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I Advice - Top Sales Trainer Says: Insurance Selling Is Stymied By Risk-Averse Recruiting Strategies
If you build it, they will come. Unfortunately, this axiom does not necessarily work in the event venue world. Not all conference spaces are created equal, nor are they branded equally – or effectively, in many cases.A successful event venue has a defined “personality” and ably addresses a need or void within
Insurance companies are notoriously weak when it comes to recruiting successful salespeople from other fields, because they believe, without substantiation, that insurance selling is unique, and that success in other fields is not transfera
Suddenly gripped with a vision of what I wanted from his company, I seized control of the conversation and asked the salesman whom I should talk to about my idea. He was startled, of course, that I was turning the tables in the middle of his presentation, but he complied.A few calls later, I was speaking to,
It hasn’t altered its recruiting and training practices for a century, and it is unlikely to do so anytime soon, because its very product is risk aversion.
Insurance, as everyone knows, is about pooling risk. Actuaries work long and hard to determine how many claims will be filed during a given period, and then they adjust rates to reflect those risks and to garner a certain profit.
When it comes to recruiting new agents, actuarial thinking also comes into play.
Knowing that a certain percentage will wash out, insurance executives do what they can to minimize the costs of these “accidents,” these “claims” against profits, if you will.
So, they shift the cost of failure to the trainees themselves by offering straight commission positions or the tiniest subsidies they can get away with offering.
For example, one company will not pay for its new Life and Health agents’ licensing training, right away.
They’ll reimburse the fees, but only after the newbie has earned $6,400 in commissions.
But the training only costs about $300- $500!
How many recruits do they discourage from ever signing on because of this stinginess? It’s hard to tell, but definitely some.
Insurance companies are notoriously weak when it comes to recruiting successful salespeople from other fields, because they believe, without substantiation, that insurance selling is unique, and that success in other fields is not transferab
There are many different marketing methods and ideas available to grow a business, and every business owner has their own tried, tested and preferred strategy. Marketing is one of the key ingredients for business success and comes in all shapes, sizes and prices, and contrary to what many may believe, creating effec
When it comes to recruiting new agents, actuarial thinking also comes into play.
Knowing that a certain percentage will wash out, insurance executives do what they can to minimize the costs of these “accidents,” these “claims” against profits, if you will.
So, they shift the cost of failure to the trainees themselves by offering straight commission positions or the tiniest subsidies they can get away with offering.
For example, one company will not pay for its new Life and Health agents’ licensing training, right away.
They’ll reimburse the fees, but only after the newbie has earned $6,400 in commissions.
But the training only costs about $300- $500!
How many recruits do they discourage from ever signing on because of this stinginess? It’s hard to tell, but definitely some.
Insurance companies are notoriously weak when it comes to recruiting successful salespeople from other fields, because they believe, without substantiation, that insurance selling is unique, and that success in other fields is not transfera
Have you been to a networking Chamber of Commerce Mixer, Leads Club or other Business Social Event and watched how some people run off with the mouth with tall tales, stories and go on and on about nothing.Eventually they start talking about something or someone you know a whole lot about and you find that th
So, they shift the cost of failure to the trainees themselves by offering straight commission positions or the tiniest subsidies they can get away with offering.
For example, one company will not pay for its new Life and Health agents’ licensing training, right away.
They’ll reimburse the fees, but only after the newbie has earned $6,400 in commissions.
But the training only costs about $300- $500!
How many recruits do they discourage from ever signing on because of this stinginess? It’s hard to tell, but definitely some.
Insurance companies are notoriously weak when it comes to recruiting successful salespeople from other fields, because they believe, without substantiation, that insurance selling is unique, and that success in other fields is not transfera
In a funk because other sales people seem to be winning all the new business opportunities? It’s time to start claiming your share of the market. By implementing 3 key promotional strategies you’ll be able to enhance your credibility, get established as the preferred business of choice, and get super exposure even
They’ll reimburse the fees, but only after the newbie has earned $6,400 in commissions.
But the training only costs about $300- $500!
How many recruits do they discourage from ever signing on because of this stinginess? It’s hard to tell, but definitely some.
Insurance companies are notoriously weak when it comes to recruiting successful salespeople from other fields, because they believe, without substantiation, that insurance selling is unique, and that success in other fields is not transfera
One of the most effective ways to improve mental and physical health is rest. People also produce their best results when they are relaxed and comfortable at their workplace. The first concept of rest in the corporate context is stability. Therein, lies an apparent paradox. To cope with the rapid changes, the
Insurance companies are notoriously weak when it comes to recruiting successful salespeople from other fields, because they believe, without substantiation, that insurance selling is unique, and that success in other fields is not transferable.
So, they won’t pay a top earner from, say, a mortgage brokerage business to move into insurance. That person will have to do exactly the same things at the same rates of pay as complete novices, a decade or more their junior.
The inbreeding in the insurance field is not an embarrassment, as it should be, but is underscored as a strength.
Companies will boast, “Every one of our executives started as a field agent!” without realizing this is an indictment, one of the primary reasons new ideas in selling and in motivation, compensation, and management find it so hard to penetrate this industry.
No wonder the biggest threats to conventional companies and their profits are coming from upstarts that are dispensing with typical agents and salespeople, opting instead for “direct” marketing models.
Look for this trend to continue as long as the old guard insists on using the dead hand of the past to steer its course.
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