Somewhere around 80% of new insurance agents appointed by insurers fail and quit within their first 12 months of getting their license. And then within 5 years, 80% of the remaining new insurance agents will struggle and quit! That is a 90% failure rate for new insurance agents.
Poor Training - Insurers normally train insurance agents on all the products they want them to sell. Then the insurers (and agency leaders) will train the insurance agent to ask a few questions and learn a sales presentation that just sells a product. Insurers and agency leaders will give them an appointment script. And tells them to set an appointment with the leads they buy or the people they know! And within a year most new agents are frustrated, broke, and have no option but to quit selling insurance.
Frustrated And Quitting Sales - The first reason new insurance agents quit is they only set a few sales appointments with the leads they buy and/or the people they know. And they will close just a few insurance sales. Most insurance sales will be around $600 in commissions. Eventually, they will run out of the people they know. And they will have to buy more and more insurance sales leads. Lead costs alone per week would be around $500! Many new agents quit selling insurance because they are broke and can’t afford to buy more sales leads.
Hard Work - The second reason new insurance agents quit is initially they will need to set 10 or more sales appointments to close 3 or more sales per week. So to set 10 or more insurance sales appointments, they will need to talk to 100 or more people. This means they will make 200 or more phone dials to talk to 100 people. And that means they will spend a lot of time and money every week to make just 3 insurance sales of $600. Most new agents quit selling insurance because they have to work too hard for the money they make.
Lapsation - new insurance agents quit is that they will end up with a lot of not-taken and lapsed policies. Because they never learn to sell insurance the right way. This will mean they have to pay back a lot of their insurance commissions. These new agents are forced to quit because their lapses are more than their current insurance commissions!
Between the negativity of calling 200 people to set 10 appointments and then people lapsing their insurance policies. Plus, with the expense of the insurance sales leads! Most new insurance agents get frustrated and burned out within a year or so… and will quit the business.
Frustrated And Quitting Sales - The first reason new insurance agents quit is they only set a few sales appointments with the leads they buy and/or the people they know. And they will close just a few insurance sales. Most insurance sales will be around $600 in commissions. Eventually, they will run out of the people they know. And they will have to buy more and more insurance sales leads. Lead costs alone per week would be around $500! Many new agents quit selling insurance because they are broke and can’t afford to buy more sales leads.
Hard Work - The second reason new insurance agents quit is initially they will need to set 10 or more sales appointments to close 3 or more sales per week. So to set 10 or more insurance sales appointments, they will need to talk to 100 or more people. This means they will make 200 or more phone dials to talk to 100 people. And that means they will spend a lot of time and money every week to make just 3 insurance sales of $600. Most new agents quit selling insurance because they have to work too hard for the money they make.
Lapsation - new insurance agents quit is that they will end up with a lot of not-taken and lapsed policies. Because they never learn to sell insurance the right way. This will mean they have to pay back a lot of their insurance commissions. These new agents are forced to quit because their lapses are more than their current insurance commissions!
Between the negativity of calling 200 people to set 10 appointments and then people lapsing their insurance policies. Plus, with the expense of the insurance sales leads! Most new insurance agents get frustrated and burned out within a year or so… and will quit the business.
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