10 commandments for newbie insurance agents
The 11th is, 'Thou shalt not panic.' The 12th is, 'Maybe this article will help.'
People new to the business often feel like they are drinking from a fire hose.
There’s so much to learn and the advice they receive is often conflicting.
Is social media the new cold call/? Should I be diving into social prospecting? Why must I attend so many meetings?
You might have already read: The 10 commandments of prospecting for insurance agents.
If there were 10 commandments for newbies, here’s how they might look:
1. Thou shalt prospect, prospect and prospect some more.
Success in this business is largely about ringing the cash register. You need to open new accounts and deepen those relationships. This should occupy almost all of your time. You need a plan. Ask for help from your sales manager.
2. Thou shalt find a mentor.
This business is hard, but you are helping people and the payoffs can be incredible. Find a successful agent with an outgoing personality. They often enjoy helping newer people succeed. Have lunch with them often. Be humble. Learn from them. Ask insightful questions. Follow their advice. Don’t waste their time.
3. Thou shalt honor thy industry.
They’ve likely been around forever. You may work in a big building with their name outside. The insurer has won awards. It advertises on TV and in print. All this builds up a brand reputation. Insurance companies are likely household names. Use this to your advantage. Be proud of your carriers.
4. Thou shalt follow thy agency’s strategy.
After much research, the agency has determined which market segments to target and the client needs to fulfill. They probably play a central role in your compensation plan. These are your products most familiar to the general public. Learn about client needs and recommend solutions the agency feels are most appropriate.
5. Thou shall not kill thy career by doing something illegal.
Don’t sign a client’s name to documents. Don’t accept orders in accounts other than theirs without a power of attorney on file. Don’t accept cash and write a check to the firm on their behalf. Don’t become complicit in a crime.
6. Thou shalt not lie.
This involves sins of commission, like not explaining exemptions and deductibles thoroughly. The agency sends plenty of client documentation with lots of bold type. They will know.
7. Thou shalt not steal fellow agent’s clients or leads.
Remember the Golden Rule, “Do unto others as you would have them do unto you.” Don’t poach clients from your peers while covering their phone, claiming they are neighbors. Don’t go through their desk drawers or guess at their computer password, looking for leads.
8. Thou shalt not stop learning.
As a newer agent, you have a big advantage. You know about the latest products and strategies. They are fresh in your mind. The office will have sales training and product rollout meetings. Attend them all with an open mind. Ask yourself: “Where would this fit into my business?”
9. Thou shalt avoid negative co-workers.
Many newer people don’t make it. You might find your peers complaining “I have no business” or established agents saying “I wouldn’t advise my kids to get into the business.” They will bring you down. Stay away from them. Seek out your mentor instead.
10. Thou shalt not ignore thy client contact system.
You might think you can retain client conversations in your head. Maybe, but you can’t recall everything at once. Your CRM system can keep track of client interests, when they said they have money coming in and the general conversations you have along the way. The system can prompt you when a significant event occurs, giving you a reason to get in touch. These records are also valuable in the case of client disputes.
Are there other rules to should follow? Of course. These 10 cover most of the important stuff. Your mentor can tell you the rest.
Related:
- How to speed up the training of new insurance advisors
- 5 approaches for putting insureds first
- How to compete in the new commercial insurance industry