Succeeding in Insurance Sales Agencies: Insights and Realities
When people consider a career in insurance sales, many wonder if it's truly a path to wealth and success. In personal experience, my wife started selling insurance and I saw firsthand the challenges and opportunities that come with entering this field. This article aims to provide valuable insights and real-life experiences to help you understand what to expect when working in insurance sales agencies.
The Myths and Realities of Insurance Sales
When I met my wife, she was new to the insurance sales industry, and initially, I thought it would be a breeze. I believed she would be rolling in money, similar to my job where I sold auto parts. However, as she began explaining how the industry works, my perception changed. She had to make cold calls, rent a desk, and pay monthly fees. If she made no sales, she made no money. Eventually, she was able to secure two sales, but unfortunately, she chose to quit. At my job, I managed to close three sales, and these helped us save up and buy a house in cash.
Narrowing Down the Successful Agencies
When it comes to insurance sales agencies, there are clear indicators of whether you're likely to succeed or not. Here are some points to consider:
Focus on making extra money on the side: If the agency primarily focuses on additional income as a secondary benefit, avoid them. Group presentations vs. personal interviews: If the agency only invites you to group presentations rather than providing personalized interviews, steer clear. Recruiting others: If the promotion in the agency relies heavily on recruiting others, then it might not be the right fit for you. Compensation and company appointments: If the presentation is solely about compensation and the number of companies they can appoint you with, avoid them. Individual training and client solutions: If the agency offers individual training, tailors solutions to clients' needs, represents top-rated companies, and has a working relationship with underwriters, it could be a good choice.By finding an agency that prioritizes these qualities, you increase your chances of long-term success.
Personal Experiences and Insights
Based on my own experiences, I now own three agencies and have observed that approximately 70% of our representatives find success. This success rate is considered very high in the industry. If you are dedicated to helping people and excel in sales, you stand a reasonable chance of succeeding in this field. As an example, I know several insurance salespeople who have made in excess of $5 million per year, with many others making well over a million.
The success in insurance sales ultimately depends on your work ethic, your ability to learn, and your willingness to work hard. If you can navigate through the challenges and adapt to the industry's expectations, the rewards can be substantial.