Start Final Expense Agency
So you’re interested in start final expense agency. I am going to show you how to do that right after this. Hi I’m Matt McCray, agent and success coach here at FEXSuccess.com. This week’s question of the week is “how do I start my own insurance agency specializing in final expense?” And you know what I get asked that question frequently and let me go into some details on exactly how we did it, how you should do it, that’s gonna help save you an awful lot of time and money because we are going to show you everything that you need to do.
So there are two options basically when it comes to start final expense agency. Option 1 is go out and create the wheel again, spend a lot of money, work hard, learn all the stuff that you can, make mistakes and end up having your own final expense agency that might be successful 5 years down the road because it’s going to take you at least that long to learn everything.
Start Final Expense Agency Option 2
The other option, option 2 start final expense agency, is to find an IMO, a national final expense insurance agency, who has all the systems, all of the tools, the final expense programs already in place and they’re interested in helping final expense agents grow their own final expense agency in this market. So there’s ton of things you need to look into. When your looking for an IMO to partner with to for you to start your own insurance agency, you know some of these things are going to be, what does the IMO offer as far as support goes? Are they going to support your down line agents, are they going to support just you, do they offer any support at all? What kind of support do they offer? Are they going to offer a system that’s going to help you track your business, are they going to offer a system that’s going to hire final expense agents, a proven system are they going to be there to support you when you need support? Are they going to answer your questions? Are they there and answer the phone? Do they have somebody they’ve assigned to you to answer questions for you when you need help with something? Do they have a final expense lead program available that you can tap into? Because if you don’t own your own lead company you either to have to go out and find lead companies to utilize for your agency because that’s one of the things that every agent in the business needs is leads, that’s the life blood of your business. If you’re wanting to start an agency you have to have a lead program for your agents that you bring on…if you want to be successful. So do they offer you a final expense lead program? Do they help share the cost of those leads with you? Are the leads a proven system that you can get fast access to them and you can also receive leads for a long-term basis in your market that you want to work? Is there enough room in your market for you to have an agency? Can your area support one agent, can it support 5 agents, can it support 10 agents or do you need to broaden how far out your region and build in your agency. Does the IMO have the capability and the ability and the do they want to, will they help with final expense recruiting of agents or do they just want you to do all of the recruiting yourself? You have to be able to focus on personal sales because that’s where your income comes in, so if you’re focusing on personal sales, can you recruit at the same time? Yes. But is it easier for somebody to do the recruiting for you and you do the training to build your agency? Find an IMO that’s going to provide you with support, lead programs, training, recruiting, good carriers to work with, take a look at the carriers that the IMO is suggesting you work with. Run comparison quotes, look at the commission schedules because if you’re building an agency your looking at doing something in the long term, you’re not just looking for the short answer, so look at what the renewals are going out 2, 3,5, 10, years…are you going to be best immediately on day 1? Are they going to just demand that you only go out and recruit, are they a recruiting agency or a sales agency? You want to work for a sales agency that offers recruiting.
So basically that’s how your going to start. Yeah, you can go out and do everything on your own, but realistically why would you? Find a national IMO who’s looking for partners that they can help, that you want to work with, somebody that you like you understand what their doing, you believe in their concept of working hard, whatever it is, whatever your beliefs are, find an IMO that matches your beliefs and let them know that you’re interested in starting an agency.
So if you liked this video make sure you give us a thumb up. If you haven’t yet subscribed to our YouTube channel do that today. That way every time that we upload a new video, you’re gonna get notified, especially after you subscribed if you click the little bell next to the subscribe button that’s going to send every time we upload a video, its going to send you a notice that says hey we uploaded a new video, if you don’t click the bell you may get a email notification from YouTube once a week or something that has new videos for all the channels you subscribe to. So click the bell that way your notified immediately. If this truly is you and your interested in finding an IMO that can help you and support you, building a team and growing an insurance agency, that’s exactly what we do. I would love to have a conversation with you feel free to shoot me an email mat at fexsuccess.com or visit our website and fill out the contact us form the website is FEXSuccess.com. I look forward to talking to you very soon, we want to help you grow your agency, start your agency, and become an agency owner in this wonderful world of the final expense market. Thanks and have a great day!