If you’ve made the decision to build a career selling insurance products, congratulations. You have made a decision that can positively impact your future, your finances, and your family.
I wish I didn’t have to tell you, but you have also made the decision to submit to one of the most difficult experiences you will ever have in your life.
Disappointment. And why do I say that?
Because the longer you stay in this business, the more likely you are to say “I’m ready to stop selling insurance.” But why? Why do more than 80% of agents who get their license and work for insurance companies quit in the first year? Let me give you a few reasons to consider:
1) Rejection by potential clients: You will need a tough skin to succeed in this business because you will hear the phrase “no thanks” so many times that you will start to think it is your first name. People don’t normally run out and buy insurance. They have to be convinced that it is something they should seriously consider now. The only customer who knows for sure that insurance matters is the person who has experienced death or illness firsthand without insurance. That won’t be the majority of your customers, so they’ll say no often. Get us!
2) Financial insufficiency: Most insurance companies are extremely wealthy. A big part of that reason is that they are an industry that gets most of their business from vendors, but they don’t guarantee wages. If a seller doesn’t make a sale, they don’t get paid. This means that as a salesperson, you must have the financial resources to go to work every day, keep your car running, pay for phone service, do your laundry to look good in front of customers, pay your household bills, and eat without receiving a dime for your efforts. Most of us cannot afford to go to work every day and manage the expenses of life without money coming in.
On some policies, you can get paid fairly quickly, while others take weeks. Therefore, a new agent is expected to do everything he has to do to write and send business. However, he does not receive any money. It’s not long before he leaves the insurance business and takes a job with more financial stability.
3) Managerial Incompetence – One of the most difficult challenges for a sales agent is working with an incompetent manager. Insurance companies often promote sales managers who have done well in sales. However, sales and management are two different animals. You can be a great salesperson but know nothing about management. I’ve worked with managers who thought their job was to push you to sell. Salespeople need career guidance to stay focused on the goal; earn money as fast as possible.
Do not give up. Find out how to win and fight until you get it.
