Industry wide first year turnover rate?

[Allen Trent]

Work ethic, especially since 2020 has been on a steady downhill slide

Don't be so hard on yourself, you have been at this a long time. It is ok if your ethics at work have slipped a bit the last 3 years. With current inflation rate, it will be right back to where it was before

 

[Al3x Lee]

Fortunately, I did not fail any classes and was able to graduate with my class . . . otherwise we could have been classmates.

I haven't seen flame out rates for new agents in years but I doubt things have changed much. When I came up through the ranks we still had a relatively strong agency system with one on one training for the first 3 to 6 months.

Work ethic, especially since 2020 has been on a steady downhill slide.

Hah, I didn't say how many years I was in High School, maybe we WERE classmates

I have often thought about this as I see agents fail in this industry. You think about other industries and the process is much different. An electrician starts as an apprentice, a CPA earns a degree and field experience, hell, even a truck driver needs a CDL.

Insurance agent? Study for a week, pass your licensing exam, and go hog wild. Most agencies could care less about investing in training. It's no wonder so many people fail, as this career is arguably more difficult than the others I listed but has the lowest barriers to entry.

It makes me question the long-term health of the industry. Couple that with the fact you pointed out, that work ethic is on the decline, and it will be interesting to watch.

 

[Cornelius]

It's sales. Not everyone can handle rejection or the hustle.

 

[Markthebroker]

Insurance agent? Study for a week, pass your licensing exam, and go hog wild. Most agencies could care less about investing in training. It's no wonder so many people fail, as this career is arguably more difficult than the others I listed but has the lowest barriers to entry.

It makes me question the long-term health of the industry. Couple that with the fact you pointed out, that work ethic is on the decline, and it will be interesting to watch.

Well, I don't know if you should use that metric to question the industry. Before Americans got too fat, pretty much anyone of recruitment age could join the Navy. Then if you qualified you could enlist in BUDS, and if you made it, become a Navy SEAL. Low barrier to entry in the beginning, and very high failure rate. They basically fail people out by beating the crap out of them, similar to the insurance industry. I'm not comparing myself to a Navy SEAL, I'm just saying the barrier to entry is similar, and so is the failure rate, and I'm willing to bet you aren't concerned about the efficacy of Navy SEALS.

FYI, while a Navy SEAL could kill a room full of people with a pencil, I could murder that same room full of people with boredom explaining subrogation or co insurance.

 

[somarco]

It's sales. Not everyone can handle rejection or the hustle.

Why are you always picking on me? Don't you like me?

 

[goillini52]

It's high, I know that. There are a lot of agencies that throw piles of agents at the wall to see who sticks. There are also a lot of people that look at my beautiful hair and spiffy cape, as well as my rock star lifestyle and white hot sex appeal of being a commercial insurance broker and want to get into the business - and later find out that it's not as sexy and glamorous as they think.

In all seriousness - I am a commercial p&c independent broker and I have been doing it for 11 years. I can tell you that while I know independent agents and agency owners that have succeeded, I have never actually witnessed an independent agent start off on their own and make it - every one has failed but me. Not some, not many, not most, but every one.

Probably the most reliabile numbers you will want to look at is how many new licenses get renewed, and how many don't. That may be the "purest" data.

It's been 15 years since the OP logged in. Guess he didn't survive.

 

[Markthebroker]

It's been 15 years since the OP logged in. Guess he didn't survive.

Oh, lol. I didn't even realize how old this thread was. Al3x Lee really did a resurrection on this one.

 

[somarco]

It's been 15 years since the OP logged in. Guess he didn't survive.

Last login 2008 . . .

Oh, lol. I didn't even realize how old this thread was. Al3x Lee really did a resurrection on this one.

I noticed it right off because my avatar had more hair and it was darker . . .

 

[goillini52]

Last login 2008 . . .



I noticed it right off because my avatar had more hair and it was darker . . .

 

[Al3x Lee]

I could murder that same room full of people with boredom explaining subrogation or co insurance.

Sounds fascinating

Oh, lol. I didn't even realize how old this thread was. Al3x Lee really did a resurrection on this one.

No need to start a new thread when there's already one on the forums So what if it happens to be 15 years old?