Re: Ninety-Two Percent of All Agents Fail - ReallyGo to Top
Several posters questioned the accuracy of 92%. It comes from the Life Insurance Market Research Association (LIMRA) - which is funded by many of the largest insurance companies.
More accurately, of all newly licensed agents, 92 percent are no longer licensed within 4 years. Apparently, the primary reason is lack of adequate earnings.
Long before LIMRA released that number to the public, it was told to me in confidence by top corporate officers of two of the largest insurance companies in the USA.
The reciprocal of that 92% drop-out rate is that 8% percent of all new agents survive.
Bias Warning
62% of the agents that we train survive and their income is considerably greater than average.
Re: Ninety-Two Percent of All Agents Fail - Why?Go to Top
So.....does this thread qualify as an infomercial ?
I think about 50% of the 92% are lazya$$es who do not commit to working the system. I'd guess that another large portion are recruited under false pretences and ultimately find this business is not a good match. There...now I'm an internet expert...book and seminar to follow
Re: Ninety-Two Percent of All Agents Fail - Why?Go to Top
Originally Posted by xrac
Why is the failure rate so high? There are a lot of reasons but perhaps it has something to do with the barrier to entry being so low? Anyone or at least almost anyone can get some company appoint them to let them become an agent. I know a guy trying to sell AFLAC that I wouldn't hire to sell pencils. What does management care if he washes out. He may make 2-3 sales that they can hang on to and collect the renewals.
Because there is no barrier to entry some that are unemployed say I will give it a try. That is all it is a try and there heart and committment aren't in it. When they find it is work and demanding guess what? They decide to do something else.
I tend to agree. I got my license as a result of meeting a sales manager while I was on vacation. I knew nothing about insurance sales as I had a book distributorship that I had recently sold. I went to the two weeks of classes and then took the test at a local testing center. I remarked to the testing center manager that I was surprised that a city of our size (50K people) could support a testing center. He replied that there were so many people coming in to take the tests that they must be selling insurance to each other. It's the same way with real estate sales around here. Everybody is related to somebody that sells real estate.
Re: Ninety-Two Percent of All Agents Fail - Why?Go to Top
It's interesting how many new agents are flooding the market now a days. During the dot-com era, companies couldn't find agents anywhere, now, everyone is an agent.
Bias Warning 62% of the agents that we train survive and their income is considerably greater than average.
This is aninteresting statement, one which is probably correct, at least in general. My question is whether this has to do with the training or the fact that those who are willing to shell out some serious $$$ tend to have more of a commitment and therefore are the ones more likely to succeed anyway?
I'm assuming most of it is the latter, but, most agents can use some more training. Face it, even millionaires seek out training from billionaires.
Dan
P.S. Yes, this thread is an infomercial!!! Kinda like the ones that say "Diets don't work, but if you buy our plan, you'll loose weight magically". Then you get the plan, it is a diet and an exercise routine, the very thing they told you that wouldn't work.
Re: Ninety-Two Percent of All Agents Fail - Why?Go to Top
Originally Posted by 1manshow
...I think about 50% of the 92% are lazya$ who do not commit to working the system. I'd guess that another large portion are recruited under false pretences and ultimately find this business is not a good match. There...now I'm an internet expert...book and seminar to follow
Amen!
I think the two go hand in hand. If an agent is going to believe the ads or managers who say:
"Show Me The Money!
Make $150,000 per year working only a few hours a week while sitting at home in your underwear."
That agent is most likely not only looking for a "get rich quick" scam, they are probably not willing to work hard enough to earn it if it possible.
Agents fail because they are looking for someone else to do the work so all they have to do is write apps. Writing apps is fun, finding qualified, interested buyers is work.
Where do I sign up to get a copy of your book?
------------------------------------ Professional Medicare Supplement Sales Training, Coaching and Support.
"The Perfect Contact Management Program (CMP) for the Insurance Professional" www.YourInsuranceOffice.com
877.633.0808
Re: Ninety-Two Percent of All Agents Fail - Why?Go to Top
Originally Posted by Dave020
Jeez, Frank, after 14 years NOW you tell me??? I was counting on the underwear thing any time now
I didn't mention the most important part. I usually don't share this with anyone but if you promise not to tell anyone else I guess I could tell you. Promise?
