Scroll down for a discussion on The Next Great Thing within the General Insurance Agent Discussions.
A recent post made me start thinking that insurance is becoming the next big thing. Recently the "hot" market has been Real Estate. Everyone's talking ...
A recent post made me start thinking that insurance is becoming the next big thing. Recently the "hot" market has been Real Estate. Everyone's talking about investing in real estate, or selling real estate and how much money you can make. There are commercials on TV for real estate seminars and a real estate agent on every corner. I'm concerned that insurance is next. As I start to read posts about going into insurance to make big money fast and then get out. Or that people are wanting to do it part time. (Nothing against part timers, just pointing out it's popularity.) I wonder is our industry about to see an influx of under educated, short term agents? What will the long term effects be? Are we the next hot new trend?
To some of the seasoned agents- Have you seen this before?
Steph
P.S. I don't mean to start up a bad topic I'm just curious about other peoples opinions.
------------------------------------
Steph
My job is so secret I don't even know what I'm doing!
I wonder is our industry about to see an influx of under educated, short term agents?
Unfortunately this has been going on for quite some time.
A L Williams started recruiting part-timers 30 years ago. Several life agencies, (Primerica, World Financial, NAA, etc.) still recruit & train part-timers.
Same thing in the health business with companies like United American, Mega, MidWest, AFLAC.
There will always be some folks getting into, and out of our industry in hopes of making a quick buck. The latest thing seems to be the $0 MA plans. I attended a certification class last year for a carrier. The class had about 40 in attendance.
Roughly half had their insurance license for less than a year.
All of them were talking about making $5k per week giving away "free" insurance.
This profession isn't for everyone. The company I work for has a HUGE agent turnover, simply because the agents come thinking they are going to make BIG money, then see all the work it requires, and leave. Not everyone who comes into the business has the work ethics to stay. So, if they DO come in thinking those thoughts, doesn't necessarily mean that they are going to keep at it.
Real Estate is something TANGIBLE, something that someone puts their money into and actually GETS something out of it. Insurance on the other hand, is something that someone buys "just in case" and there are many out there who won't buy just because of that reason. To them... Insurance is like gambling.... you might use it, you might not. The ONLY guaranteed insurance that will be used is Life Insurance, and there again, it isn't for THEM, it is for someone else. So it is harder to sell. I don't deal with Health Insurance, I just sell Life and Annuities.
Those are just my views on agents, because I have seen them go out faster than they come in.
While real estate is and has been a way to make large commissions, it requires just as much work (usually more physical) and capital. You have to buy a property, fix it up, list it, and hope it sells for what you ask for and in the time frame you want. I have seen houses on the market close to a year. You can make a lot and loose a lot.
Lots of insurance program are "pie in the sky" themes. Ads like:
Life Insurance
Work PT for FT pay
No Prospecting - Free leads
First year earnings 60K or more
Blah blah blah
Some people leave because they do not have the ability to self motivate or need that cooperate structure. Others think that it will be that easy, and when it is not, they call it quits.
Insurance as the next big thing? Probably not. According to late night TV, getting in shape, no money real estate, and E-Bay are still leading the way.
------------------------------------
"Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it." Ronald Reagan
This profession isn't for everyone. The company I work for has a HUGE agent turnover, simply because the agents come thinking they are going to make BIG money, then see all the work it requires, and leave. Not everyone who comes into the business has the work ethics to stay. So, if they DO come in thinking those thoughts, doesn't necessarily mean that they are going to keep at it.
In my experience, with the agents I have hired and trained, insurance seems to attract a lot of "unsuccessful people". They are drawn by the BS companies and agencies are touting. How many motivated, successful intelligent people are going to answer an ad that says, "work from home, free leads, $150,000 first year commissions", no experience necessary, will train"?
When one is trying to recruit new employees, and running ads with that kind of verbiage, only the "lazy" people who have failed at most other things are going to be the ones "suckered" in by that kind of BS.
MA recruitment is one of the worst. It doesn't take a rocket scientist to "give away" a policy that is suppose to do the "same thing" as Medicare and a Med Supp that people are now paying $130 per month for now. Seniors are easy targets for anything cheap or free. (Guys, that is not a slam to those agents on this board that are acting responsibly in selling MA plans and helping clients make an intelligent decision between an MA plan and a Med Supp.)
New agents can make tons of money "giving away" MA plans but that is not "selling insurance". When their MA sales fizzle out they are lost and don't know a thing about prospecting and selling. They can make a "quick buck" for a short period of time. They are slamming seniors based solely on price and don't know a damn thing about Medicare or Med Supps.
Take a close look at the agents going in and our of the revolving door. Would you hire most of them? I tried for a long time. For every 200 I talked to there might be one who I felt had the ethics, work habits, and determination to work hard enough to make $35,000 to $40,000 the first year.
Most of them need someone to "hold their hand" all of the time. I use to call them in the morning and most of the time I woke them up. I finally gave up and decided I could make more money selling insurance than holding the hands of a bunch of lazy, unmotivated people who were looking for a "free ride" to riches.
------------------------------------
Medicare Supplement Sales Training and Coaching.
"The Perfect Contact Management Program (CMP) for the Insurance Professional" www.YourInsuranceOffice.com
877.633.0808
Take a huge company - say Exxon. Ok, starting this week every single employee is now on 1099 and works from home. They set their own hours and do what they want. Predictions of when Exxon files for BK? About 6 months.
About 2% of the entire population is capable of working with no boss. Out of that 2% now figure in the percentage who can contact prospects, schedule appointments, close deals and keep it on the books for a year.
------------------------------------ Health Insurance Agents: Training, Support, Discounts, E&O for $440 www.ihiaa.com
Don't forget to include the term "part-time" in your ad.
I forgot to mention, work from home in your "underwear". That will really get their attention. That will mean that they launder their "wash and wear" suit as often.
Take a huge company - say Exxon. Ok, starting this week every single employee is now on 1099 and works from home. They set their own hours and do what they want. Predictions of when Exxon files for BK? About 6 months.
About 2% of the entire population is capable of working with no boss. Out of that 2% now figure in the percentage who can contact prospects, schedule appointments, close deals and keep it on the books for a year.
Very true. I have doubts everyday, being honest.
As I've discussed with you, I think the huge amount of services offered complicates it in my mind. I don't recall these organizational problems when I was in the business years ago. I just didn't have the maturity and wisdom to do it well and soon learned that miscellaneous expenses are NOT the smallest part of the hospital bill.
The Next Great Thing
Linear Mode
