The insurance industry is one of the most challenging industries to break into or succeed in. While this industry helps people fulfill their insurance needs, it can be a tough environment for new insurance agents who want to make a living on commissions from insurance sales. According to statistics, over 90 percent of new insurance agents quit their job within the first year.
Why Do Insurance Agents Fail?
Grind is something many insurance agents can’t handle. Finding new clients is difficult, even with taking advantage of online resources. Many insurance companies recruit new agents with the promises of plenty of leads, but once they are on the job, they find that the leads are almost insignificant. Besides, insurance agents who get leads from their employers usually earn lower commissions in exchange for the leads. And when new agents quit, their employers usually redistribute the leads that were once assigned to new hires.
By the time you secure your first leads, they may have already been contacted by a couple of other agents. Because of this, it’s important to understand that rejection is a big part of being an insurance agent, and you must embrace this if you want to be successful in the industry. If rejections wear you down or get under your skin, this may not be the right career path for you.
Being a Successful Insurance Agent
While it is not easy to be a successful insurance agent, it is not as hard as you may think. Working as an insurance agent allows you to improve people’s lives as you enrich your own. Just like any other job, a committed insurance agent will likely succeed at selling insurance. However, insurance agents have one benefit over other careers: they are more likely to see their effort yield more fruit because compensation is directly correlated to their performance.
In addition, a successful insurance agent can make a lot of money down the road. In addition to the commission you earn from selling a policy, you will also be paid renewal commissions for as long as the client keeps renewing the policy. Many agents who have been in the business of selling insurance for many years have enough renewal commissions to make a great living, even when they no longer sell insurance policies.
If you are looking for an IMO that can provide you with the training, tools, and resources required to help you maximize your success, contact Western Marketing today.