Goosehead Insurance Agent Career Review
last updated on July 21, 2021
Are you on the fence about starting a career selling insurance with Goosehead Insurance Agent Career?
Perhaps you’ve spoken to a representative already or even had an interview but you’re still not 100% sure.
You might not have been tested for your insurance license yet, but you’d still like to find out the truth about Goosehead Insurance Agent Career.
If this describes how you’re feeling in any way, you’ve found the right article!
Today, I will explain how the Goosehead Insurance Agent Career program works while answering your questions in a fair and unbiased manner.
Let’s begin.
PS: Check out my insurance sales jobs reviews of other agencies for more information.
NOTE: Are you an aspiring or new insurance agent looking for more insight into how the insurance sales industry works? Check out my Free Insurance Agent Resource Guide [NEW] to help answer many of your questions (as well as ones you didn’t know you had!).
Quick Navigation Links
About Goosehead Insurance
Goosehead Insurance is an innovative franchise business model. The company was founded in 2003 by a real estate investor Robyn Jones and a Senior Partner at Bain & Co, Mark Jones, and serves the continental United States.
Over the years, Goosehead Insurance has become one of the largest and fastest-growing independent insurance agencies in the industry, with over 600 franchise agency partners. The company is headquartered in Westlake, Texas, with regional offices in Dallas, Chicago, and Las Vegas.
Goosehead partners with over 80 leading national carriers, including AIG, Allrisks, Allied, Adirondack, ASI, Atic, Chubb, Foremost, Grange, Encompass, Hagerty, Hanover, The Hartford, Infinity, Heritage, Kemper, Mercury, MetLife, Nationwide, and Progressive.
Products Sold And Market Focus
Goosehead Insurance offers a wide range of policies, including:
- Auto insurance
- Flood insurance
- Motorcycle insurance
- Health insurance
- Home insurance, and
- Life insurance.
The company believes that one single insurance provider can’t be the best option for everyone. That is why they shop among many insurance companies to find the most suitable policies at the best rates for their customers.
How Leads Work
The company website doesn’t explicitly state how its agents find prospects. It indicates, however, that their model empowers agents to drive a high volume of quality leads at a fraction of the client acquisition costs of their competitors.
As a new agent working for Goosehead Insurance, you will most likely have to start by cold calling for prospects or work with friends and family for referrals and sales opportunities.
It is up to every individual agent to increase their pay portfolio. If sales are high, management will usually provide leads as compensation for their work.
How Getting Paid Works
Like most insurance companies, Goosehead doesn’t publish its commissions for agents on its website.
Goosehead Insurance offers its agents extensive support, including their custom Agency Management System, to help them grow their agencies. The back office team with licensed agents who answer client calls in less than 30 seconds allows producers to focus exclusively on selling policies.
In addition, the Goosehead Insurance Quality Control team provides a front-end review of all policies written to ensure that each one meets carrier guidelines. It also offers a real-time review of every policy to reduce E&O exposure.
Agents can participate in a free two-week comprehensive training program and are given an ongoing training opportunity.
Is It A Scam, MLM, Pyramid Scheme?
Goosehead Insurance is not a scam. It is a legitimate company with good financial ratings. It holds a superior A+ rating with BBB. The agency also ranked #1 in Large Companies by Entrepreneur Magazine for Company Culture.
Goosehead Insurance is not a multi-level marketing (MLM) business opportunity or pyramid scheme. It doesn’t have multiple layers of agents, mentors, and trainers and is not suitable for agents who are primarily looking to recruit.
My Thoughts
Now that you know a little more about how Goosehead Insurance works, I’d like to offer my perspective, as a National Insurance Agency owner since 2013, on a few key points you should consider before jumping into the Goosehead Insurance Agent Career opportunity.
Specialization Versus Generalization
One of the most wonderful things about the insurance sales industry is the sheer ever-flowing volume of opportunity to earn a considerable amount of money while simultaneously helping people who truly appreciate your services.
