How To Start A Insurance Agency (Step by Step) | Medicare-Health Insurance Agency

[@CandaceFlicks86]

I’ve been a Business Development Manager for a Medicare FMO agency for 5 years now and I recruit a lot of agents for the company and now interested in starting a GA. Thank you for the advice. I definitely have heard of the “5 agent” rule and thank you for clarifying that is not the case to start a GA. Appreciate your video.

[@ClassyWithChrist]

I'm thinking about starting my own agency. And this video was very helpful thank you so much.

[@hamidullaha.saahir9144]

I thank you for your patience to explain what is required to open an independent insurance agency, because I have listed to many insurance agent on KZbin, but your explanation is much clearer and simplified.

[@KinkyStyles1980]

you welcome!

[@theethirdyogi]

Thanks for this!!!! Currently switching over to my own agency. You’re the best 🙌🏾

[@communitybuilders2749]

Good Day, I would like to thank you for all of your videos. I don't mind researching but you have mad my journey less stressful and you are my go to video because everything you have said and I followed you have been on point. I use to own a Home Care Agency and the research was a lot so your videos save me a lot of time and I want you to know how much I apricate you. I just go my Health License and about to take the life in my state they have to be done separate. However, that was next on my list researching the agency information because I though that to start a agency you had to have half of millions of dollars or so is what I was told once again. Thank you Queen and be blessed.

[@KinkyStyles1980]

You welcome ❤❤❤ Thank you for watching!❤

[@RightfullySO597]

Hello sister, Thank you so much for the thorough information. YOU ARE VERY BRAINLIANT in what you do.

[@KinkyStyles1980]

Thank you ❤

[@Blueloveblue]

Great video. Thanks for sharing!👏👏👍

[@KinkyStyles1980]

You welcome!❤

[@niecyb9519]

Thank you for doing this video. I learned so much.

[@royanncaswell1206]

Excellent information. Thank you, Patricia! ❤️

[@KinkyStyles1980]

You are so welcome!

[@bobbiebentley4956]

Thank you Patricia! Great video!

[@ebonyroddy4473]

You have a great advice…. Thank you

[@shaebulkley3451]

Wow thank you so much!!!!

[@PoppinBabe]

Great video! Most informative I seen thus far❤ I’m still confused about the GA contracting ? Is this something the carriers give you once you contract as your agency and you under it? Or do you have to find a FMO to issue you one? How did you find yours?

[@KinkyStyles1980]

Yes your FMO has to agree to give you that level

[@user-mt4eo1bt8m]

thank you this was very informative

[@KinkyStyles1980]

You welcome! ❤️

[@tashaj07]

Great video! Thank you!!!

[@KinkyStyles1980]

You welcome ❤ Thank you for watching

[@keshawnalexander8172]

Thank you so much !

[@KinkyStyles1980]

You welcome ❤️

[@Professor5180]

Right now I'm contracted individually and use my personal checking account. Just seeing how I can at least set up as a DBA and get a business checking and whether I have to re-contract or just update my current contracts since I would still be a sole proprietor. Then eventually once I'm making more income (proof of concept) then merge into an LLC and re-contract.

[@KinkyStyles1980]

You can’t have a DBA, or checking account without a LLC

[@Professor5180]

@@KinkyStyles1980 I thought you could get a DBA even as a sole proprietor, thus that would allow you to get a business bank account at least. I've seen videos about this, but nothing specific to insurance.

[@KinkyStyles1980]

@@Professor5180 I could be wrong on that then, let me know please

[@5339kimhall]

Love this video are you hiring agents or do you work independently?

[@KinkyStyles1980]

I work Independently with admistive staff

[@laphenixlife]

Thanks for your advice help me pass my test

[@KinkyStyles1980]

I have a video on passing the AHIP and license, check them out

[@laphenixlife]

@@KinkyStyles1980 Hello I ran into a issue when I tried to register my agency through NIPR. you Have to be a contracted agent to have the agent be the agent of record for a business just a FYI in Fl they will not allow you as a brand new agent. Also do you have any recommendations on business phone/lines

[@laphenixlife]

Also what I meant to say was this info helped me pass my test lol. 1st try 86.The test AHIP info.

