product that they are successfully appointed and certified with, ensuring they have a wide range of products to cover their client’s needs including unexpected referrals.

    For more information on what companies are available and contracting in general, please visit www.agentpitstop.com or contact contracting at contracting@agentpitstop.com.