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 Posted: Tue Sep 15, 2009 9:13 am Post subject: Why do new insurance agents fail so often? |
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What could be the main causes of our failure when we join this profession of
becoming an insurance agent?
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Beckysroses84
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| Posted: Wed Sep 16, 2009 8:52 am Post subject: |
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Hi Becky,
I guess it's their inability to cross sell different insurance products.
Their portfolio seems pretty limited in terms of insurance products.
Steven |
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steven
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| Posted: Thu Sep 17, 2009 2:01 am Post subject: |
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| Most have no clue what they are doing and get eaten alive by experienced agents. Most don't have the money needed to get a marketing plan going. Most don't have a strong product portfolio. |
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dgoldenz
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| Posted: Thu Sep 17, 2009 5:21 am Post subject: |
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| Yes, most of them don't exactly have a good system which the more experienced agents have developed. A proper training would have ensured better results. Roddick |
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roddick
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| Posted: Fri Sep 18, 2009 10:56 am Post subject: |
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Someone please develop an upgraded commission system that ensures a cash flow on a weekly basis. This would help all new agents to look beyond their bills due and concentrate more on training.
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anonymous00
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| Posted: Fri Sep 18, 2009 1:46 pm Post subject: |
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| Quote: | | Someone please develop an upgraded commission system that ensures a cash flow on a weekly basis. This would help all new agents to look beyond their bills due and concentrate more on training. |
Why would someone pay a new agent for money they haven't received yet? |
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dgoldenz
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| Posted: Sat Sep 19, 2009 7:08 pm Post subject: |
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| There seems to be one overriding reason for failure. Most agents don't do what is needed to be done on a daily basis. Agents need to spend their days seeing people or fighting to see them. All other activities are taking them a step closer to failure. |
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InsuranceExpert
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| Posted: Mon Sep 21, 2009 11:40 am Post subject: |
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Hi Expert,
Which other activities are you pointing to?
Which factor in your opinion is keeping the agents pre-occupied?
Steven |
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steven
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| Posted: Mon Sep 21, 2009 1:03 pm Post subject: |
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Roddick- I guess its even more important than training, that we should be able to equip the new agents with effective marketing strategies.
With better prospecting ideas they'd be more confident to initiate a conversation with their client. Pinkfloydfan
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Pinkfloydfan
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| Posted: Tue Sep 22, 2009 8:56 am Post subject: |
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| Quote: | | Their portfolio seems pretty limited in terms of insurance products. |
Yes, a variety-product portfolio that offers different insurance solutions could support a potential client. They fail to impress quite often as they discover hidden facts associated with their prospective client.
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Crossbreed
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| Posted: Tue Sep 22, 2009 6:50 pm Post subject: |
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It is diffcult for new agents to remain in business simply because they are not prepared. I have found that new agents jump into this business not knowly the full aspect of how to build a porfolio and establish a relationship with there clients. I have had several prospective agents train in my office and they were truly overwhelmed with everything that we do. Run the agency - customer service - pay the bills - licensing - rate revisions - underwriting changes
Then on top of all of that our economy is in a tail spin and client will leave over price if no relationship is established.
I do not believe the they are lacking a variety of products because you can offer all the products in the world but if you do not have the clients to sell those products you still fail. |
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Ladybradwell
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| Posted: Tue Sep 22, 2009 7:39 pm Post subject: Cash flow |
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I've seen many agents over the years fail because they just didn't have the cash to carry them through the beginning years.
Point at hand, I'm currently witnessing a good friend of mine loosing her agency right now. She opened the agency less than a year ago and within months started taking salary. When things started getting tight, the first thing she cut was advertising, then couldn't understand why the business wasn't pouring in. Then she laid off the producer because "It was my mortgage payment or you." So now it's a one man shop where she is required to do all the servicing and the selling.
Any new business is going to need some time before income can be taken out of it.
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AnMarieB
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AnMarieB
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| Posted: Wed Sep 23, 2009 7:02 am Post subject: |
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It's always tough for people to generate a whole new database of productive clients.
It's more so if they're not self-motivated or if they succumb to denials from prospects. In order to succeed, they'd certainly need to develop proper working habbits.
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Plasticmind
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| Posted: Wed Sep 23, 2009 4:50 pm Post subject: |
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| I think it is a good idea to purchase a book of business if you have the money when opening a new agency. |
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Ladybradwell
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| Posted: Fri Sep 25, 2009 12:04 am Post subject: |
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It is quite simple, really. New insurance agents fail because they refuse to do what successful agents do.
A successful agent must have excellent organizational skills and effectively manage his/her time.
A successful agent understands that no matter how many fancy products he/she has, none of them are any good unless he/she can sit face to face with a prospective client.
A successful agent understands that he/she will never have all the answers, but will always know where to find the answers.
A successful agent understands that is almost impossible to establish a belief in a product unless he/she would buy the product(s) themselves.
A successful agent understands that the only way to get an afternoon or day off is to earn it.
Maze |
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InsuranceMaze
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