It is the remaining 20% that is the “Unique Differentiator”….and for that one needs to pick the “best in class” to complete the picture. That’s really what I am most skilled at doing…picking the “best in class.” It really doesn’t matter what the industry is to me…if there is profit in it and the project interests me…I will take the shot.
Today’s “Project” is in the insurance field. I was approached on Linked In (where else? lol) by a fledgling insurance agent for a very fast growing insurance company. Their model was to recruit agents, first as part-timers and then to build their base of clients to move them into full-timers… earning residual income from their own “recruits” as well from the premiums derived from their client base.
There was a well-researched and executed Affiliate Program in the insurance field…an industry that has been plagued with stagnation…until now. This insurance company had generated over 10,000 Independent Agents in the past several years, earning the founder tens of millions in net worth and setting the foundation for their ambitious goal of reaching 500,000 Agents by 2029. The unique piece that caught my eye was their focus of embracing the industrious Immigrant Populations..which the founder, himself was a member off. The “American Success Story” was exemplified by targeting Immigrant Populations and offering them a chance to better their financial lives through becoming licensed Insurance Agents.
I invited the nice woman, who was ambitious but struggling in her new role as a fledgling Agent for this aggressive and successful Insurance Brokerage. Her “past life,” first as a “suit” in the traditional Corporate environment, until she was unceremoniously downsized led to her employment at half her former salary as a Social Worker. This tenure was short-lived and not nearly as rewarding, especially on a personal level, as she had high hopes of “doing good,” even if it wasn’t financially rewarding.
We met over coffee across from the Ocean where I lived in Southern California. I took in her “story,” offering parts of my own in the effort to see how our goals might be aligned so that I could practice my mantra of “doing well by doing good.” We came to some initial conclusions that there was indeed something there to build upon. She reached back a couple of days later suggesting that I meet with her again and be joined by her Direct Supervisor, a whip-smart young 30-something from the entertainment field. He had ditched all (and the commensurate high income) to be off on his own now inside this very successful insurance venture.
The three of us met over coffee at my new home town yesterday and we explored a number of initiatives that might find a “home” with their company as a “value added” proposition. It was obvious to me how having access to 10,000 Independent Agents, who may well have need of my unsecured funding and credit repair offerings (www.burnsfunding.com) would be of interest. Likewise, my own state-of-the art targeted lead generation program, perfectly suited for financial services as well as insurance companies, could have great benefit in both client acquisition for writing policies as well as for developing a steady stream of suitable affiliate candidates.
As is the usual case of my instinctive and accelerated “learning curve,” as well as the fact that I was an accomplished chess player since the age of 9…I already envisioned the “end game” of this new association. The challenge would be in dealing with the “suits” and the “authorities” present in any large organization, especially in as regulated an industry as insurance..which likely would involve the “red tape” and compliance issues that would inevitably work against a timely and workable solution between us unless…
Actually, the lady Agent offered the idea to me, which I glommed on to immediately and we just left our third meeting together minutes ago. She would willingly be my “beta test,” proving that with my help, resources and ingenuity, I could scale her own efforts to reach her immediate goals of reaching the next level in the insurance company’s “hierarchy.” This would both establish herself as a successful insurance professional and prove the model for replication within the Company…when they could finally catch up with my rapid pace. As I’ve always said..”I’d rather ask for forgiveness than permission.” lol
So…I already put into motion my plan of action of assisting this fledgling Agent to support her efforts in reaching her goals while paving the way for achieving my own goals in this completely new (to me) field of insurance. In my eyes, this is simply another “Project,” with a potentially huge upside as well as the opportunity to help someone earn her slice of the “American Pie.”
Since I am already heavily vested in the Immigrant Population of the Vietnamese-Americans through one of my bigger “Projects,” (see link below) and have an extension of both my funding project and Immigrant Populations linkage (see blog link below)
….it stands to reason (at least to me, lol) that with the help of my new Agent friend and the cooperation of those in her immediate circle in the insurance business, I can successfully “prove the model” with her and offer the chance to successfully replicate same throughout her very quickly growing Insurance Company Parent.
In my mind, it is certainly worth my effort here and it proves my axiom once again…”All Businesses are 80% The Same.”
Follow the “Adventures in Entrepreneurship of Peter J. Burns III at www.peterjburns3.com.