Tuesday, May 30, 2023

I Am Ready to Quit Selling Insurance

If you have decided to pursue a career 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, but you have also made the decision to submit to one of the most difficult experiences of your life.

Disappointment. And why am I saying this?

Because the longer you’ve been in this business, the more likely you are to say “I’m ready to quit selling insurance”. But why? Why do more than 80% of agents who work for insurance companies and are licensed leave the job within the first year? Let me give you some reasons to consider:

1) Rejection by potential clients – You’ll need thick skin to be successful in this business because many times you’ll hear the phrase “no thanks” you’ll think it’s your first name. People generally do not rush out to buy insurance. They have to be convinced that this is something they should now seriously consider. One customer who knows for sure that insurance is important is someone who has experienced death or illness without any insurance. This will not be most of your customers so they will often say no. get us into it!

2) Financial insufficiency – Most of the insurance companies are very rich. A large part of the reason is that they are an industry that gets most of their business from salespeople but they do not guarantee any wages. If a salesman does not make a sale, he does not get paid. This means that as a salesman you must have the financial resources to go to work every day, keep your car running, pay for phone service, do your laundry so you look good in front of customers , Pay your household bills and eat without getting food. A penny for your efforts. Most of us are not able to handle the expenses of going to work everyday and living without money.

You may get paid quickly on some policies while others take weeks. So a new agent is expected to do whatever it takes to write and collect business. Still he does not get the money. He will soon be out of the insurance business and take a job with more financial stability.

3) Managerial Incompetence – One of the most difficult challenges for a sales agent is working under an incompetent manager. Many times insurance companies give promotions from salesmen to managers for performing well in sales. However sales and management are two different animals. You can be an excellent salesman but don’t know the first thing about management. I’ve worked under managers who thought their job was to push you to sell. Salesmen need guidance in their career to keep them focused on the target; Make money as fast as possible.

do not leave. Learn how to win and fight till you do.

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