5 Things They Don’t Tell You About Selling Insurance
If you’re looking for a career that offers a potentially large financial upside, copious amounts of opportunities and even the long-awaited goal of self-employment, then selling insurance may be the job for you, especially if you are good at forging relationships, handling rejection and you’re committed to customer service. Most white collar jobs these days require little more than showing up and going through the motions, but that’s not true for insurance sales. It’s the best commission gig out there – its workforce is fully dependent on their client’s premium payments, and if you are able to convert prospects consistently, then you can consistently become more and more wealthy, at least in theory.
Selling anything is difficult, but if you’re set on selling insurance of any kind, you have to be fully committed, even when it’s hard…and it’s going to be hard for a while, especially if you’re just getting started in the industry. Here are a few things your employer or your acquaintances in the insurance business may have left unsaid:
Start with the right foundation.
If you’re in this job for the money, you will get burnt out very quickly, and your commitment will start to give way or shift. Your ultimate goal should be to help others, regardless of the type of insurance you’re selling. We all know that insurance is a necessary evil, but if you approach customers with a showy attitude or greedy mentality, they can see through that in a heartbeat. Build your business on the right principles, and you will be able to stand strong when times get hard.
Selling insurance is slow-going.
This is not a job for the faint of heart. Similar to customer service or retail, insurance sales typically doesn’t pay that well at the start. But unlike those other jobs, the longer you stick around and stay committed, the easier the job will become, and the more rewarding it will be, thanks to referrals and residuals from your clients. But sticking around is the hard part – studies show that 4 out of 5 new agents quit after the first three years. That’s why your foundation is so important – if you know you can do this job, then going slow won’t be a hindrance for long.
Be prepared for rejection.
Now, you’ve surely heard this before starting your new sales position, but some people don’t have a firm grasp of what rejection really is. When it comes to selling insurance, you can basically assume that the majority of your leads will not pan out. You will hear the word “no” more in this line of work then you ever did before. Once you’ve shadowed the established agents in your office for a while, and you really start to understand the nuances of the job, you may get a positive response from a few prospects, which will undoubtedly lift your spirits, but don’t let it go to your head – after the first year or two, the commissions start to only trickle in, where you may only gain a small percentage for each year of a policy. The numbers are not impressive, and it may take a while for you to see numbers that you’re comfortable with. But those who can weather the storms of unproductive stretches will be the successful ones in the long run.
It’s not all about selling.
You may think that you walked into a job where all you do is talk to people, give them options to help them, be their hero. But for every hour of selling you do, there are at least 2-3 hours of administration work that you have to do – no one will do those things for you. It’s best if you can start to build your business practices and rhythms right away – set a schedule and stick to it as much as you can. Make sure your clients know what your job entails so there’s no breakdown in communication. If you have questions, ask them! Find a good mentor who can show you the proverbial ropes, so you don’t feel like you’re being strangled by them.
You need to do the work.
Whether it’s utilizing the best technology available, continually learning new aspects of the industry, or actually getting an education in the field and becoming certified, you need to decide whether or not the effort is worth it, and if it is, you need to actually do it. If you want to up your cold-calling game, start using a predictive dialer rather than dialing phone numbers manually. If it’s learning new things, approach your employer about attending a training course, a webinar or a conference. If it’s about getting an education, get some referrals, study hard, and pass the required exams. You are the only one who can determine your rate of success.
The Bottom Line
You can have all the talent in the world – be an eloquent speaker, have the business savvy, are good with numbers or administrative responsibilities – but if your heart and mind aren’t set, you won’t move forward. “Every agency and product is different, but the bottom line is that growth comes off of new sales, but living comes off of retention.”-David Kline, Industry Expert
If you or your employer are looking for ways to improve sales and close more deals, help your agents stay on task, or save time and money by eliminating manual work, we at Call Logic can help you do just that. We have developed a cloud-based, TCPA compliant, advanced outbound calling system that can revolutionize the way your agents make calls. Call us for a free demo today!
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