What percentage of insurance agents succeed?

More than 90% of new agents leave the business in the first year. The rate increases to more than 95% when extended to five years. Here are 12 of the most common reasons insurance agents quit or fail. Because of this, many agents who are just starting out don't have a very high success rate.

Over the years, we've seen new agents surrender faster than expected. In fact, if we had to put a number on it, we would calculate that for every 10 agents who enter the business, only 1 follows. No matter what the problem is in life, rejection hurts. Michael Sams explains: “If I hadn't started while I was in college, my last 2 years of college, I promise you that I wouldn't be in business today.

Brent Kelly, an insurance speaker, coach and coach with more than 15 years of practical insurance experience, explains: “I know a lot of successful agents who are introverts. Being a great communicator is about listening and asking the right questions. Extroverts can often have more trouble communicating than introverts, they need to know when to be quiet. One thing that will differentiate an agent who fails from a successful agent is whether they are an effective communicator in person and digitally (phone, email, voicemail, etc.) As an insurance agent, you will deal with people a lot.

You need to make sure you know the best ways to communicate with the people you work with, and it can vary from client to client. For example, one customer may hate when you send them an email and prefer a phone call, while another may hate talking on the phone and prefer email. It's up to you to listen carefully and communicate how your customer prefers. If a customer goes out and buys a new vehicle, you want to be the person they call to set up that car with an auto insurance policy.

Agents who fail don't take the time to listen to their customers or instead focus on their own agenda (i. To avoid becoming one of these victims, it is important to know the problems facing new agents and how to avoid them.) The insurance industry involves more than just finding a plan for your customers and being a one-time deal. Before launching as an insurance agent, try to schedule a call with some agents who already have industry experience. Therefore, when new agents start, they may find that they are not postponing the right “vibe” with new customers.

Chris Burand, president of Burand %26 Associates, an insurance agency consulting firm, estimates that the failure rate for new producers is 70% to 80%. The thing about insurance sales is that it's not about getting rich quickly; it's a business of getting rich over a long period of time. While playing sports can be an advantage, Jelenevsky says finding a successful career as an agent is not an end. Young agents who can go beyond that “no” and who use their agency's equipment to truly help them succeed will win, Brown says.

Not only must new agents become experts in the products they sell, but they must also have a firm understanding of marketing and lead generation. Starting a new career can be intimidating, but when you start as an independent insurance agent, you face a whole different set of obstacles.

Angelia Brazille
Angelia Brazille

Unapologetic tv guru. Hardcore travel maven. Total travel fanatic. Typical twitter geek. Hardcore explorer.

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