[@KinkyStyles1980]

@@laphenixlife kzbin.info/www/bejne/bKOwlKF5nNt5kLMsi=dpz5WWMIYIk41HeY

[@laphenixlife]

@@KinkyStyles1980 also i try to set up business entity in nipr but Fl requires a contract first. Any suggestions?

[@scoopeed5956]

What are advantages of having your own agency versus working for a company? Is same company still your FMO? Do all independent agents & agency have an FMO? What qualifies one to be an FMO? Did you work in insurance before selling medicare? As independent agent or agency do you BUY leads?

[@KinkyStyles1980]

The biggest advantage is revenue, yes, no not necessarily, I'm not 100% sure but I do know its not a easy task, never worked for a insurance company, yes I will purchase leads and also do my own advertising

[@scoopeed5956]

Thanks for all those answers! The FMO/upline part is so confusing to me; just don't get why an agent can't simply work as an employee, an independent contractor, or have their own agency. WHY does insurance sales require an agent to have this upline FMO? Do these FMO's still get the same amt of the agent's commission even if an agent has their own company (agency)?

[@KinkyStyles1980]

@@scoopeed5956 The Commission's levels are different depending on the agency contract, I don't know the details of FMO's commissions

[@mercedesBrathwaite]

Loving your locs!!

[@KinkyStyles1980]

Thank you!🥰

[@jamiejohnson2048]

Hi Patricia great content I love it! I have advised all of my fellow insurance associates to subscribe to your channel ❤… Question: I am currently in the process of starting my agency and I wanted to know which Carriers Contract will contract me directly as an brand new insurance agency/business entity? If you have a list of carriers please share. Thanks in advance. Wishing you peace, joy & prosperity

[@KinkyStyles1980]

Thank you Jamie, I don't have a list. You will probably get more support from a FMO instead of contacting with the insurance directly

[@LadyLeahMakingChanges]

Hi Patricia, I am a follower of your channel and you have put out some great content! I am also a newly licensed agent and am looking to get into this industry. Do you have any recommendations for FMO’s to reach out to? I have listened to some horror stories, but with your success I’m sure you know some good and not so good contacts! 😀 Thanks again!

[@drianhamp2964]

Love your channel! How long have you been doing this and also how many clients do you have so far?

[@KinkyStyles1980]

Part time since 2020 full time for about 3 months, over 100 clients

[@drianhamp2964]

Is it possible to work for a company as a life insurance agent and work as a independent Medicare broker?

[@KinkyStyles1980]

@@drianhamp2964 most companies will not allow that

[@younglion72]

great video...ty

[@KinkyStyles1980]

@@younglion72 you welcome

[@lashg]

Question 🙋🏾‍♀️ how do you switch your individual NPIR license number to a business NPIR number?

[@moniquewilliams3567]

What company did you do your GA contract with?

[@angeljar2012]

This was great information. What kind of additional E&O insurance do you need? Is it the same as an independent agent or more.

[@KinkyStyles1980]

No additional E&O

[@spectrummamis5700]

Hi, thank you for this video. It is great. I have two questions. Besides your broker license, you need the state license right so it’s two different licenses? I used to work at a family owned agency many years ago, but I didn’t remember this part at all I know for sure the two owners were licensed, but I didn’t know the agency was licensed as well, we are also in Florida. My next question is is there a reason why you would start with an LLC and then convert it? So for instance, the reason I ask is because I already have a Corp. that I’ve been renewing every year but haven’t really used it. I have an ein and everything.

[@KinkyStyles1980]

You need a Agent license for the state you work in and the Agency license (no such thing of a Broker license in health insurance) You can start with a Corp if you want to.

[@mazinter8956]

Great Video.. Do you have to add your business to your E&O insurance?

[@KinkyStyles1980]

You can

[@veronicak9532]

@@KinkyStyles1980 can you help me looking to start my insurance agency soon

[@patriceproctor8211]

Hi Patricia - Once you create your agency and Re contract with carriers can you continue to keep some of your clients as they were? Meaning continue to have renewals deposited into your personal checking account?

