There are 26 Fortune 500 insurance companies. People need these products, and they have made a big difference in many people’s lives. Although it took me a while, I discovered that there are great companies in the insurance sector to help you protect your future prospects. Captive agents are likely to work for one of the top choices.
If you’re a captive agent, the next question is: Is your company a great choice for all your prospects? If your managers are like mine, they will try to convince you that this is true. My agency believed that we were the best and everyone should have insurance. I was even required to sign a noncompete clause. These are highly-sophisticated companies with expensive-legal contracts and well-paid attorneys.
In the beginning of my tenure, I signed many contracts without understanding any of them. I was taken aback at the view from the 46th Floor of the downtown office and the income projections they presented to me when I went in. I would have signed a contract allowing them to take my pinky off in exchange for the chance to work there. These contracts provide well-thought-out leverage to the Home Office and Insurance Agency, especially since the captive agent isn’t always aware of the implications.
My normal thinking process for new representatives was to let as many people as possible know what I was doing. “I am a life-insurance agent for ABC and help people with their financial security. Oh, and did I mention that my practice is located downtown? The home office can be a great marketer when it comes to new reps. They sold me right away on the fact that they were the best company and it was a privilege to work for them and to sell their products. They would remove me from my position if I didn’t sell enough insurance to meet the FYC quotas. This was a privilege I was grateful for after landing such a wonderful opportunity.
It was almost impossible to establish a consultative relationship with someone who was affiliated to a company if they didn’t meet the requirements for insurance or wanted to pay more for it. Because one size does not fit all, I was too focused on selling a company. There are 26 life-insurance firms in the Fortune 500. They all offer value to their clients. Each company has its own advantages and claims to be the best in the industry. It is important to remember that the most difficult and least stressful part of selling insurance is not done by one company over the other. My ABC managers weren’t compensated for other products. They would also terminate my contract if I didn’t sell a certain amount. Guess which product I sold at every meeting, unless there were any health issues? It was ABC insurance. I spent fifteen minutes discussing the company and comparing it with other products during the CLOSE.
This is not the best way to build consultative relationships and it can really damage your client’s image. Instead, help your clients shop the market to find the best coverage and build trust for a long-lasting relationship.
I’ve spent thousands of dollars to learn how to succeed without having to die trying to sell insurance products.
…and I created this resource to assist you. The Home-Office Tactics didn’t work for me so I created the marketing materials, resources and expertise to help you take control of your finances, time, and practice.
