Blowing Smoke-New Producer Beware

07 Sep Blowing Smoke-New Producer Beware

Selling insurance is pretty hard, but not impossible.

If you're new to the industry, be cautious who you hitch your wagon to. There are a lot of good agencies, a few great ones, and a whole slew of mediocre, poor and bad.

Three questions you should ask your new employer before you join them.

1. What has been your success ratio with new producers?
2. Show me your training and development program please.
3. How do you compete in a commodity market and what is your win ratio?

There are two reasons new producers don't make it. Reason #1 is simply the wrong person got hired. It happens a lot because of poor hiring practices. Reason #2, poor system for the right person.

Theoretically, the right person will always make it. But, that's a risky way to look at business. It's better to put the right person in the right system. That will ensure success.

Which leads to the next question; how do you train and develop your baby lambs? Lambs get eaten by wolves. The commercial insurance industry is full of well-seasoned, smart agents that feast on baby lambs when they come a calling. If you have a good selling system and something to compete with other than price and coverage, you have a chance against the wolves. If not, you're sure to get eaten.

Which leads to the last question; how do you compete, and how often do you win? If your new employer tells you they have a great reputation, been in business a long time, have good market relationships, great people and good technology… run.

They need to be able to tell you concrete, actionable things they use to win business. If they can, you have a great chance to be a Million Dollar Producer someday. If not, keep shopping… this is not a dress rehearsal.