Daniel Sierra Botero, a young Colombian entrepreneur, saw a major opportunity in the insurance industry after carving his path as an immigrant in the United States. Today, he thrives as Vice President of Golden Plan Choice, a successful U.S.-based company.
Sierra, 29, was born in Pereira and later moved to Medellín, where he completed a prehospital care course and studied medicine at Pontificia Universidad Bolivariana. He eventually obtained U.S. residency through his mother and moved to the country with hopes of fulfilling his aspirations in the medical field.
After leaving his life in Colombia, Sierra began working various jobs. “I started polishing marble floors, framing houses, laying wood, delivering pizzas – I started from the bottom, totally from the bottom,” he tells ColombiaOne.
For a couple of years, he worked his way up the career ladder, alongside the other 855,000 Colombian immigrants who reside in the U.S., according to 2021 Migration Policy Institute data. However, the true size of this group – which represents about 2% of the 45.3 million immigrants in the U.S. and constitutes the largest from South America – is estimated to be around 1,286,662 people.
Colombian entrepreneur Daniel Sierra’s journey to the top in the US insurance industry
Eventually, Sierra secured a position at Memorial Hermann Hospital in Houston. While he had hoped to advance in medicine, he soon discovered that pursuing a career in the sector was very challenging. “I hit a wall – it’s very expensive, it takes a lot of time, and I didn’t have either the time or money, so I thought, this won’t be possible, at least not anytime soon,” he explains.
With a new perspective, Sierra’s path took an unexpected turn. His then-boss, now one of his top insurance agents, “pushed” him to obtain his insurance license, a state-granted permit to sell, negotiate, or manage insurance products, while he continued working at the hospital.
His decision to prepare for a new career was fortuitous, because a few months later, then-president Donald Trump started to dismantle Obamacare, the Affordable Care Act aimed at expanding access to health insurance and reducing medical costs. As a result, the hospital at which Sierra had been working conducted a mass layoff, which included Sierra. “It was the best thing that happened to me because it pushed me to start as a captive agent at Golden Plan Choice [insurance company],” he recalls.
By 2017, Sierra had set himself up as an independent agent or, as he calls it, established himself “from the ground up.” He asked his then-girlfriend, now his wife, to support him financially for a few months, confident that by the end of that period, he would be generating his own income. “I did very well, thank God, and the six months came to fruition,” he says.
Commenting on his entry into the industry, Sierra recalls: “I liked [the insurance industry] a lot because you educate people, you help those who are completely lost. I don’t charge for my advice, it’s entirely free, and when they enroll, then I get paid. So, I love it.”
Sierra eventually went on to establish his own company, Sierra Plan Choice. Recognizing his potential, business founders Carlos Vega and Javier de Leon partnered with the Colombian, who later became Vice President of their company, Golden Plan Choice. Together, the three entrepreneurs developed the business into a more ambitious project within the expanding insurance industry, where premiums now account for 7.1% of global wealth, a full percentage point increase over the past decade.
Having been in the industry for 17 years since its founding in 2007, Golden Plan Choice has established itself as a vital player in health insurance. “What we do is guide people, whether documented or undocumented, with or without immigration status, to get insured in this country,” Sierra explains.
One of the company’s strengths is its role as a platform for immigrants seeking job opportunities, allowing them to discover a promising business that fosters collaboration.
Insights on the US insurance industry
Sierra says that within the U.S. insurance industry, a variety of programs are available. Each plan is managed separately, unlike in Colombia. Among these plans is the U.S. federal health insurance program Medicare, which is typically aimed at individuals over 65. There are also dental plans, vision plans, medical supplements, accident plans, life insurance, funeral plans, and even investment policies.
Golden Plan Choice also helps businesses provide insurance to their employees and acts as a broker, training other agents on products and facilitating access to a wide range of coverage options. Today, the company operates nationwide and has over 1,435 agents and approximately 20,000 clients.
“It’s an ecosystem. Patients need doctors, doctors need insurance, and insurance companies need us to educate and promote their products to people,” Sierra says of the medical insurance industry.
The entrepreneur also shared with Colombia One some of the most common mistakes people in the U.S. make when beginning to look for insurance. The first error is forgoing coverage, like 8% of the U.S. population. “You need to have insurance, even if it’s the cheapest, most basic plan; having something is crucial,” he stresses. Going without coverage is “known as the ‘Superman Delusion’, thinking you can go without any kind of coverage,” he adds.
The second mistake is not having an insurance agent, which can lead to missed opportunities and inadequate coverage. Finally, the third mistake is choosing low-cost plans. Although they may seem attractive due to low monthly premiums, says Sierra, they can result in high out-of-pocket expenses when services are needed.
Success strategies from a Colombian insurance sector entrepreneur
The U.S. health insurance market, the largest in the world, drives health premium growth in North America. According to the Center for Disease Control (CDC), U.S. healthcare spending reached US$3.8 trillion in 2019, equating to nearly 17.7% of the country’s gross domestic product (GDP). Insurance costs that year averaged US$11,582 per person. This rose to US$12,000 per person in 2020. This high demand for insurance creates ample opportunities – and significant challenges – within the industry.
Amid this complex landscape, Sierra has built a successful career, and is thriving thanks to his dedication and perseverance.
“For a person to be successful in any endeavor, they need knowledge,” he says, reflecting on his journey. “But it’s no use knowing a lot if you don’t act, so you need activity – you need to go out and practice what you’ve learned. You [also] need structure; you need to professionalize yourself.”
In addition to his U.S. business, Sierra owns an insurance company in Colombia. Insurance Main Services is based in Santa Marta and is managed by his brother. Proud of his roots and citing God as a driving force, Sierra expresses his love for his homeland.
“We Colombians are go-getters. I love being able to provide jobs for my fellow Colombians. I truly love my country,” he concludes. “The U.S. is an excellent place for economic growth, but our roots – our people, the food, the family, the friends – that’s something you carry in your heart.”