Is it true 93% of new insurance agents fail within 1st 3 years?!
- Thread starter JD46
- Start date
The reason that some of those captive agents were not around after 5 years is not because they failed out of the business but because they went independent.
I have worked with duck for two years and seen a ton of agents come and go. I think the managers had to recruit 1/month (?) at that time. Training consisted of reading the brochure. A few days in the field with the manager or another agent and that was it.
I worked 8 years at a large multi-line company before starting out on my own. Again, they made a better attempt at training and gave you a book of business to start, but still was tough for agents to make it through the first 3 years of "rookie" status.
Sales is not for everyone. If I were to grow my agency, I am not sure how I would try insure that I am not wasting my time or the new agent's time. Picking the "right" person would be difficult.
That agent I mentioned in the previous post also said this one time. New agent (6 months in) says "what do you do after you have sold all your friends and family?" Old agent replied "well...now we find out if you can make it or not." The new agent didn't make it.
I worked 8 years at a large multi-line company before starting out on my own. Again, they made a better attempt at training and gave you a book of business to start, but still was tough for agents to make it through the first 3 years of "rookie" status.
Sales is not for everyone. If I were to grow my agency, I am not sure how I would try insure that I am not wasting my time or the new agent's time. Picking the "right" person would be difficult.
That agent I mentioned in the previous post also said this one time. New agent (6 months in) says "what do you do after you have sold all your friends and family?" Old agent replied "well...now we find out if you can make it or not." The new agent didn't make it.
When I was a carrier rep we "recruited" agents who wanted to sell our products. Certainly not the same as recruiting greenies for an agency, but some similarities.
If I was lucky 10 out of 100 agents might write at least a couple of apps per year. Maybe 3 or 4 out of 100 would produce enough to be considered a "heavy hitter".
These were all independent agents, not captive. Established with at least a year in the business, but usually 3+.
I made a decent income most years and eventually was hired by company where I made 6 figures every year after the first one.
Great ride while it lasted until the company was sold and half the reps were terminated.
If I was lucky 10 out of 100 agents might write at least a couple of apps per year. Maybe 3 or 4 out of 100 would produce enough to be considered a "heavy hitter".
These were all independent agents, not captive. Established with at least a year in the business, but usually 3+.
I made a decent income most years and eventually was hired by company where I made 6 figures every year after the first one.
Great ride while it lasted until the company was sold and half the reps were terminated.
Rob Lion
Guru
- 653
Yeah different kind of sales.
Derek Fleek
New Member
- 9
Im a new agent in Spokane Valley Washington. I have written up 1 app for Mutual of Omaha Term Life Express.
It is a rough start but im hoping for some help boosting my business. FleekSFG is my company. If you google it and like my facebook it would help me. Anything would help.
It is a rough start but im hoping for some help boosting my business. FleekSFG is my company. If you google it and like my facebook it would help me. Anything would help.
JD, I know this is only my third or fourth post but I'm an old man and I've spent many years in sales.
I defy you to show me any other job, career, or sales job where you can sell something, collect no money and have a few hundred dollars deposited into your checking account within 24-48 hours.
Most new agents fail because they do not have money, LOTS of money, to buy DM leads and wait for the 1% return to dribble in. And, most likely, you've been told that by many.
First I suggest you go to youtube and search for David Duford (who is, I believe Reardon on this forum) and watch all his videos. Check our Duford's videos on cold calling, he even gives you a script. Then, in youtube, search for SecureAgentMentor and watch all his videos.
Then, (after you watch half or all the videos) check the monthly closing date on your credit cards. A day or two after the closing date on your card join listshackpro.com and download the consumer sales leads for your area. Filter for 65-75 age group, income 12-20K a year, your city. Put the $50 on your credit card. You won't have to pay for it for 30-45 days. Go to the FAQs at listshack and get a SAN number for free (the link is in the FAQs) to keep from getting sued for not having a scrubbed DNC list. Start looking for a dialer and put it on your credit card a day or two after closing date. Won't have to pay for that either for 30-45 days.
Now start calling those thousands of leads you downloaded for an appointment. The dialer will dial hundreds of dials a day. You will talk to a LOT of people.
JD: "Hello, my I speak to Ralph?" (from info on dialer)
Prospect: "This is Ralph".
JD: "Ralph, I'm JD. I'm associated with a group of companies that pays for senior citizen funerals."
A. "Who is paying for yours?"
B. "Are you interested in learning more?"
Alternate between A and B to see which one gets the best response. If they hang up wait for next prospect to answer.
If you do this JD, you WILL make appointments. And your 100% commission will be in the bank before your credit card payment is due. Long before.
You do have a 100% commission, right?
Go for it!
tinman
Too wordy. Too cluttered. Get to the point before they hang up on you.
Ask a question vs telling them who you are. At this point they don't care who you are or who you are "associated" with.
- 17,077
Yes BUT...in car sales you can't get a bunch of them financed. "I'll take it today if you can get me a loan" is a common problem.
In insurance sales we can get them all approved for monthly payments. Regardless of credit.
- 5,976
You got to the forum in May, and you have made your rounds already
So what does that mean? Do you jump IMO's every month?
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