Success Tips - 3 Reasons Why Most Insurance Agents Fail

The 3 Main Reasons Why Most Insurance Agents Fail

Dear Friends, Have you ever heard; “To succeed in business, find out what successful people do, and then do what they do?” This same idea can be applied to the flip side… “Find out what unsuccessful people do, and then don’t do that!” There is a lot of information about how to be a successful insurance agent. But there is very little information about how NOT to fail as an insurance agent. Have you ever wondered why 90% of new insurance agents fail? Compare successful insurance agents to those that fail. You will find there are 3 main reasons why insurance agents fail.

Insurance Agents Fail Because They Don’t Have The Money To Back Them Up!

Most insurance agents fail because they expect it to be an overnight success. And, it is because that is what they were told when they were hired… “Just follow our plan, and you will make a bazillion dollars!” So when it takes weeks and months for them to make the money they need to support their family, they can’t wait.  And they are forced to give up!

What your agency didn’t tell you, is when you are new to selling insurance it may take weeks for you to make enough sales! Then it may take weeks for a policy to be underwritten so that you can get paid. And when you are new to sales, some people will have buyer’s remorse. So you will have some chargebacks. (commissions taken back)

The bottom line is that anyone who gets into insurance sales needs to have some money to back them up!  They need to have enough money to cover 3 months or more of their expenses!

If you do not have the money you need to back yourself up, then you should consider selling insurance part-time for a while! Until you are sure that you will be successful as an insurance agent!

Insurance Agents Fail Because They Lack Sales Support!

Another big reason why insurance agents fail is that they do not have the sales support they need. Most agencies will provide a new agent with product training and a few sales tools… like a product brochure, some sales software, a sales appointment script, a sales presentation, and maybe some sales leads. Then they are told to go out there, see the people, and make sales.

But, just because you have a few of the tools you need, it does not mean you are good at using them. There are a lot of little secrets that you do not know right now. But you may learn them over time. The problem is that you are competing with successful insurance agents who have spent years honing their skills, market knowledge, and most importantly… their sales skills!

You can learn all of those things in time by trial and error. Or you can find a coach and mentor who will share their expertise. Every agent needs to have a support team. But new agents need a support team even more. A coach and mentor will help you to avoid the mistakes that everyone makes.

Why try to go it alone, when you can have access to successful insurance agents who have been there and done that?

Insurance Agents Fail Because They Focus on Commissions Rather Than On Service and Helping People!

3 Reasons Why Most Insurance Agents FailBut the biggest reason why insurance agents fail is that their focus is on making a commission, rather than on providing real service to their clients! Have you been to a restaurant that provided you with poor service? Did you ever go back?

Yes, I know that you need to make money. But, the best way for you to do that is to help people to get what they need and want… and NOT just make a sale.

Helping people to get what they need and want is how you make much larger sales. And it is the best way for you to grow your renewals, make repeat sales, and get lots of referrals!

Your exceptional service and focus on helping people will be the secrets to you being a successful insurance agent. If you do not exceed your client’s expectations, then you are no different than any of the other agencies out there. For you to be successful (not fail as an insurance agent), then you must separate yourself from the rest of the pack. And, your exceptional service and your dedication to really helping people are what will get you there!

When you always put the needs of your clients before your needs, you will be a highly successful insurance agent… rather than an insurance agent that fails!

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Summary 

Every new agent needs to know why most insurance agents fail. Just as much as they need to know why insurance agents are successful! When you enter sales with enough money to back you up. When you have a support team that you can rely on. And then you put your client’s needs before your own needs… You will discover just how rewarding and profitable insurance sales can be!

The result is you will be a successful insurance agent that will provide for you and your family for many years to come… And maybe even generations!

Of course, there are a lot of other reasons why insurance agents fail. But these three are the main reasons why insurance agents fail. The more informed you are about why insurance agents fail, the more equipped you will be as a successful insurance agent.

Our Advice For Insurance Agents That Want To Be Successful Selling Insurance

The advice we give to everyone who sells insurance… STOP selling your products! Instead, focus on serving and helping your clients. Help people to get what they really need and want.

And find yourself a mentor! Find someone who has done it themselves and work with them. Get the guidance and advice you need to get it done. Find the right sales support team, the right people, and the right company that is there to support you!

I’m where I am today because of the people that I chose to have around me, through the years! People that taught me… If you take care of people, then people will take care of you! 

“The more you lose yourself in something bigger than yourself, the more energy you will have.” Norman Vincent Peale

“Don’t concern yourself with the money. Be of service … build … work … dream … create!
Do this and you’ll find there is no limit to the prosperity and abundance that will come to you.” Earl Nightingale

We started the IPS 21 years ago because we were tired of seeing so many insurance agents fail each year!

Christopher Antonopoulos - Discover The 3 Main Reasons Why Most Insurance Agents Fail“I want to thank Jeremy Nason and Lew Nason for their coaching on life insurance strategies.  They helped me to further my understanding of how to communicate the importance of life insurance policies to my customers more effectively.  My life insurance policy count has increased (into high double digits) by over 200% through August 2020.”

“The coaching that I have received from Lew and Jeremy at Insurance Pro Shop has been such a help and very effective.  This has resulted in me helping many more families to be insured with life insurance.  If you are new to the business or you are a seasoned veteran, Lew and Jeremy can help in these challenging times.  After all, the need for life insurance is at an all time high.  Agents simply need to remember that success is found by using a process and system that finds solutions for families and individuals using life insurance.” Christopher Antonopoulos, NV, Managing VP, Appreciation Insurance & Financial Services (12 yrs in financial sales)


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