Project 200

[Golfnut2112]

Let me reply as another new agent. Project 200 is pure BS. What other industry makes it's entry level sales professionals learn their trade sellng to family and friends? Well there is one- stock broker. But not so much anymore.

The insurance company is basically making you learn and start your career at the expense of your family and friends. This is bad for you, and short sighted of the company.

How to get started selling a great and useful product? Attend business and professional events, post on Facebook and LinkedIn, develop and buy leads, train with and support senior agents, or be the insurance person for a non-insurance financial services firm. Don't use your family and friends as cannon fodder.

Project 200 belongs in Amway, Herbalife, business history books and TV shows like Mad Men. LIMRA should be disbanded for this travesty of a faded marketing and networking concept.

I completely agree project 200 is BS. When I started I believe it was project 100 and as a 23 year old I thought it was stupid. The problem is that new agents go out and sell their friends and family, run out of people to see and is out of the business in a year. In the meantime companies add new policyholders which I assume most of them will keep their policies after the agent fails. The companies and LIMRA know this why else would they continue to use a system that promotes failure. What is the failure rates of agents in the first few years?

 

[rousemark]

Actually there are many businesses that succeed at an extremely high rate as compared to insurance agents. For example, franchise businesses have a 90% success rate. This includes all types of industries.

The number they tout may not be accurate, but it by far exceeds the insurance industry. We have failed as an industry to provide a model for success. This could be argued by saying human nature doesn’t support our industry well.

Call reluctance, lack of work ethic, etc. can be blamed. I say the insurance industry just sucks at providing the training and support necessary to help agents be successful. Certainly the FMO/IMO model is a major failure.

The franchise businesses that do not have a high failure rate require a substantial investment which means you have a more dedicated and determined owner than a business that only requires $50-$100 to get started..

 

[rousemark]

#bossbabe...

Herbalife, doTERRA, Avon, etc.

It has been around for ever...

The insurance industry has been around even longer. And, the failure rate of those companies is at least as great as the life insurance industry if not more so.

 

[Tahoe Ray]

The insurance industry has been around even longer. And, the failure rate of those companies is at least as great as the life insurance industry if not more so.

Avon will give most carriers a run for their money but that was my point...there are a lot of "businesses" that recruit novice salepeople/business owners.

 

[rousemark]

Avon will give most carriers a run for their money but that was my point...there are a lot of "businesses" that recruit novice salepeople/business owners.

Yeah.. and, like life insurance the MLM companies often have a low "investment" required.. But their failure rate is extremely high and the majority of their people are part time supplementing thier income.. I have known very few Avon, Home Interiors, Amway, Herbal Life, etc that make a substantial full time income solely from selling those products..

 

[Life Hawk]

I believe there is a personality type that excels in approaching friends and family and there is the opposite. It certainly is a failed formula from the traditional agency system. I say failed as the insurance industry is not successful in developing agents.

I worked in these systems many years ago and they were no more effective then than they are now. As someone stated earlier, it's helpful to the agency as they get to your natural market before most agents blow out of the business.

Many (not saying all) companies use this tactic to just get business on the books and prey on the good will of family... I understand the thought of helping ramp someone up... but not sure that it works as well as some think...

 

[Life Hawk]

As a company, Edward Jones does it the best. They have a standard of collecting 25 contacts per day door-knocking in their defined areas. They set the expectations up front that cold-calling and door-knocking are expected activities.

Too many firms promote "No cold-calling"... and we wonder why the industry drop-out rate is so high. It's because they promote a bar that's so low.

If you can't cold call... however you want to define it... you shouldn't waste your time... if you can't talk to and interest a total stranger... you only think you can sell.