Selling State Farm Life..Good Idea?

[scagnt83]

Lmao.. might work if auto worked more like life where there was one face amount that never renewed.

Umm... the point is that its annually renewable.

There are annually renewable life and di policies that increase each year just like home/auto does.

And home/auto is no different than life/di. If you want more coverage, you go through UW again... and they can choose not to offer it.

Tell me why the risk is higher in 5 years on a car that is the same age and repair parts are cheaper than they were 5 years ago.

 

[Al3x Lee]

And home/auto is no different than life/di. If you want more coverage, you go through UW again... and they can choose not to offer it.

If you say so

Tell me why the risk is higher in 5 years on a car that is the same age and repair parts are cheaper than they were 5 years ago.

Repair parts cheaper than 5 years ago? Did you live through the same pandemic I did? Also, what about changing driving records and regulations? If a driver got a DUI on a non - can auto policy, would they retain the same rate? I suppose that would give plenty of incentive to never sell the car. What happens if the car is totaled though? Would that be the equivalent of a life face amount payout? Also would the face amount equate to the liability limit or physical damage coverage?

 

[Txmade99]

I will say this. That is not her job. Her job is to hire agents to do that for her agency. And to handle the larger more important clients.

Im sure she probably needs to be more involved. But her job description is not to call renewals and pitch life insurance.

And thats fine. I don't expect her to call renewals. Thats actually the easiest thing to do. My problem is that she hadn't even trained her current staff how to ask or pivot for it. They were totally clueless, but that was because she hadn't done much of it or showed them how herself. Train your staff first then you can go play. You can't hammer your staff to sell when you have not even met the expectation yourself. Her staff are only starting to become comfortable with asking just by watching me, but still haven't made a life sale because they lack confidence and knowledge of what their talking about. So the agent had me write them scripts. One managed to get an appointment for tomorrow after she did an auto and home quote, she simply text messaged the customer and said "It was nice speaking with you today, we also sell Life Insurance. Please let me know if you are interested in a quote. But yeah, it seems like it's going to be me that is going to be majority responsible for meeting sales goals on life.

Now, if you get 3% of the entire office, that could turn more lucrative for you with time. Id ask for 5% of all life sales if you are in-charge of increasing sales for the whole office. Or figure out some type of graded scale based on production.

Yes she is on a graded scale, if she meets her quota consistently for life than 3% commissions on p/c goes up to 6% percent as well. 5% is a good idea for life or perhaps $25 an hour and let her other team members do auto/home all day and keep the commissions for themselves. I'm bored with it. I would just rather service her bob, focus on her life sales and do medicare for a $250 commission but now she is saying she just wants to send medicare clients to her friend. Last year when I asked about getting into that she said I would have to commit to two years of working for her on the p/c side before she would have me do medicare. We even talked about doing bigger market projects such as business/commericial. It seems she never can get into it because she's so busy or behind. So I think she just wants to only do what is required of her thru her contract with State Farm. She has a right to run her agency the way she wants to, but unfortunately, I don't think we are going to be a match as I don't see how this is going to further my career goals.
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You mentioned spanish speaking agents. That is your opportunity imo. Its a largely untapped market. And every stat shows latinos are high intent life ins buyers.

Unfortunately, I don't speak Spanish. My agent is Spanish so majority of the life policies she sells is to the Hispanic community. I'm selling to everyone else. SF is awarding alot of Hispanics with their own agencies but without a book of business. They are doing good in sales here in Dallas, TX because they know alot of Hispanic contractors/business owners.

 

[Txmade99]

I'm thinking that's not the only reason you walked away from P&C Tired or bored? Sounds like P&C maybe was too much in the current market?

Are you insinuating that I couldn't make a sell? P&C is the most easiest insurance to sell with the lowest commission unless your selling to a family of course or commercial. SF measured my close rate at 91 percent. Last year my agent was able to take vacations whenever she wanted without worrying if I was going to make the quota. Their were days that were slow but at the end o the week, I made the sales goal and quota by hammering those phones. I got burned out because I was the only one doing the job, chasing/hunting pc customers down while she's mailing out ID cards. So excuse me if I don't care for selling for anybody else anymore. Also I wanted to try my hand at others things such as Medicare and commercial but she told me she didn't want to teach me unless I give her two years commitment on her pc side. Now I come back to her again and its she same bullyshyt. I really like my agent and she has been educational to me but I think our relationship ran its course.

That's State Farm for you but for a full office that seems like a very achievable goal in any agency I would think Tired or bored? Sounds like P&C maybe was too much in the current market?

Your right. It is very achievable. I now see that.

I thought the time to offer life insurance was when someone was still young and healthy, but what the hell do I know? Tired or bored? Sounds like P&C maybe was too much in the current market?

Yes, but that can be hard as most young people don't think they need it. You have to be creative and truly educate to get them to buy.

A boss making her staff accountable for sales? The travesty. She should fire everyone and do it all herself

Its not about the sales. Its about the leadership. If your sales is lacking from your team members then you need to look at yourself and what your not doing in teaching/training your team. You can't demand for someone to meet the quota when you did a crap job in meeting it yourself. Yes the sales is achievable, but outside of me her other staff is having a hard time because she has not taught them how to meet the goal. She has to set the example first then she can go play.

 

[Al3x Lee]

Are you insinuating that I couldn't make a sell? P&C is the most easiest insurance to sell with the lowest commission unless your selling to a family of course or commercial.

