If you've made the decision to build a career in selling insurance products, congratulations. You have made a choice that can have a positive impact on your future, your finances, and your family.
I wish I didn't have to tell you this, but you have also made the decision to present one of the most difficult experiences you will have in your life.
Disappointment. And why am I saying this?
Because the longer you stay in this business, the more likely you are to say "I'm ready to quit selling insurance". But why? Why do over 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 Customers – You will need thick skin to be successful in this business because you will hear the phrase "no thanks" so many times that you start to think of it as your first name. There is usually no shortage of people to buy insurance. They need to be convinced that this is something they should seriously consider now. The only client who knows for sure that insurance matters is the person who has experienced death or illness directly without insurance. It won't be the majority of your customers, so they will often say no. Send it to us!
2] Financial Insufficiency – most insurance companies are extremely wealthy. A big part of this reason is that they are an industry that gets most of their business from salespeople but they don't guarantee any pay. If a seller doesn't make a sale, he doesn't get paid. This means that as a salesperson you need to have the financial resources to go to work every day, operate your car, pay for phone service, wash your clothes to look good in front of customers, pay your household bills and eat without getting a dime for your efforts. Most of us cannot afford to go to work every day and deal with the expenses of living without money.
On some policies you can get paid fairly quickly while others take weeks. So you would expect a new agent to do whatever it takes to draft and submit cases. Still, he has no money. It wasn't long before he left the insurance industry and took a job with more financial stability.
3] Managerial Incompetence – One of the most difficult challenges for a sales agent is working under the direction of an incompetent manager. Often times, insurance companies promote sales managers who have been successful in sales. However, sales and management are two different animals. You can be a great salesperson without knowing the first thing 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.
Don't stop. Find out how to win and fight until you do.