Getting started in the insurance business isn't easy. Estimates are that two-thirds of all new producers don't survive their second year, and those who do typically write a pitifully small amount of new business. Here's what I've learned about being successful from the more than 800 new producers I've coached during the past 18 years.
1. Forget About Work/Life Balance.
You are essentially starting your own business. It's not possible to successfully build any new business working only 40 hours a week, so expect to put in long hours. Keep in mind that most people who start their own business not only work long hours, but they often have to make a significant financial investment as well: borrowing money, taking out a second mortgage on their homes, and the like. You, on the other hand, have only to invest your time and energy. The payoff will be well worth the sacrifice.
2. Learn the Business, Fast.
Become a student of the insurance business. Use those hours before and after work for education. Learn as much as you can through self-study and online courses so you don't have to take time away from sales activities. Sign up for the Certified Insurance Counselor (CIC) program as soon as you can. The odds of making a sale are stacked against you. More than 90% of commercial accounts, for example, will stay right where they are this year. The incumbent agent has been in the business longer (maybe a lot longer than you) and has a relationship with the client. Improve the odds by knowing your stuff.
3. Drive Sales with Prospecting.
Be sure to do your homework before setting out to prospect. Analyze the market to determine whether there is a good fit between the products you have to sell and the prospects you have available. Do those products have the coverages and pricing that will give you the opportunities you need to close sales? This can help you target accounts that are most likely to buy.
4. Time Can Be Your Worst Enemy or Your Best Friend.
Focus on activities that lead you to making sales. Start your day early at 6 a.m. Contractors are already on the job by 7 a.m. Not working with contractors? Then use that time to study. Stay out of the office during business hours: Meet a prospect for breakfast or sign up for a networking group that meets at 7 a.m. Go to lunch with centers of influence, not other agents (unless they can teach you something).
One of the most effective timesavers is to learn when to walk away from prospects that are unlikely to buy. Becoming a quoting machine eats up huge chunks of time and will destroy your closing ratio.
5. Take Responsibility for Your Own Success and Failure.
I have coached successful producers in many different circumstances: divorce, serious illnesses or the deaths of family members. When faced with these obstacles, they worked even harder rather than accept failure.
These steps will allow you, in a relatively short period, to earn an income comparable with corporate executives. This can give you the opportunity to provide a fine home for your family in a good neighborhood, all the while making a positive contribution to your community.
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