I dunno, is that what you're insinuating? If it's easy, why not focus on volume and cross-selling?

SF measured my close rate at 91 percent.

Outbound cold calls or warm inbound leads?

I got burned out because I was the only one doing the job, chasing/hunting pc customers down while she's mailing out ID cards. So excuse me if I don't care for selling for anybody else anymore.

Try independent or start your own captive agency then. It sounds like you're confident in your talents. You might as well get paid for them if you're as good as you say you are.

Are you insinuating that I couldn't make a sell? (make a sale) P&C is the most easiest (don't need the word most here) insurance to sell with the lowest commission unless your (You're, as in you are) selling to a family,(comma) of course,(comma) or commercial. SF measured my close rate at 91 percent. Last year my agent was able to take vacations whenever she wanted without worrying if I was going to make the quota. Their (There) were days that were slow,(comma) but at the end (of) the week, I made (met) the sales goal and quota by hammering those phones. I got burned out because I was the only one doing the job, chasing/hunting pc customers down while she's mailing out ID cards. So excuse me if I don't care for (to) selling (sell) for anybody else anymore. Also,(comma) I wanted to try my hand at others (other) things,(comma) such as Medicare and commercial,(comma) but she told me she didn't want to teach me unless I give (gave) her (a) two years (year) commitment on her pc side. Now I come back to her again,(comma) and its (it's) she (the) same bullyshyt.(bullshit) (Now I come back to her again I really like my agent, and she has been educational to me, but I think our relationship ran its course.

Your (you're) right. It is very achievable. I now see that.

Yes, but that can be hard as most young people don't think they need it. You have to be creative and truly educate to get them to buy.

Its (it's) not about the sales,(comma) Its (it's) about the leadership. If your sales is (are) lacking from your team members, then you need to look at yourself and what your (you're) not doing in teaching/training your team. You can't demand for (remove for) someone to meet the quota when you did a crap job in (remove in) meeting it yourself. Yes,(comma) the sales is (are) achievable, but outside of me,(comma) her other staff is (are) having a hard time because she has not taught them how to meet the goal. She has to set the example first then she can go play.

Not to be the grammar police, but it is important in our industry. Have you heard of the Dunning-Kruger effect?

 

[Markthebroker]

I dunno, is that what you're insinuating? If it's easy, why not focus on volume and cross-selling?



Outbound cold calls or warm inbound leads?




Try independent or start your own captive agency then. It sounds like you're confident in your talents. You might as well get paid for them if you're as good as you say you are.




Not to be the grammar police, but it is important in our industry. Have you heard of the Dunning-Kruger effect?

 

[Markthebroker]

Are you insinuating that I couldn't make a sell? P&C is the most easiest insurance to sell with the lowest commission unless your selling to a family of course or commercial. SF measured my close rate at 91 percent. Last year my agent was able to take vacations whenever she wanted without worrying if I was going to make the quota. Their were days that were slow but at the end o the week, I made the sales goal and quota by hammering those phones. I got burned out because I was the only one doing the job, chasing/hunting pc customers down while she's mailing out ID cards. So excuse me if I don't care for selling for anybody else anymore. Also I wanted to try my hand at others things such as Medicare and commercial but she told me she didn't want to teach me unless I give her two years commitment on her pc side. Now I come back to her again and its she same bullyshyt. I really like my agent and she has been educational to me but I think our relationship ran its course.




Your right. It is very achievable. I now see that.






Yes, but that can be hard as most young people don't think they need it. You have to be creative and truly educate to get them to buy.




Its not about the sales. Its about the leadership. If your sales is lacking from your team members then you need to look at yourself and what your not doing in teaching/training your team. You can't demand for someone to meet the quota when you did a crap job in meeting it yourself. Yes the sales is achievable, but outside of me her other staff is having a hard time because she has not taught them how to meet the goal. She has to set the example first then she can go play.

Alex is right, if you're confident in your talents, you should go indi. I have done very well as a commercial p&c broker, and I was a mediocre SF salesperson at best. But, be warned, it's different making a living as an indi agent, especially if you don't have leads coming in and the SF name behind you.

The other thing is, if you're going to stick with P&C, you're probably going to need to go the commercial route. I don't think there is a lot of future for personal lines p&c agents. Commissions are shrinking, and the cartoon characters and internet quoting systems take a bigger and bigger bite out of the market each year.

Also, obviously, this goes without saying, but if you go indi and expect to survive, you'll need a cape. And hair gel. Lots of hair gel. Or a DeLorean. Either way.

 

[scagnt83]

Repair parts cheaper than 5 years ago? Did you live through the same pandemic I did?

As a car grows older, parts get cheaper.

Repair inflation as spiked recently with interest rates to an extent. But its still within historical averages.

The pandemic actually had zero impact statistically on the COST of car repairs.

What it impacted was the TIME of car repairs.

Historically, car repair inflation averages around 4%.

Insurers are able to underwrite the future based on historical statistics. Car insurers just choose not to.

[EXTERNAL LINK] - Car maintenance price inflation, 1935→2023

 

[scagnt83]

If you say so

You are welcome to explain how that is incorrect.

 

[Markthebroker]

The pandemic actually had zero impact statistically on the COST of car repairs.

What it impacted was the TIME of car repairs.

The cost of of parts went up, as did the severity of accidents. Dramatically.