If you’ve made the decision to build a career selling insurance products, congratulations. You have made a choice that can have a positive impact on your future, your finances and your family.
I wish I didn’t have to tell you, but you also made a decision to introduce one of the most difficult experiences you will have in your life.
Disappointment. And why do I say that?
Because the longer you stay in this industry, the more likely you are to say “I’m ready to stop selling insurance”. But why? Why do over 80% of agents who get their license and work for insurance companies quit within the first year? Let me give you a few reasons to consider:
1) Rejection from prospects – you need a thick skin to make it in this industry because you hear the phrase “no, thank you” so often that you start to think it’s your first name. People don’t usually run out to buy insurance. They need to be convinced that it’s something they should seriously consider now. The only customer who knows for sure that insurance is important is the person who has experienced death or illness firsthand without insurance. That won’t be the majority of your customers, so they will often say no. Get us involved!
2) Financial Inadequacy – Most insurance companies are extremely wealthy. A big part of that reason is that they’re an industry that gets most of their business from salespeople, but they don’t guarantee pay. If a seller doesn’t sell, they don’t get paid. This means that as a salesperson, you must have the financial resources to go to work every day, keep your car running, pay for a phone service, wash your clothes so you look good in front of customers, pay your household bills, pay and eat while you don’t get any money. a dime for your efforts. Most of us can’t afford to go to work every day and pay living expenses with no money coming in.
With some policies you get paid fairly quickly, with others it takes weeks. Thus, a new agent is expected to do whatever it takes to write and file cases. Yet he gets no money. Before long, he’s out of the insurance industry and taking a job with greater financial stability.
3) Incompetence of managers – one of the most difficult challenges for a sales agent is to work under an incompetent manager. Often, insurance companies promote managers from salespeople who did well in sales. However, sales and management are two different animals. You can be an excellent salesperson, but have no clue about management. I’ve worked under managers who thought it was their job to push you to sell. Salespeople need guidance in their careers to keep them focused on the goal; make money as fast as possible.
Do not give up. Find out how to win and fight until you do.