This is a requirement for a LIFE INSURANCE MENTOR
1. 4 years of experience or more
2. You have now created your own sales presentation. You should have the company’s canned sales presentation in a trash dump by now.
3. You will be a better sales manager for the younger agent. A minimum of 50% is sufficient.
4. It is now time to bring the agent along to 2 of your appointments. Next, it’s time to join the agent on two of his appointments. One as a seller and one as an observer.
5. Recognize the importance of direct mail leads as a source for appointments or sales.
6. As a mentor in life insurance, you should be willing to accept quality leads via direct mail.
This is required for a newer LIFE INSURANCE AGENT
1. Know that life agents only 85% fail within the first 18 months. Few survive for more than four years.
2. Realize that your career manager is not equipped with the necessary techniques or concern to prevent you from failing.
3. Recognize that you waste a lot of time trying to find potential prospects.
4. Recognize that you will need to have more sales appointments and skills. Or you won’t last.
5. You will benefit from seeing a sales professional in action. You would be able to offer the same products at the same appointments as him.
6. You can ask the same mentor to present on your behalf and have him observe you in action. Analyze the 4 appointments you both attended.
7. As an investment in your future, determine your financial capacity to pay an upfront fee for handling mailing, list, and print fees. You will likely get your money back or more in the form of commissions.
WHAT IS THE VALUE OF AN INVESTMENT?
The total cost of the initial $1,800 for an insurance agent is approximately. This includes the cost of a quality client list of 3,000. All printing and bulk mailing fees are included. Agents typically get 40-60 leads from interested clients to help them find out more. You can get an additional 20-30 leads if the agent has a website.
VALUE OF THE INSURANCE AGENT MENTOR
Half of the direct mail leads you receive are quality. You should have at most 15 sales appointments with these 20-30 leads. A closing ratio of 60% means that there are 9 sales you didn’t prospect and don’t have to pay anything for. You can earn $4,500 if you get $500 per sale. It took you less than 10 hours to become the mentor for the insurance agent newer agents.
VALUE OF THE NEWER INSURANCE AGENT
Also, you had 20-30 quality leads. You could make 12 appointments and get 5 sales. Add the presentations that your mentor gave you and the one you made under his supervision. You will make $2,250 your first year commission if you earn an average of $450 per sale. This amount is actually more than the initial investment you made in yourself.
A WIN-WIN END RESULT
He is financially and mentally rewarded for his mentoring of an insurance agent. He recalls his difficulties as a novice agent and is pleased with the results of his mentoring. He appreciated the knowledge gained from watching or giving sales presentations. He can now adapt his own presentation to incorporate new selling skills. He is now able to use direct marketing letters and postcards as an alternative to the endless prospecting that he used before. He is open to the fact that it will not be easy. It is possible to have a successful career in insurance sales.