This article provides a fair and unbiased review of Compass Health Consultants. You may find it useful whether you’re looking to learn more about this particular agency or about selling insurance in general.
At the end of the article, I’ll share my personal experience as an insurance agency owner since 2014.
Let’s get started!
PS: For similar articles about other insurance agencies, check out my insurance sales job reviews.
NOTE: Please feel free to consult my new Insurance Agent Resource Guide for in-depth information about the insurance sales career.
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About Compass Health Consultants
Compass Health Consultants, a partner of the Healthcare Solutions Team, was founded by Joe Krivelow in 2007. In 2015, the company was acquired by GMAC Insurance who was looking to expand its focus from auto and home insurance to accident and health insurance as the fastest growing segment of the insurance industry.
Compass Health Consultants is headquartered in Cottleville, Missouri, and has branches in Missouri, Florida, Texas, and Oregon. The company is licensed in all states except for Alaska and Hawaii and employs agents throughout the country.
Products Sold And Market Focus
CHC sells health insurance (private, Marketplace ACA & Medicare) as well as life insurance (term life, whole life, universal and indexed universal life insurance and annuities).
The company works with all the major health insurance providers and offers over 190 different carrier options.
How Leads Work
Compass Health Consultants uses the in-house developed Lead Master system to generate leads.
Agents can choose from a range of free and paying leads. The paying leads are fresh from the same day and cost anywhere from $5 to $18 per lead. The least expensive are shared leads, while the pricier ones are unique to the agent. Free leads are older and typically used by new agents.
As a CHC agent, you can choose where you want your leads to come from as long as you’re licensed in that particular state.
CHC provides lead money on top of the commission to buy new leads. In addition, they teach new agents how to build the business outside of the leads, for example through social media and referral business.
How Getting Paid Works
CHC agent earnings are based on commissions that consist of weekly advance commissions and renewal commissions for long term income. In addition, agents have the opportunity to earn weekly spiffs and bonuses and are offered incentives such as travel and contests. The average income of a CHC agent is $50,000-$125,000 per year.
Working for CHC is a great option for new agents who don’t have any previous experience in health insurance. In fact, over 80% of agents who start working with the agency have no previous experience in selling insurance.
As a new agent, you’ll have at your disposal the CHC back office support, monthly in-person training, and webinars to help you develop and grow your business.
The CRM Lead Master system allows agents to stay connected to clients and carrier partners. This system is used not only to generate leads but also to manage appointments and maintain a client database. It also includes email and messaging functions and a built-in auto dialer.
Is It A Scam, MLM, Pyramid Scheme?
You may be wondering whether Compass Health Consultants is a scam, MLM, or pyramid scheme. However, this is a completely legitimate agency that won’t ask you to recruit other agents and where you’ll earn commission based on the insurance you sell.
Now that you have a better understanding of how selling with Compass Health Consultants works, here’s my personal advice on selling insurance.
Owning Your Book of Business
An important aspect of selling insurance that you have to keep in mind as a new agent is owning your book of business.
Here’s what it means.
Book of business contains all the insurance policies you sold and the renewal income from your sales.
If the insurance company lets you own your book of business, you’ll be able to keep your customer base together with the renewal income even after you leave the agency. In insurance jargon, this is known as being vested. Ideally, you should be fully vested from day one, which means that there is no waiting period during which an agency can let you go.
If you’re not vested, the agency keeps your books of business and earns commissions on your renewals. This means that you’ll lose the clientele base you’ve built. So before you decide to work for an insurance company, it is essential to check their policies on owning your book of business.
I hope this article and my advice gave you some insight into how Compass Health Consultants and the insurance business as a whole work.