Successful underwear agents only wear Under Armour, either gray or black. Those who wear white never make it.
Re: Ninety-Two Percent of All Agents Fail - Why?Go to Top
Originally Posted by Frank Stastny
Successful underwear agents only wear Under Armour, either gray or black. Those who wear white never make it.
Sorry but I disagree!! :-) The absolute best underwear for the agent-on-the-go is Ex Officio. I've gone around the world with 2 pair, one on me, one packed. Wash in the evenng, they dry in a few hours ready for wear in the morning. You can read about and get them here.
If you are on the road as much as I am, you will appreciate traveling light and Ex Officio stuff helps you do that.
Re: Ninety-Two Percent of All Agents Fail - Why?Go to Top
Originally Posted by al3
Sorry but I disagree!! :-) The absolute best underwear for the agent-on-the-go is Ex Officio. I've gone around the world with 2 pair, one on me, one packed. Wash in the evenng, they dry in a few hours ready for wear in the morning. You can read about and get them here.
If you are on the road as much as I am, you will appreciate traveling light and Ex Officio stuff helps you do that.
Usual disclaimers apply.
Al
Nothing dries faster, provides more comfort and "support" than Under Armour. Bottoms, oops, hands down.
I want to present you with a challenge. Buy just one pair of Under Armour, about $20, and if you don't agree that Under Armour is the best, most comfortable you have ever owned, I will send you a check for the amount of your purchase. Honest.
"My underwear is better than your underwear. Neener, neener, neener."
Re: Ninety-Two Percent of All Agents Fail - Why?Go to Top
[quote]
Originally Posted by Frank Stastny
Nothing dries faster, provides more comfort and "support" than Under Armour. Bottoms, oops, hands down.
They don't make briefs. All they have are "old-man" boxer shorts and everyone knows that only homo, bi, and trans sexual men (and women) wear this style, as well as men who... um... shall we say... uh... don't need "much support."
Those who have a normal endowment, to say nothing of those HERE (and that's MOST of this board) who have a HUGE SET of reproductive necessities, always, always, always wear jock-briefs. Indeed, it is almost a requirement. I never knew a good salesperson who didn't require a great deal of support.
Look at the mechanics and science of it all. Boxers, even tight boxers have no other place to go but "up." Now if you have standard issue equipment (or your creator super-sized you) when that eventual ride-up occurs, it's not going to be pleasant.
You go to a client's office and you sit down on a low couch and what happens. Your boxers ride up and just about strangle you. You have to jump up, try not to show the pain, and do a Texas two-step in the hope that they will reposition themselves further down your thigh. Yeah, that's really professional! (Although my bet is that some of your women clients will get sort of a smile out of it.)
And what happens when that hot female client has you confused with the UPS or FedEx guy, you really think you are going to look good in broad daylight with just a pair of boxers on? Not gonna happen.
I suppose your old-man style is fine for guys (especially in the religious conservative South and mid-West) who believe in abstinence before marriage and who engage in relations only for pro-creation afterward, and who have little or no need to "support, preserve, and defend" their personal "constitution."
But we who live in the liberal West where "getting it on" and "hooking up" is as necessary a part of the day as a glass of fresh California orange juice, the ONLY option is the jock-style briefs, and the top of that line is Ex Officio.
And one last thing, and I swear this is 100% true. When I worked for Ross Perot and EDS in the early 70s, they had a very strict dress code... dark suits, ONLY white shirts, lace wing-tip shoes... and boxer-style shorts.
Why the boxers? Ross said that you never knew when the client would invite you to his club (golf, tennis, swim) and you'd have to change in the locker room. Ross believed that you looked more business-like and professional in boxer shorts than in what he called "kiddie" briefs. To their credit, EDS didn't "go looking" for guys wearing briefs... but they did fire guys who would not wear suits, shoes and especially white shirts.
Who are you going to believe about anything having to do with sex? A guy from Missouri... or someone from California... where sex was practically invented! If you want to wear Armour shorts and stand there and look like an old man with no balls, hey knock yourself out... knowing the guys on this board as I do... it won't surprise me one bit!
Al
(who can talk (or at least BS) on any topic on the planet... including underwear... thanks to years of going to Toastmasters each week!)
Re: Ninety-Two Percent of All Agents Fail - Why?
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