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Old 06-25-2019, 04:45 PM
 
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I had a boss in high pressure Insurance Sales making around 1M a year. He was a "master general agent" or whatever it was, and made commission on everyone elses' commission. Slimy operation. Highly profitable.
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Old 06-25-2019, 06:34 PM
 
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I worked Sales Technical support for a company selling to the Federal Government (Software, computer systems, training, ervice contracts) There were two groups of sales people as a Sales Manager described it to me



There are two groups - The Squirrel hunters make the rounds of the agencies making small sales on a regular basis. They make a good commission, come home every night and keep the family fed. Then there are the big game hunters. They work the agency senior management, try to influence the direction of the agencies purchases, hopefully influence the wording of the RFPs. When the RFP comes out they build a team, plan the demos, set up a complete demo and evaluation center. Then they plunge into the deep jungle of the major contract process, prepare a line of retreat by preparing protests against the other companies bidding on the contract in case they lose. It can be a 3 to 5 year process especially if there are multiple levels of deselection. Sometimes they plunge into the jungle and are never heard from again. But sometimes they come out with a Lion and a Tiger for the trophy room. They are the ones that make the big money and earn every penny of it.
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Old 06-26-2019, 11:27 AM
 
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Originally Posted by concept_fusion View Post
I had a boss in high pressure Insurance Sales making around 1M a year. He was a "master general agent" or whatever it was, and made commission on everyone else' commission. Slimy operation. Highly profitable.

Agree. As I said in an earlier post, the goal is not to sell things yourself. The real money is when you have others selling for you. That's called: Managing General Agent. It's an insurance agent that recruits and manages other insurance agents in his agency. Other words, he becomes a business owner/agency owner. They make good money but they are nothing compare to an IMO. If you really want to make money in the insurance world, you become an IMO. IMO are like MGA except larger. Of course, easier said than done.
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Old 06-26-2019, 10:05 PM
 
724 posts, read 616,073 times
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Originally Posted by mikefong123 View Post
Agree. As I said in an earlier post, the goal is not to sell things yourself. The real money is when you have others selling for you. That's called: Managing General Agent. It's an insurance agent that recruits and manages other insurance agents in his agency. Other words, he becomes a business owner/agency owner. They make good money but they are nothing compare to an IMO. If you really want to make money in the insurance world, you become an IMO. IMO are like MGA except larger. Of course, easier said than done.
There was a guy who making well into the double digits millions a year selling title insurance I was acquainted with. He had a vendor management company. That's the top of the insurance selling world. Any higher, you own an actual market leading insurance company, say for instance you owned GEICO (like Buffett).

There's big money in insurance for sure, but it's getting technologically disrupted like everything else. I don't think making a fortune in Insurance is any easier than making one dealing in Big Ticket Sales, Real Estate, Law, Finance, or Startups. Because where there's big money, there's also big competition. And there's not as many angles to innovate in Insurance, so it's more a numbers / sales / recruiting game than it is tapping and even creating new ore.
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