[@KinkyStyles1980]

no every clients moves over to your business account

[@mightywind7595]

Can I do this without being under a FMO? How do you get contracts with the insurance companies?

[@KinkyStyles1980]

Call each insurance company and ask them their requirements, maybe easier to go under a FMO

[@mightywind7595]

@@KinkyStyles1980 Thanks for replying so fast 😊

[@-windycitysammy-]

So if I’m starting an agency under someone else who already has an agency, not an FMO, do i still get a GA contract? Ej. Marketing company FMO Upline Agency Me (GA)?

[@KinkyStyles1980]

You can, it depends on your contract

[@MichelleMarshall-ji1oq]

If you're selling insurance plans in states outside your resident state, do you need to obtain a foreign LLC license in each of those states, or is a non-resident license through NIPR sufficient to sell?

[@KinkyStyles1980]

Non resident via NIPR

[@MichelleMarshall-ji1oq]

@KinkyStyles1980 Thank you for the response!

[@KinkyStyles1980]

@@MichelleMarshall-ji1oq you welcome

[@CruiseTV24]

Hello Patricia, Thanks for all your tips, I do appreciate and admire your courage, i am also a nurse and i started as a full time independent agent 2 years ago and no more hospital job. please what will be the easiest way to get agencies to transfer your client to my new agency in order for me to get my commission. I got one agency that refused to transfer my clients. any tip will be appreciated.

[@KinkyStyles1980]

You need to talk to your upline/FMO to assist you with this. Each insurance company does it differently

[@Realityoflife247]

@KinkyStyles1980 actually I am a broker and I work for myself, the fmo I used refused to transfer my clients when I got my own direct agency writing number.

[@KinkyStyles1980]

@@Realityoflife247 It don’t matter if you are a broker and is independent, it’s the contract you sign. If you own your book they should be able to walk you through the process

[@Realityoflife247]

@@KinkyStyles1980 thanks

[@phillipjnelson4923]

So the last part confused me. So you're saying if I have a my own Agency and want to contract with a Carrier to write business for them there is no need to have Agents/Brokers under me? OR if I have agents under me depending on the carrier requirements my Broker/Agents can write business through my agency?

[@KinkyStyles1980]

Yes you don’t need agents to get GA contract under an FMO but do be aware that many FMO will tell you do, so it’s good to have that conversation in the beginning before contracting

[@LoveLife-no4kf]

If I want to register llc and be an insurance broker, do I have to register as individual or entity? Or do I just need an agency if I plan on hiring people under me?

[@KinkyStyles1980]

You can have people under you without a LLC but to have everything go under a "buisness" it's wise to register as a LLC in your business name

[@LoveLife-no4kf]

Maybe I’m misunderstanding, I want to just work as a broker under my llc. I thought I could just register my llc and contract with carriers as an individual not an agency. I guess my question is if I register llc does that make it an agency instead of individual

[@KinkyStyles1980]

@@LoveLife-no4kf when you use the word register? What does that mean? Applying for a license or certification with the insurance carriers

[@LoveLife-no4kf]

Register/apply for llc with my state and then contract with insurance carriers. If I have an LLC does that automatically mean I would have to contract with carriers as an agency instead of individual?

[@KinkyStyles1980]

@@LoveLife-no4kf no if you have a LLC you don't have to register as a Agency. To register as a Agency you need the EIN, bank account and other things mentioned in this video. When you do your contracts with the carriers they have no idea if you have a LLC.

[@NicholasPonce-tx6mm]

Does my E & O insurance need to be in the LLC's name or my personal name?

[@KinkyStyles1980]

Personal name

[@kolehollis5852]

Would it be possible to be contracted with the carriers under your individual license number and have them pay all the commissions directly to your business bank account instead of having to get separate licenses for your business then recontracting? Would that still provide limited liability protection? Also do you have to pay renewal fees for both your individual and business licenses separately or do you only need to pay one time and that counts for both? I'm thinking if I do this I might need to drop my personal licenses when I get the ones for my business so that I don't have to pay for both when I need to renew but I'm just not sure how that works.

