Crucial Knowledge From an Experienced Insurance Agent

Insights from My Personal 28 Year Journey:

Looking back, I never dreamed that one day I would be earning the kind of income that the insurance industry has provided my family and I with today! My desire is to help other insurance agents do as well in the insurance industry as we have been blessed to do. The following are some basic insights to those who are just starting out in insurance sales or maybe considering an insurance sales career. Here are some important truths most licensed insurance agents are not told when they start their careers in insurance sales.

• The average insurance agents' income in our industry is around $34,000 per year.
• Most insurance agents will never build up enough renewal income to retire on.
• 80%-90% who start an insurance career in insurance sales will not make it in the insurance business beyond five years.
• Mastering prospecting and marketing, not necessarily selling (although selling skills are very important) is the key to succeeding long term in insurance sales.
• Most Career or Captive contracts take years to become 100% vested on your own sales. Many agents sign up under contracts that never offer vesting rights.
• Independent Insurance Agent contracts can provide immediate 100% vesting rights and usually pay higher commissions.
• Having the ability to pick and choose the companies you would like to sell products for allows you to be more flexible and offer more solutions to your prospective clients.

Had I searched out the advice and wisdom of someone who had been down the road I was heading first, it would have had a significant impact with the time it took to become successful in insurance sales. If I only knew then in 1981 when I started my career in insurance sales what I know now after many years of trial and error, learning things the hard way, testing many different sales, prospecting and marketing techniques, some that worked and many that didn't, I would have been able to eliminate ten plus years of frustration and slower growth.

Let me emphasize that insurance sales can be one of the most rewarding, exciting, challenging and fulfilling careers for anyone who is self motivated, goal oriented, has good work habits, loves challenges and wants to be in control of their own destiny. The most important lesson I've learned over and over is that there is no new formula to becoming successful. Although there have been some great advancements in technology and the internet has created some exciting new ways to find prospects and market your products. Success in the insurance industry still requires the development of certain traits and habits that continually propel you forward towards your goals. Some of the tools we use to get there have changed but the personal ingredients needed have remained the same.

Many insurance agents excel well beyond our industries average income mentioned above. However, the chances of becoming one of the industries failing statistics are much higher, especially if you are not starting from a position of knowledge and available resources. Seek out the knowledge of someone who has traveled the road before you. Understand the differences between what an Independent Insurance Agent contract offers and a Career or Captive contract offers. Get a feel for the type of support and resources you will need to have the best chance for success as you move forward. There are many good quality Agency support systems you can plug into. You will want to find an agency system that provides a good size product portfolio, product training, lead and prospecting support as well as growth opportunities that allow you to reach General Agent commission levels.

If you're someone who has a willingness to learn and the desire to succeed, if you enjoy working with and helping others, I truly believe an insurance sales career can be all you dream it could be. My reality has grown much larger than what my dreams were when I started my insurance sales career. So I encourage you to dream big dreams, step out and move forward to make them a reality too.