Getting Started in the Insurance industry

[Suis]

This has always baffled me but what I've learned is that when you offer to help and share your knowledge and experience, they think that YOU want to sell them your own "ideas" or something like that.

Even when you tell them you DO NOT want to sell them anything but save them grief and help them learn from your ups and down - they just always think they can do better. Sometimes they are brainwashed into thinking that. They are told NOT to listen to the "naysayers" and to suspect them of trying to sell their own thing.

Even though we shouldn't give advice because "Fools won't heed it and the wise don't need it" I sometimes can't help myself with my family and children but I always preface it with "this is 'cause I love you and though I believe in you - if you fail - we have to help you pick up the pieces!"

This is one of the valuable things about this forum - we get so much advice, wisdom, knowledge from all your gurus for free. I can't keep up with all the wisdom here! Sue

I had a friend, a career changer, all excited going to work for Bankers Life. I told him that I knew quite a bit about Bankers and that he might want to consider other options and that I would be happy to have lunch with him and share some of what I knew about who to work for. He was so enthused he never called me and plunged on ahead. The next time I saw him three months later he had already left Bankers and went back to his old job. He told me it wasn't what he thought it would be and what they told him it was. Can you imagine that? If he would have listened to me...........................

 

[baggins415]

The key in this business as many experienced agents here have said is prospecting. You can have the best shiny company and crispy new business cards, but if you don't have a marketing plan you will fail.

Sadly, most companies will only teach you the 'sphere of influence' marketing plan. I learned this in the 90's with Northwestern Mutual (life insurance). You draw a circle in the middle of the page and write the name of the richest - most influential person you know. Then you draw lines out from the center of people that that person knows.....you reapeat this until you fill up as many circles as possible. Then you start contacting these people until they hate you, and ignore your phone calls, run from you at family parties, or start slipping exlax into your drink. It's a pretty pathetic plan if you ask me.

What you newbies really need to do is work the traditional path: either bust your ass cold calling - knocking on doors, buying various leads - OR you need start thinking outside of the box. That is how I've made my mark here in Northern California and also in New York & NJ. You need to get with a General agent who will teach you new systems. For example I've made a killing in the 403b market. There's a lot to this market. But once you have it down there's almost no competition and endless (practically free) leads. I wish someone had taught me something so practical when I first got my license. I had to learn the hard way - drawing my stupid circles on paper, getting the phone slammed on me, having my own family start to hate me....before I finally figured out a much better way.

This forum is a great start for you newbies. If you listen to the wise here you can glean some good information. But beware. There are a lot of guys in here that seem to spend way too much time in the forums.....I always wonder about a salesman who can be found constantly lingering in agent forums instead of spending his time finding new customers (or working the old ones) .

Partner with someone one that can contract you under them and will make money off you but will have the time to guide you. I have agents that I'll drop everything I'm doing for to help them get a sale. It's not only because I'm making money off of him, but because I like to teach and get pleasure when I see my student succeeding. You really need a partner like this....that has a vested interest in you succeeding and actually enjoys it.

The problem that I find with most large agencies is that to them it's just a numbers game. They do enough recruiting and they'll find some gold. If you aren't a fast learner and very proactive, they won't have time for you. They are really just too busy recruiting. Sure they'll have some sales meetings but the information you'll get here is nothing new under the sun. What shocks me even more is how little some of these IMO's and General agents know about the actual business. It's as if the pressure of constant recruiting has made them obsolete dinosaurs when it comes to current products, marketing, and general salesmanship. See, most of them tell you to draw that circle (or something as stupid) because they don't really know anything else!!!

If I were new today I would take a lot more control at my 'interview' and turn the table and interview the general agent or IMO. I'd ask them to give me a few reasons why I should work there. I'd ask what their marketing plan was. Ask how much marketing guidance they will give you. How do they get their leads and prospects? Are they technologically advanced ? Are they doing anything that's clever (in terms of marketing) or that you never heard of? Are they innovative in their approach to gaining new customers? OR are they just going to hand you a phone and a box full of blank index cards and give you a sheet of paper with a circle in the middle?

As for working with Captive companies - I think that's nonsense in this day and age. I don't believe in it other than for some 'training 101' for the newbie - and to use their pencil sharpener if you don't have one yourself. See, Clients love choice. There's no reason you have to be a captive MetLife agent (for example) - the MetLife General agent will be happy to contract you and have you out there selling their product with no regulatory tie down. It's called a broker contract and it's often a lot higher than anything you'll get on the street.

Good luck newbies and feel free to contact me if you have any questions. I'll do my best to help.

[email protected]
San Francisco, CA
(If you want to learn about an amazing niche market in California with almost no competition....email me!)

 

[gmhopks]

The key in this business as many experienced agents here have said is prospecting. You can have the best shiny company and crispy new business cards, but if you don't have a marketing plan you will fail.

Sadly, most companies will only teach you the 'sphere of influence' marketing plan. I learned this in the 90's with Northwestern Mutual (life insurance). You draw a circle in the middle of the page and write the name of the richest - most influential person you know. Then you draw lines out from the center of people that that person knows.....you reapeat this until you fill up as many circles as possible. Then you start contacting these people until they hate you, and ignore your phone calls, run from you at family parties, or start slipping exlax into your drink. It's a pretty pathetic plan if you ask me.

What you newbies really need to do is work the traditional path: either bust your ass cold calling - knocking on doors, buying various leads - OR you need start thinking outside of the box. That is how I've made my mark here in Northern California and also in New York & NJ. You need to get with a General agent who will teach you new systems. For example I've made a killing in the 403b market. There's a lot to this market. But once you have it down there's almost no competition and endless (practically free) leads. I wish someone had taught me something so practical when I first got my license. I had to learn the hard way - drawing my stupid circles on paper, getting the phone slammed on me, having my own family start to hate me....before I finally figured out a much better way.