[@KinkyStyles1980]

Your Business license number is not a person it’s an Entity. You need both if you want to run commissions into a business account and yes you renew both individual licenses and buisness licenses

[@putgodfirst3315]

Hey how are you and your family. I pray all is well you and did the storm come near you?

[@KinkyStyles1980]

Thank you for checking on us, we did good🙏🏾

[@CharlotteCanvas-j9x]

how much would you say are initial startup costs?

[@chrisinasia1997]

Once you have set up as an agency do you get the commission on Medicare Advantage for yourself and an override to your own agency? So you "win" twice?

[@KinkyStyles1980]

Yes Sir🥳

[@stephaniem8927]

I’m a new agent using Ring Central. Where do you store your recordings compliantly for 10 years?

[@KinkyStyles1980]

I use Hubspot, but you need a CRM to store all data, phone calls, notes, SOA, etc

[@stephaniem8927]

@@KinkyStyles1980 thank you for the reply! I’ve been asking my upline, other agents and I can’t seem to get an answer. I didn’t want to rely on Medicare center as I wanted my own CRM. Your response is very much appreciated!

[@KinkyStyles1980]

@@stephaniem8927 you welcome, it’s very important to have your own CRM

[@Mr5Stars]

Hi, can you provide more details about NIPR , i clicked as a business , entered the busines EIN, the website didnt go forward. I tried my personal license number, same issue. What am i missing?

[@KinkyStyles1980]

What are you trying to do?

[@kolehollis5852]

Can you still recruit independent agents under your LLC and have them get paid directly from the carrier and still get the override because you recruited that agent?

[@KinkyStyles1980]

Yes I can

[@-windycitysammy-]

What CRM do you use?

[@KinkyStyles1980]

@@-windycitysammy- Hubspot

[@-windycitysammy-]

@@KinkyStyles1980 Thanks for your speedy response!

[@AlphaBrokeringCompanyLLC]

So the $300/$600 paid to the agent comes from your agency? How much does the agency receive per policy?

[@KinkyStyles1980]

It depends on the GA level contract $50 to 125 per policy

[@evangeliodeldia5398]

What is a GA contract? The last step you were talking about?

[@KinkyStyles1980]

General Agency, when you want agents under your Agency. You want this contract

[@evangeliodeldia5398]

@@KinkyStyles1980 thank you for answering. Love your content, I’ve been a Medicare insurance agent for the Hispanic community in Texas for 6 years now and I love it :) You videos are so inspiring!!

[@KinkyStyles1980]

@@evangeliodeldia5398 that's awesome! So happy to hear that!

[@JMInsurance]

Who is your IMO?

[@MrWatchingthetube1]

I am newly licensed agent for life and health. Can I start on my own and get training from imo or clusters. Or do I have to start with a large company.

[@KinkyStyles1980]

You start on your own with an FMO/IMO

[@MrWatchingthetube1]

@@KinkyStyles1980 Thank you for the reply. I am new to all this and your I appreciate your advice. its I definitely want my own agency, there's just so much noise to filter through. Thank you.

[@niecyb9519]

What is GA contract?

[@KinkyStyles1980]

General Agency, it’s a level above street level. More levels after GA

[@TaneshaPritchett-ly8xs]

Is your FMO your registered agent?

[@KinkyStyles1980]

No your FMO has nothing to do with that

[@jeffreyscorner123]

Whats a GA contact?

[@KinkyStyles1980]

General Agency

[@hollyssimplelife1634]

How can I work with you?

[@KinkyStyles1980]

I’m not taking on any agents unless you live in FL, we can have a conversation to see if it’s good fit. You can email me

[@hollyssimplelife1634]

@@KinkyStyles1980 unfortunately I am not but I really like your business model and how you are focused on helping people because this is what I what to do as well. Really respect you.

[@KinkyStyles1980]

@@hollyssimplelife1634 Awe Thank you❤️

[@MaxxzillaCom]

Quick question.., which fmo do you work with?

[@cryptokazekage1372]

What is a GA contract ?

[@KinkyStyles1980]

General Agency, when you want agents under your Agency. You want this contract