How does someone even sell insurance anymore

[TomsDiner982]

Right now someone who flips burgers at McDonalds makes more than I do selling commercial insurance. I live on ramen noodles and eggs and need to work a side hustle because I can't seem to sell anything. I have a closing ratio of less than 10%. I'm trying to justify continuing this career because I genuinely would enjoy this a lot more if I was making money at it.

Nearly every submission I make ends up NOT getting bound. The promising leads worth 5-10k of revenue always get pushed back or I get told "better luck next year". The majority of business owners I talk to always yell "AGENT DO QUOTE!!!" and don't care about actual risk management - only price - and aren't even worth that much revenue anyways. And the underwriters at the admitted carriers frequently decline it for some silly reason and then the E&S broker takes 3 weeks to get some dinky 2000 dollar quote back or the price is so high that there's no way in hell the insured would want it. It's become desperate enough to where I'd spend time just to make a 100 dollar commission. Referrals are few and far between and none of the commercial lenders or real estate professionals I've networked with want to send me anything.

So what are all these braggadocious producers that claim they make millions per year and leave the office by 2pm to drink beers and golf doing differently than I? Did they inherit a book of business? Did they suck up to the executives? Or maybe I smell bad? Am I stupid? Do I need to work for 20 years before I make 100k a year? Should I just demand a BOR before I even talk to these business owners ? Is that what everyone's doing these days instead of quoting? This career isn't working for me. I've done all the sales trainings but nothings working. Help.

 

[adjusterjack]

This career isn't working for me.

Then change it. Get into something that works for you. There's no shame in admitting that you can't cut it in sales. Some people are born salesman and some learn it the hard way. Some people, like me, have no talent for it at all.

I freely admit, here and now, that I couldn't cut it either. I ended up in the company end of the P&C business and then in claims, which I loved and I was damned good at it. I made a good living and retired with significant financial security.

Your post certainly suggests that insurance sales (or any kind of sales) is not the road you should be taking. No stigma. Get into something else before you spend any more years being frustrated.

 

[TomsDiner982]

Then change it. Get into something that works for you. There's no shame in admitting that you can't cut it in sales. Some people are born salesman and some learn it the hard way. Some people, like me, have no talent for it at all.

I freely admit, here and now, that I couldn't cut it either. I ended up in the company end of the P&C business and then in claims, which I loved and I was damned good at it. I made a good living and retired with significant financial security.

Your post certainly suggests that insurance sales (or any kind of sales) is not the road you should be taking. No stigma. Get into something else before you spend any more years being frustrated.

Except I've done sales my entire career, it's all I know, I had success at the captive company I worked at to start, and have had SOME successes, just not enough to make an actual living out of it. And so that's why it's annoying because you see all these other people that you wouldn't think are successful at selling but somehow are, and there's no way I can't do the same thing they did.

 

[marindependent]

Sorry you are having such a tough time here. I am not the ideal person to answer most of your questions, nor could I answer many of them.

But I can tell you one thing: The moment you become "desperate" [your choice of words] the closing ratio and referals are really going to dry up and die, I promise you. Clients, Contacts they can sense this. Being a salesperson my entire life I can tell you that I am accutely senstive about this and the busier, more non challant a saleperson is, the more likely I am to buy from them.

I do not know how this helps you now, but its important to see that these two are connected. Best of luck and I really do hope things turn around for you.

 

[adjusterjack]

Except I've done sales my entire career, it's all I know, I had success at the captive company I worked at to start,

Then maybe the captive life is for you, where the company name sells the policies. No shame in that either.

 

[rousemark]

Right now someone who flips burgers at McDonalds makes more than I do selling commercial insurance. I live on ramen noodles and eggs and need to work a side hustle because I can't seem to sell anything. I have a closing ratio of less than 10%. I'm trying to justify continuing this career because I genuinely would enjoy this a lot more if I was making money at it.

Nearly every submission I make ends up NOT getting bound. The promising leads worth 5-10k of revenue always get pushed back or I get told "better luck next year". The majority of business owners I talk to always yell "AGENT DO QUOTE!!!" and don't care about actual risk management - only price - and aren't even worth that much revenue anyways. And the underwriters at the admitted carriers frequently decline it for some silly reason and then the E&S broker takes 3 weeks to get some dinky 2000 dollar quote back or the price is so high that there's no way in hell the insured would want it. It's become desperate enough to where I'd spend time just to make a 100 dollar commission. Referrals are few and far between and none of the commercial lenders or real estate professionals I've networked with want to send me anything.

So what are all these braggadocious producers that claim they make millions per year and leave the office by 2pm to drink beers and golf doing differently than I? Did they inherit a book of business? Did they suck up to the executives? Or maybe I smell bad? Am I stupid? Do I need to work for 20 years before I make 100k a year? Should I just demand a BOR before I even talk to these business owners ? Is that what everyone's doing these days instead of quoting? This career isn't working for me. I've done all the sales trainings but nothings working. Help.

Maybe @Markthebroker will see this and give you some tips. He is a commercial P&C guy.

 

[TomsDiner982]

Then maybe the captive life is for you, where the company name sells the policies. No shame in that either.

No it wasn't. The captives have barely any appetite and are outdated and cringey. But people always act like independent is somehow better, even though everyone is "independent" and uses the same markets. Independent is better but is still just as competitive as captive is. That's why literally every commercial insurance agent is cold calling "contractors" and "construction" now.

 

[DonP]

5% of agents make it 2 yrs or longer . It's a tough tough profession . There's a reason few make it .

 

[Life Hawk]

5% of agents make it 2 yrs or longer . It's a tough tough profession . There's a reason few make it .

This is a "tough minded" profession. Few people can go day in and day out getting rejected. You don't sale insurance to get people to like you.

This is a lonely profession. Few people (including our own families) fully understand how it works. Product knowledge is not salesmanship. People knowledge is, and few folks have the talent to work with and handle people at this level. New people, different people, difficult people every day.

So if you enjoy a lonely job that people reject you at on a daily basis... this is the one for you!

I'm not a P&C guy by the way, I don't care about your house, car or boat... I just need to know you have a pulse... and some money.

 

[DonP]

I do this 3-4 times a day . People get froggy at the door . I tell them " pinch me pinch me " . They say what ? Pinch me as I hold my arm out . They do . I say that's as tough as leather just like me and they laugh .