This forum is a great start for you newbies. If you listen to the wise here you can glean some good information. But beware. There are a lot of guys in here that seem to spend way too much time in the forums.....I always wonder about a salesman who can be found constantly lingering in agent forums instead of spending his time finding new customers (or working the old ones) .

Partner with someone one that can contract you under them and will make money off you but will have the time to guide you. I have agents that I'll drop everything I'm doing for to help them get a sale. It's not only because I'm making money off of him, but because I like to teach and get pleasure when I see my student succeeding. You really need a partner like this....that has a vested interest in you succeeding and actually enjoys it.

The problem that I find with most large agencies is that to them it's just a numbers game. They do enough recruiting and they'll find some gold. If you aren't a fast learner and very proactive, they won't have time for you. They are really just too busy recruiting. Sure they'll have some sales meetings but the information you'll get here is nothing new under the sun. What shocks me even more is how little some of these IMO's and General agents know about the actual business. It's as if the pressure of constant recruiting has made them obsolete dinosaurs when it comes to current products, marketing, and general salesmanship. See, most of them tell you to draw that circle (or something as stupid) because they don't really know anything else!!!

If I were new today I would take a lot more control at my 'interview' and turn the table and interview the general agent or IMO. I'd ask them to give me a few reasons why I should work there. I'd ask what their marketing plan was. Ask how much marketing guidance they will give you. How do they get their leads and prospects? Are they technologically advanced ? Are they doing anything that's clever (in terms of marketing) or that you never heard of? Are they innovative in their approach to gaining new customers? OR are they just going to hand you a phone and a box full of blank index cards and give you a sheet of paper with a circle in the middle?

As for working with Captive companies - I think that's nonsense in this day and age. I don't believe in it other than for some 'training 101' for the newbie - and to use their pencil sharpener if you don't have one yourself. See, Clients love choice. There's no reason you have to be a captive MetLife agent (for example) - the MetLife General agent will be happy to contract you and have you out there selling their product with no regulatory tie down. It's called a broker contract and it's often a lot higher than anything you'll get on the street.

Good luck newbies and feel free to contact me if you have any questions. I'll do my best to help.

[email protected]
San Francisco, CA

Excellent post!

I wish I had found the wisdom of your post 5 months ago when I made a move to start in the business. I've learned the hard way what you have just described.

I am now in the process of moving from being a captive agent to an independent and couldn't be happier.

 

[669comche]

I am a PC agent, and have found that despite the hype, Loan Officers and Realtors are not entirely useful in getting referrals from.

Sure you can write some business, but usually the time and effort that goes in to developing these relationships is significant.....and not the most profitable.

I may have just had a bad experience with it and I am sure there are PC guys out their that do very well........

And if you are going to cold call you may as well miss this middle man out and go straight to the horses mouth.....

 

[TheKoenigGroup]

669, what lines of insurance are you licensed in?

I know a few people that don't even need to work leads anymore, they get passed interested prospects all day from these sources.

 

[frankiln]

i liked it...This artical looks very good.I have kept your article on the desktop of my computer. The day I feel depressed and lost, it is when I make it a point to open your article. This surely encourages me in a positive manner to do well and reminds me that I am not the only one facing the problem, there are many others like me. Thank You a ton for writing such a wonderful piece of information.

 

[Verbgravy]

I am a PC agent, and have found that despite the hype, Loan Officers and Realtors are not entirely useful in getting referrals from.

Sure you can write some business, but usually the time and effort that goes in to developing these relationships is significant.....and not the most profitable.

I may have just had a bad experience with it and I am sure there are PC guys out their that do very well........

And if you are going to cold call you may as well miss this middle man out and go straight to the horses mouth.....

Like anything else, it depends on the relationships. I have had a ton of success with referrals from loan officers especially.

 

[Mark]

My 1st question to all new agent is, what made you decide to get into this business. If it is just for the $$$$,,than you wont make it long.

A lot of people get into this business not knowing how much work this really is. This is not an easy job, but a career that you have to put a lot into.

Most people get into this business with no money and don't understand why didnt make it in this business.

You got to love to read, to be in this business.

 

[Chevarian113]

My 1st question to all new agent is, what made you decide to get into this business. If it is just for the $$$$,,than you wont make it long.

A lot of people get into this business not knowing how much work this really is. This is not an easy job, but a career that you have to put a lot into.

Most people get into this business with no money and don't understand why didnt make it in this business.

You got to love to read, to be in this business.

I think this is a very important question to ask yourself before getting into the business. I also feel it's important to work for an agent to learn the ropes and REALLY see what it is we do from day to day. Too many people look at this as a nice cushy job that you sit fat and happy in an air conditioned office every day.

That is most certainly not so. To make any money at all, you really have to work. You have to put in long mind-boggling hours of phone calls, comparing, and educating clients. It takes the right balance of patience and pressure to be successful, which can cause mental challenges.

The one piece of information I heard years ago from another Agent- Find one thing you like to do, know everything about it, and sell the hell out of it! If this one thing gets boring, or becomes less successful, pick up an additional item, and sell the hell out of it. This helps you learn step at a time, instead of trying to memorize a bunch of different things, and being spread so thin. Just sell the hell out of your specialization.

Yes, reading is a must! The business is ever changing, as a result of economic changes. A client expects their agent to be informed of these changes so you can help them make the right decisions.

 

[Mark]

This is probably going to sound neophyte-ish, but, why must you have a "love" for reading?

Because if you don't take the time to read the agent guides, you will end up not getting paid!

The unsuccessful agents seem to refuse to read the agent guide or read anything that can help them.