Questions about the industry

[TomsDiner982]

If that's what you're getting out of listening to Van Mueller... then I'll just reinforce what I said earlier:

You're done.

This career isn't for you.

I see it in the way you're writing. You're so deep in the house of pain that the pain is oozing out of you. You have no enthusiasm and no joy in what you do.

Maybe so. I'm sick and tired of all the agents that brag and exaggerate their numbers. They act like they're doing so well selling products or converting policies during a pandemic. It's BS. I don't think agents that post online actually make that much money doing this.

 

[DHK]

I know several MDRT top of the table agents. I know that success is possible. Just because you haven't made it happen yet, doesn't mean it isn't possible.

But you're set on getting a job and believe there's more money in being an underwriter.

 

[DHK]

Let's start at the beginning:

Why did you choose to enter in the insurance business in the first place?

 

[TomsDiner982]

Let's start at the beginning:

Why did you choose to enter in the insurance business in the first place?

Job security (pandemic proof, recession proof in general)
Can sell to many verticals
Residual income (this aspect doesn't matter if you're captive or don't go independent right away and never work for another company ever again)
Not as many millenials therefore less competition and whiney co workers to deal with
I guess you could say "helping people" is another thing. But I rarely feel like I'm helping anyone. Like I said, these agencies will hire anyone with a license (which is extremely easy to get). There's no vetting involved. All they care about is getting you to sell to your natural market.

 

[DHK]

Like I said, these agencies will hire anyone with a license (which is extremely easy to get). There's no vetting involved. All they care about is getting you to sell to your natural market.

We're all more than familiar with the recruiter's mantra:
"Hire 'em in masses,
Teach 'em in classes,
Sell all their family and friends,
and fire their ***es."

I guess you could say "helping people" is another thing. But I rarely feel like I'm helping anyone.

And we can attribute that to a lack of training and a lack of a purpose, right? If we don't know what's in it for the other person (other than the protection of buying a policy), why should they buy - let alone from us, right?


Here's the problem: The reasons you listed for getting in this industry... are all about you. And that's why you're failing.

 

[DHK]

When you got into this business, or were first exposed to this business... what did you imagine you would be doing? What difference did you believe you could make in the lives of someone else?

 

[TomsDiner982]

When you got into this business, or were first exposed to this business... what did you imagine you would be doing? What difference did you believe you could make in the lives of someone else?

Imagined that the P&C quotes would be more competitive and it'd be easier to sell instead of only selling 1 homeowner and auto policy per month during a pandemic. Also imagined the life underwriters weren't so slow at approving cases. They take 3 months to approve a case and do tons of writebacks saying I need to ask the client all these medical questions over and over. It's awful. The underwriters don't need to worry about quotas. They just sit on their laptop all day and approve or disapprove applications. So easy! And then they get CPCU and become my manager. Fun stuff.

 

[DHK]

Let's go back to your original questions:

1. Why do agency managers always hire anyone and everyone? There's barely any vetting process for hiring qualified people.

Because managers are paid to recruit. Compensation plans drive behavior. Unfortunately, I believe that many managers (not all, but many) "failed up" into management because they need the base salary.

2. Can someone please explain why mortgage lenders would ever want to refer me business? Like how is what I do so special that they'd want to help me out by sending me referrals? Every time I try to ask the lenders to send me people they never end up doing it.

People don't care what you do. They do care WHY you do it.

From Simon Sinek's Start with Why: "Your job is not to sell to people who need your product. Your job is to find people who believe what you believe."

3. Why does it seem like the underwriters are the ones that get all the money? It seems like they're the ones that move into leadership roles or executive positions, while the agents struggle for years and years before seeing any benefits. I don't understand why people don't just become underwriters instead of being a slave for so long?

Because people who have found their niche and their why can earn up to 7-figures+ a year doing what they love and they would never quit once they found it and have been exceptionally trained to get the results they want. They don't want "executive positions". They make more than they do. FAR more. Agents that struggle... either keep searching until they find their way... or they eventually quit the industry.

 

[DHK]

Imagined that the P&C quotes would be more competitive and it'd be easier to sell instead of only selling 1 homeowner and auto policy per month during a pandemic. Also imagined the life underwriters weren't so slow at approving cases. They take 3 months to approve a case and do tons of writebacks saying I need to ask the client all these medical questions over and over. It's awful. The underwriters don't need to worry about quotas. They just sit on their laptop all day and approve or disapprove applications. So easy! And then they get CPCU and become my manager. Fun stuff.

Wait until December. Underwriting gets a bit more loose.

But that wasn't the answer I was looking for.

I asked you what you believed you were going to be doing to make a difference in other people's lives. You know... when you're actually meeting with a prospective client. What did you envision THAT job to be like?

 

[DHK]

I wonder what the TOP performing agents at your firm are thinking and doing? They have the same underwriters that you do... but they're doing something different and they're thinking something differently.

Their "set of the sail" is set differently than your sails are.