Ninety-Two Percent of All Agents Fail - Why?

[Frank Stastny]

Because insurance is sold and not bought. There is not much demand for the product in my opinion. It's not like you're selling Mac laptops. People don't want to pay for insurance.

I think I know what you mean but I would say it differently.

I don't sell insurance. People hate to be "sold" anything but they love to have help in making a purchase.

I educate them and in the process I help them make a well-informed, intelligent decision regarding the best investment of their premium dollar.

 

[VaDwayne]

I think a big problem is the fact that most think because they get out of bed in the morning, and dress up, that this equates to working.

 

[JacquesWerth]

My first post in this forum. The national numbers do not add up to near 90%. Actually the retention rate in this industry is 36%. However depending on which carriers you sign on with if you are captive or which you carry as an independant it could be significantly higher/lower.

Some captive nationals actually flirt in the mid 40's while some MLM based carriers reflect the worst churnrates coming close to the 90% levels discussed in this thread. Indy's tend to reflect the national average which is close to 1 in 3 agents are still around after their first year and of those, about 2/3 rds make it over the financial cusp to stick it out as long as they want to moving forward.

I quoted statistics published by the Life Insurance Market Research Association (LIMRA), which is funded by many insurance carriers.

What is the source of your "actual" statistics?

 

[elitemind]

I think a big problem is the fact that most think because they get out of bed in the morning, and dress up, that this equates to working.

X2

I have always been a workaholic for hourly or salary jobs. Now that I put that ethic in my insurance business it has done wonders..

 

[Frank Stastny]

X2

I have always been a workaholic for hourly or salary jobs. Now that I put that ethic in my insurance business it has done wonders..

You, unlike a lot of others, view insurance as owning your own business as opposed looking at it as simply a way to make money.

You will be successful because of it.

 

[arnguy]

So that the other 8% can be successful!

 

[theinsuranceman]

Because they spend too much time on this Forum.

 

[sambrody24]

I have had my license for a year, Have not actually sold any insurance. But I have managed a telemarketing phone room for the last year and we have had the same problem with turnover. less then 10% make it.

I made it, and kept on getting promoted. Normally over people who had been there longer then I.

I noticed a trend for people who do not make it " at least in phone sales" its not a trend so much as it is two different phrases

1. "not my fault"
2. "nothing i can do"

I think most people feel this way when it comes to something new. Its an easier out psychologically then stretching your brain. Im not saying people are stupid either. They are not, Maybe its just that with something new its less damaging to throw out those two phrases to explain why the towels being thrown in.

FYI I move to northern New York in 2 weeks and am throwing in the towel on vacation phone sales Bad economy, nothing I can do, its just not my fault. So Im going into insurance!!
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you know whats funny though. I know a lot of people on this forum really do not like Primerica, but they offered amazing training, product and sales. There were a million webcasts to read on product knowledge and dinner table sales. they still had really high turnover though.

 

[Mike Shaw]

From personal experience: not having your own financial house in order is probably the #1 cause of failures.

The second is the SO who's not willing to put up with sporadic pay, low pay, and LOTS of time away from family while in the first few years of an insurance career. ESPECIALLY if that SO is used to working 8-5 for a paycheck.

They're both tied together. ...and pretty much ended my relationship with my SO. (there's a LOT more to it than that, but that was the final straw)

Hope that helps someone,

M

 

[sambrody24]

lol, My wife told me that from now on she will provide our family with income so I can spend a year or two starting an insurance career. She said that she is sick and tired of the pay I make when I work for others and even though when I work for my self my pay is sporadic she know that when its good its GOOD. relationships like that are key when starting anything new where you are "your own boss"