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How To Be A Successful Life Insurance Agent – The hardest part of a life insurance agent’s job is finding good leads. Whether or not you know the ins and outs of life insurance and can clearly explain the nuances of your product, you can’t live without a clue. Knowing how to find and use leads is now more important than ever, as sales increasingly move online and so agents are competing with computers for sales.
We all know that the life insurance market is saturated with hundreds of agents all vying for the attention of the very few qualified prospects. Getting these potential clients in front of your competitors is vital if you want to secure a lucrative long-term career in this industry. Keep in mind that industry training, which pays an average of $52,180 a year, is said to be only “moderate.”
How To Be A Successful Life Insurance Agent
The following methods represent the best ideas to consider when looking for life insurance leads. Below each method is a description of how it works and its pros and cons.
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Perhaps the easiest way to ensure yourself a steady flow of leads as an agent is to work for a company that generates leads for its sales representatives. Many life insurance agencies use promises from potential clients during the recruiting process to attract potential agents. While the idea of not having to find a business yourself is tempting, the picture companies paint about their major projects is almost always more appealing than reality.
However, the fact that company leaders have no upfront fees doesn’t mean they’re free. When you receive a lead from an employer, the company will almost always lower your commission in exchange.
This can be a good deal if you’re just starting out and your sales skills are unreliable, as paying lead fees before you earn a decent commission can drain your bankroll. However, for good salespeople, corporate leads often cost more in forfeited commissions than they pay upfront for third-party leads.
Corporate leaders are also known for being old and working to death. Turnover rates for most life insurance agencies are astronomical: The average tenure for a new agent is less than 90 days. When an agent quits, the firm takes back his leads and often reassigns them to the next batch of new agents. By the time you reach out to corporate leadership, there may already be half a dozen or more former surrogates calling it.
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If your company does not provide leads, or does and you are not satisfied with the quality, there are third-party companies whose sole business is selling leads to life insurance agents. The way it usually works is that you give the company your zip code, how far you are willing to travel to meet prospects, and how many leads you want to order. You pay up front, and the company provides you with a bunch of leads within the geographic area you specify.
The great thing about buying third-party leads is that, unlike employers who supply leads, lead suppliers don’t charge you a huge commission in exchange. For a salesperson with a high close rate, the cost of the lead is only a small fraction of the commission he earns.
Another benefit that most lead generation companies offer is the ability to specify lead attributes such as age, income, and desired benefit amounts.
Some companies offer a choice between exclusive leads and non-exclusive leads, meaning they sell only to you, which means they can sell to other agents as well. Exclusive leads are much more expensive, but they have less competition for your business.
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The main disadvantage of third-party leads is the risk you will run into. You pay for them upfront, which means that if you don’t sell any of them, your paycheck is effectively negative for the week. New agents who haven’t honed their sales skills are especially vulnerable to this risk.
To get new clients from LinkedIn, you must know how to get the most out of the site’s features.
You want your profile to stand out. When a man reads it, he should feel that he knows you as a person and professional, even if he has never met you. First, upload a photo that proves you’re a professional. That means no beach pics, no pics with friends, and certainly no selfies. While you don’t need glamorous photos or a top-notch photographer, you should pay a small fee to get a professional headshot from a reputable studio.
Next, take the time to write a thoughtful summary. Your summary section should provide rich details about your professional background. Here, you can tell your visitors who you are, why you’re in the life insurance business, and what you’ve accomplished in the field. Many visitors won’t keep scrolling to read the details of your employment history without a well-thought-out summary.
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When it comes to employment history, don’t simply list job titles and dates worked. This section should read like a resume, highlighting your accomplishments in each position with bullet points, but make your writing more casual and conversational. This doesn’t mean degrading into text conversations, but you want your visitors to feel like they’re talking to you over coffee, not reading boring summaries of professional accomplishments.
The site’s group search feature lets you find groups related to your industry, university, or even your hobbies. Simply joining these groups will not build your network or get leads.
By joining discussions and making thoughtful comments, you can earn the trust of others in your group and establish yourself as an industry expert. When you are seen as an expert, professionals in the relevant field will confidently conduct business your way; having people like you in their network will make them look good.
LinkedIn forums provide a place where you can provide industry advice to people who search for it. Take advantage of this feature, but don’t come across as a pushy salesman. As you answer more questions and contribute more knowledge, you can expect people to contact you for help based on the expertise you demonstrate.
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If the only time you contact someone on your list is when you’re specifically asking for a prospect or reference, then you’re doing it wrong on LinkedIn. Reach out to people on your list when they need help, or just to say hello, happy birthday or congratulations on a recent promotion.
When these contacts have a life insurance business to refer to, they are most likely to send it to the agent with whom they enjoy the most active and meaningful relationship.
Sometimes seemingly trivial social media posts can provide important clues that someone needs your services as a life insurance agent. Take the ever-present sonogram, for example. A new arrival portends a substantial increase in a person’s financial burden over the next 18 years. This is an ideal time to reach out to this contact, again in a non-stressful tone, congratulate him on the big news, and let him know you are on call.
Networking with other professionals offers a great way to get life insurance leads without having to call, rely on overworked company leads, or spend your own money.
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Most cities have networking groups where professionals from different industries meet on a weekly or monthly basis to network, trade marketing strategies and refer each other for business.
These groups are often diverse. Your networking group may include personal injury attorneys, tax accountants, chiropractors, personal trainers, plumbers, physical therapists, and life insurance agents.
Let’s say the personal trainer in your networking group is instructing a client on a set of bicep curls when the client makes a casual comment about a recent medical scare and then says his kids won’t be able to go to college if he’s gone .
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A tax accountant may be helping a client with retirement budgeting when the client casually mentions that his savings are not enough for a proper funeral. If the web team is what it should be, these two professionals have your business card on hand and take the opportunity to recommend your services to clients who clearly need them.
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In exchange, when one of your customers comments that they need a plumber or want to get in shape, you return the favor by recommending a panelist.
On the plus side, business leads are often free, so if you’re just starting out, you’re not risking your own money buying leads that might not convert into sales. Not having to compare key providers and key costs can free up more time selling life insurance.
On the downside, they’re probably old and working to death. When an agent quits, the company takes his lead back and may assign it to a new agent. By the time you reach out to corporate leadership, there may already be half a dozen or more former surrogates calling it.
Use a good professional headshot. Make your employment history read like a resume, showing bullet points of accomplishments rather than just a list of previous employers. write a good summary
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