But therein lies the dilemma. It’s hard enough in life to get good at even one particular type of skill-set. For example, Tiger Woods is a master in golf but at the sacrifice of other sports that he may have done well in, like baseball or basketball.
However, had Tiger Woods tried to specialize in multiple sports at the elite level, what you would have most likely found is an athlete that never would have risen to the elite level. Moreover, he never would have been the superstar that he has become through his absolute laser-like focus on one particular sport.
In a similar way, as an insurance agent, you have to focus on one particular strategy to become a master versus a generalist who’s only semi-good at a lot of things. While there is a motherload of opportunity in this business, you cannot succeed if you spread yourself too thin.
In almost any industry, there’s a far greater chance of making a lot of money if you specialize. Take a look at physicians, for example. Who makes more money, the general practitioner who knows a little about a lot, or the cardiac surgeon who knows a lot about a little?
By far, the specialist outperforms the generalist by an exponential amount. Commonly we found the same circumstances to be true in the insurance sales business too.
At my agency Duford Insurance Group, one of the most important aspects that we focus on is teaching new agents to pick one product, put the blinders on, and master that product within 6 to 12 months.
During this, they have to avoid the temptation of picking up multiple products and thinking that they will be just as efficient representing more than one product.
It’s not that offering multiple products is bad; it’s just a matter of time and mastery. Our final expense agents get into Medicare Advantage sales somewhere around the 6-12-month mark.
This is so they can experience both a high first-year commission product that final expense provides in combination with a renewal lifetime income product like Medicare Advantage.
So think carefully before you jump into any opportunity that requires you to learn multiple products from multiple niches. In our experience, doing so makes the simple complex, increasing the odds of failure.
Consider focusing on one product line, master it, and gradually incorporate more products into your portfolio as you prove your success and expertise in this field.
Conclusion
I hope you enjoyed this article on how Goosehead Insurance works, along with my perspective as an insurance agent and agency owner.
If you’d like to find out more about how my agency—Duford Insurance Group—works, there’s more information on my FAQ page.
Also, feel free to check out my new Free Insurance Agent Resource Guide for more information. It provides answers to a lot of insurance sales and marketing-related questions that you may not even know you have!
6 Comments
DD
Hey David,
A great thing about Goosehead is that they doo all service work for you, In fact they DONT want agents doing service work. I have been in the P&C industry for 9 years and I am in service work like quick sand….I have a friend who has a GH agency for 3 years and is closing in on me production level. It is a new model that companies are turning to.
You sell and we take care of everything else……even claims. I wish I would have done this in the first place.
David Duford
I agree. That's one of the biggest drawback to P&C work is the amount of service required.
Our Medicare Advantage trainer owns a Farmer's agency and has 9 CSRs servicing his block of business, whereas he has 0 to serve his block of Medicare Advantage business, which I understand has an equivalent payout.
Dawge Jones
I had a Allstate Agency as a new agent and changed it to a Auto Insurance Agency only with a lot of carriers, all Non Standard High Risk. I had another agent and we were writing over a 100 policies a month,we had Ads out and car dealers sending us customers.After a while the service work and claims kicked in and it was non stop service work and claims calls all day everyday and it cut into the sales time, even with 2 CSR's that I hired. I would be on a sale and someone would call up mad that they got to talk to the agent now about their problem every day.People,also came in the the office to make premium payments. Between service work,claims and chargebacks it was a nightmare after a while. I sold the Agency.
David Duford
Sounds like a typical P&C shop to me =) – that's why I'm a fan of final expense and Medicare. More transactional and less service work to worry about.
Donnie Gibson
How much does the Goosehead Insurance franchise cost?
Goosehead Insurance has a franchise fee of up $25,000 to $60,000, with a total initial investment range of $41,500 – $116,500.
Liquid Cash Requirement: $25,000
GOOSEHEAD INSURANCE INITIAL INVESTMENT
Initial Investment: $41,500 – $116,500.
ONGOING FEES
Initial Franchise Fee: $25,000 – $60,000
Ongoing Royalty Fee: 20-50% **************** WOA!
David Duford
Thanks for sharing =)