If you are reading this then you’ve probably already realized that this is great market to be in or at least you are going to give it a go. So what are the secrets of success in this business? From my experience here are the 8 things you need to know in order to become a successful, swaggy final expense insurance agent:
1. Understand that you are a trust builder, an educator, advisor and a service provider.
If you can help someone solve a problem, then you are in business. This process is all about people. Identify their real needs, their wishes and who and what is important to them. Pay close attention to the information you gather and help them meet these wishes. This is an emotional sale. It’s rarely a logical one. Do not be a sales person. Be a helper. Be someone who earns trust first by serving the people and families you are with. Help them with their life. Find ways to save them money on their bills. Discuss with them what insurance they have now if any. Go the extra mile. Try to improve their situation. If you cannot then certainly don’t make it worse or do something that’s in your interest. Too many agents are tempted in situations like this to manipulate the situation to help themselves. DON’T DO THIS. People in this market need your integrity and help. Be that person. Remember this and things will generally go better for you. If you are not a person with empathy, integrity or you are truly a not connecter, this corner of the insurance market may not be for you.
2. Network or connect with an organization that has a system.
Many groups, general agencies or so called IMOs out there tout to have a complete system when really all they have are a few contracts to offer with carriers they do business with, a way for you to do your own mail or marketing, a weekly phone call they refer to as training support and a recruiting machine that churns and churns. This is not a complete success system. These groups may provide a brief stopping ground for some, but sustained long-term success is very limited and only the few strong survive.
For the highest probability for success look to connect with a team that provides a great selection of industry best carriers and products, a high quality dependable lead program and great on-going sales training and support. Look for a relationship with a marketing group that provides lead options to their agents without the financial liability or time investment for the generation of those leads being on the agent. Too many companies recruit life agents offering them the so-called best and highest contracts only to leave the agent with the full financial responsibility of marketing and lead returns. If returns are bad or the financial obligation of the marketing cannot be sustained, the high contract is meaningless and you are out of business before you even really had the opportunity to figure it out. Or conversely, other companies offer a mediocre “free” lead program on oftentimes suspect leads which are ultimately paid for by the agent with low compensation contracts. This limits earning potential for the agent dramatically on first year commissions, especially on referral and self generated business, as well as on renewals on your book of business in subsequent years.
Find a group that offers options to allow the strategic partnership you are looking for. But again, please know that a great partner company is well worth the relationship. Consistency of lead flow, great products, robust and effective training, ongoing field support, profitability of the agent and clearly defined advancement opportunities are what denotes a complete success system. And one more thing, the main thing; look for an organization of servant leaders, team members that serve one another and understand that everyone wins when the team wins. There are some bad ones out there but there are also some really good ones. Make sure you find a good one.
3. Develop a plan to make sure you have maximum time in front of potential clients.
Getting in front of the client and making your week efficient and productive is one of the biggest challenges in this business. Many people spend way too much time working on their marketing and generating leads at their own expense. Remember you make money when you are in front of clients. Spend most of your time doing what makes you the most money. So what is the best way to see the highest number of potential clients and how do you become effective at doing so? Always look to generate referrals based on your extra mile service. People are always eager to help people who have really helped them. Also, see number 2.
4. Understand what a Lead is.
Don’t assume that because someone inquired about final expense insurance and replied to a mailer or marketing initiative that they are going to buy. Leads are simply a good opportunity to have a conversation about final expense planning and insurance. That’s all they are!! There are no guarantees, just opportunities. You still have to get in front of the potential client, educate the consumer and make the sale. Remember, you are and will always be the best lead generator. Provide great service and always ask your clients, “Who else can I help?”. You will be amazed at how people want to help those who are passionate about what they do. You simply have to ask. There are no shortcuts to hard work and continually improving your skill set with regular training and implementation.
5. Be organized.
Organize leads that you receive by geographic location. Who is the closest to you? Plan your week by working with those the farthest from you and work your way back home or to your hotel area for that week. Know this information and you’ll be able to stay more organized and efficient. Organize your mobile office (your car) so that you have all the supplies and materials you might need when you are in the field. Lack of advance preparation in this area can cause missed opportunity windows on sales and significant time lost gathering the items necessary to return and complete the application on a second appointment. Have everything you might possibly need to complete your application on the first appointment.
6. Set realistic expectations.
If you get a specific number of leads each week, you’ll be able to break down the amount of time in your week spent on making contacts, and seeing people. If you have certain production obligations or personal goals then structure your week to allow you the best opportunity to meet them. Ensure that you are the best employee that you have in “You, Inc.” and hold yourself accountable to those expectations. If the organization you are working with has a work schedule that is most commonly practiced by their top earners then emulate that schedule. It probably works well for a reason.
7. Know your numbers.
Know the average close ratios of the organization you are working with and the numbers of the top earners. Know all of their numbers, not just their production numbers but also the numbers of actual meeting attempts, home visits, phone calls and actual appointments, etc. These tell the true story of the production and what your numbers should be and what your expectations should be based on.
8. Put in the Hard work.
This last one should be a given but sometimes as the boss of “You, Inc.” its easy to get sidetracked with the freedom of the being the 1099 compensated individual you are. Just remember RGA. A friend of mine, and successful entrepreneur once reminded me of this. He said,
“For you to be successful in any business, especially if you are in business for yourself, you must focus on RGA: Revenue Generating Activities. This is what determines your profitability and the profitability of the company and long-term sustainable success. You must focus on RGA and as a business builder and entrepreneur create a system to allow your people to focus on RGA. Without it the business will fail!”
If you find yourself reorganizing your office, ordering supplies, studying up on policy provisions and other non revenue generating activities during prime time then you are already working yourself out of business. You may feel like you are working and you may have others convinced you had a busy day, when in fact the reality is all you are doing is busy work. Don’t fool yourself. People see right through this! If you don’t get out and go to work and see the people then just forget this industry! Structure your week to allow for maximum RGA and keep yourself accountable to others on your team who also value maximizing RGA.
Where you choose to land in this crazy business is a choice. How you approach your work is a choice. Who you choose to associate with is a choice and how far you go or how big you grow is a choice. Just please remember that the highest probability for success in the Life Insurance Industry and as a Final Expense Life Agent or Agency Manager is with a proven system and organization allowing and compelling you to focus on RGA while they focus on the rest.
So as you can see there’s really no secret. Its about establishing great relationships, following a fundamental success system and working really hard. You can do it!
Happy Selling!