Would a Career Change Be Wise?

[nobl3]

Hi there,

I've been weighing the pros and cons of entering the insurance business, mainly to sell insurance online (virtual agent?). I have 9+ years in retail banking experience where sales were a large factor of success, so I'm comfortable with that aspect of the job. I'm also comfortable with working my tail off to succeed. I currently make a little over $50k/annually working for a state agency. I have been at this job for 3 years and have not received a pay increase once. Needless to say, the state is having budget issues and I foresee no raise in the near future. So, my main question is, what are your thoughts on leaving my current job/PAY in order to begin a career in the insurance business? If I work hard enough during the first few years, do you think I could earn comparable pay?
Thanks in advance for your responses!

 

[DHK]

Life insurance and banking have almost NOTHING in common... except that you're talking to people about money.

I spent 3+ years at a bank as a banker and service manager. I then spent 3+ years at a credit union in investment services. At a bank, you get to feel great because you've got a great building, the "bank endorsement" of your services and the large vault that's holding their money. There's a feeling of security there.

That all goes away with independent life insurance selling. Banks don't sell life insurance (at least not very well) and most people seem to "trust" their neighborhood banker. And if they don't recommend it (and banks sell money, right?), then why should I consider it? It's something to think about.

Now then, how will you prospect? Why should people buy their insurance from you? The fact that you have banking experience shows that you're not new to working with people and their money... so there's a factor in your favor.

If you sell by price, you'll die by price.

You'll need a solid prospecting plan. People took your call when you were at the bank because the customer never knows if you're calling about a problem with their account! Plus, there was an existing relationship with the entity you were calling from. You had the advantage there!

So, when you're making calls and you're representing YOURSELF or an INSURANCE COMPANY (that they're not already doing business with), you'll have a tougher row to hoe there.

Now, if you're wanting to sell policies online, why can't you do that AND work your job at the same time? Insurance companies won't care and as long as you're not taking time away from your job, your current employer shouldn't care either.

When you're starting off, you need to assess this like a business:
- What problems will you help people solve?
- What immediate problems will you help people solve?
- Who has those problems?
- How will you approach them?
- What resources will you use to get their attention?
- What process will you use with a live prospect?
- How will you get people to go to your website?
- What products would be best suited for this market? (Notice that products only come in AFTER you've made a "survey" of what you plan to do and who you plan to do it for. Doing it backwards is foolish at best.)

Having come from a banking background, I just wanted to point out the pitfalls that I underestimated when I made my transition to the insurance world.

 

[Josh]

I currently make a little over $50k/annually working for a state agency.

If I work hard enough during the first few years, do you think I could earn comparable pay?
Thanks in advance for your responses!

Between your pay and benefits you'd most likely have to make at least $80k/year as an agent to match your income. Odds of you doing that first year are extremely low. Does that answer your question or not so much?

 

[maniacagent]

You could make it but you would be the exception.

 

[houcoogster]

Short answer..No
Long answer...Heck No

 

[Pangaea]

What if they had a website bringing in around 40 leads a week?

 

[Josh]

Then absolutely not.

 

[Pangaea]

Then absolutely not.

No as in it wouldn't be wise? Or no, as in yes?

 

[BTFuzz]

Hi there,

I've been weighing the pros and cons of entering the insurance business, mainly to sell insurance online (virtual agent?). I have 9+ years in retail banking experience where sales were a large factor of success, so I'm comfortable with that aspect of the job. I'm also comfortable with working my tail off to succeed. I currently make a little over $50k/annually working for a state agency. I have been at this job for 3 years and have not received a pay increase once. Needless to say, the state is having budget issues and I foresee no raise in the near future. So, my main question is, what are your thoughts on leaving my current job/PAY in order to begin a career in the insurance business? If I work hard enough during the first few years, do you think I could earn comparable pay?
Thanks in advance for your responses!

What type of insurance are we talking about here?

 

[xrac]

Hi there,

I've been weighing the pros and cons of entering the insurance business, mainly to sell insurance online (virtual agent?). I have 9+ years in retail banking experience where sales were a large factor of success, so I'm comfortable with that aspect of the job. I'm also comfortable with working my tail off to succeed. I currently make a little over $50k/annually working for a state agency. I have been at this job for 3 years and have not received a pay increase once. Needless to say, the state is having budget issues and I foresee no raise in the near future. So, my main question is, what are your thoughts on leaving my current job/PAY in order to begin a career in the insurance business? If I work hard enough during the first few years, do you think I could earn comparable pay?
Thanks in advance for your responses!

In this economy stay where you are at.