Captive Agent

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PostPosted: Tue Feb 05, 2008 4:50 pm   Post subject: Captive Agent  

How does a company enforce you being a captive agent? I have been offered a great package but just am unsure how the whole thing works as I have been licensed less than a year and have not heard of it until I interviewed with this agency.


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PostPosted: Wed Feb 06, 2008 3:17 am   Post subject: How does a company enforce you being a captive agent?  

Captive means you can only sell that companies products, if you work for company A you can only sell company A products, if you work for company B you can only sell company B's products. If you work for an independent agency like Joe Bloe's Insurance then you can sell the products that Joe Bloe sells which could be company A and B or company C,D,E, and F or who ever they represent. I have a friend who works for Anthem and he's a captive agent and can only sell Anthem products. I also have a friend who is owns an independent agency and he sells Anthem products but also sell Aetna and other companies. Hope it was helpful.

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PostPosted: Wed Feb 06, 2008 12:08 pm   Post subject:   

Great explanation Jamie, Newbie is there a particular type of insurance that you favor? If so, then you will want to concentrate on that product, you will do a better job and make more money if you believe in the product you are pushing. you will have to ask yourself, would I buy this product or sell it to a family member? Goodluck, hope you do well.

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PostPosted: Thu Feb 07, 2008 5:34 am   Post subject:   

Hi newbie, being a captive agent may help you in setting your foot in the business, especially it'll help you in building a business book which you may need if you plan to go independent in the future.



The captive agent may earn less in terms of commission than that of their independent counterparts but at times may also receive remuneration from the company. Along with, being captive agent allows you the access to the company's infrastructure and database, which may be the most needed support for a fresher. Wish you all the luck for your career Smile

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PostPosted: Thu Feb 07, 2008 4:24 pm   Post subject: thanks  

Great clarification on being captive is there any paperwork involved? If I am contracted with someone else - how will they know that I'm now exclusive with company "C"?

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PostPosted: Sat Feb 09, 2008 11:53 am   Post subject:   

Hey newbie,



Quote:
Great clarification on being captive is there any paperwork involved?




Most likely. They may wish to sign a contract with you before authorising you to sell their products.



Quote:
If I am contracted with someone else - how will they know that I'm now exclusive with company "C"?




Please clarify , what does this mean?

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PostPosted: Sat Feb 09, 2008 5:18 pm   Post subject:   

What do you want to do? Do you want to be a captive agent? Just starting out, wouldn't you want the experience of selling different insurances from different companies.

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PostPosted: Sat Feb 09, 2008 10:45 pm   Post subject:   

Captive companies...like Met and Pru, offer excellent training. You don't have to stay with them forever, but you'll learn things that will stay with you for decades.



Also...with most of the big captive companies, they have a "General Agency" which allows you to sell health insurance and a myriad of other policies through hundreds of different carriers.





A typical Pru or Met agent can write insurance with at least 50-100 other companies. And of course...you can leave at any time.

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PostPosted: Sat Feb 09, 2008 11:19 pm   Post subject:   

That is great to know that you are not committed to stay and that you get a variety of experience all at the same company.

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PostPosted: Sat Feb 09, 2008 11:52 pm   Post subject:   

Whoa! I just noticed my avatar. I need to get that changed...and quick!

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PostPosted: Tue Feb 12, 2008 2:39 am   Post subject: captive  

Captive is always the best route when it comes to a new agent you will get the training and lead support you need to be successful, if you are captive make sure you demand these two things. That is why the agency is keeping a larger portion of the commission than if you were a non captive broker agent.


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PostPosted: Tue Feb 12, 2008 4:34 am   Post subject:   

Captive companies also offer solid benefits, stock options (sometimes), matching 401K and group life and health coverage. Remember...you don't have to stay with them forever. But you just might.

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PostPosted: Wed Feb 13, 2008 12:19 am   Post subject: Captive Agent  

Thanks for everyone's input. I decided to actually go with them and I have a really good feeling - not to mention the training I am getting which is awesome!! Nothing like earning while you learn right??? Anyway, I will keep you posted on how I'm doing..... Thanks again!

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PostPosted: Wed Feb 13, 2008 1:05 am   Post subject:   

Just curious...what captive company did you pick and what were your final choices?

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PostPosted: Wed Feb 13, 2008 1:59 am   Post subject:   

Glad to hear that you got a place where you are happy, it is always good to enjoy the company that you work for, goodluck and keep us updated.

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