www.gonectar.com Open in urlscan Pro
52.49.198.28  Public Scan

Form analysis
0 forms found in the DOM

Text Content

Insurance Leads

Auto InsuranceHealth InsuranceLife InsuranceMedicare Insurance
Live Transfer Leads

Lead OverviewAuto Live TransfersHealth Live TransfersMedicare Live Transfers
TechnologyPlatform
Learn

BlogPlatform Updates
LoginSign Up


Deposit $500, earn $500 worth of free leads! Learn more
Deposit $500, earn $500 worth of free leads!
Learn More


THE 12 MOST COMMON REASONS INSURANCE AGENTS QUIT OR FAIL

Insurance Agent Development
Dec 21, 2021
•
7
minute read
Nectar Team

The insurance industry is lucrative, but success is not a given. It's more
common for insurance agents to quit or fail in the industry than to succeed.

Once you earn your license as an insurance agent, you immediately want to get
out there and begin making money. Yet, statistics show though that many new
agents don't make it very far. For instance, over 90% of new life insurance
agents quit within year one. Many more depart within five years. To avoid
becoming one of these casualties, it's important to know the problems new agents
face and how to avoid them.

Here are 12 of the most common reasons insurance agents quit or fail.

‍


1. THEY HAVE UNREALISTIC EXPECTATIONS

Too often insurance agents earn their license and think they will immediately
begin making over $100,000 annually with ease. The reality is a little
different. Breaking into the insurance industry is hard, and unrealistic
expectations will set you up for disappointment and failure. According to the
U.S. Bureau of Labor Statistics, the 2020 median pay for an insurance agent was
$52,180 annually. The lowest 10% of agents made less than $29,000, while those
in the top 10% were over $127,840 annually. It's critical to enter the insurance
industry with a realistic mindset of what you will accomplish in year one and
beyond.

‍


2. THEY VIEW THE INSURANCE INDUSTRY THROUGH THE WRONG LENS

How you view your job sets the stage for the outcomes you experience. The goal
of an insurance agent should be to help provide value and security for their
clients. Instead, too many new insurance agents start with a laser focus on
financial gain. If your primary intent as an agent is to make money, you will
fail. Clients will realize your end goal is not to help them, but instead to
turn their insurance purchase into a profit. When this happens, clients will
turn away, and you will end up leaving the industry.

‍


3. THEY DON'T HAVE THE RIGHT LEADS

Success as an insurance agent often starts with having the right leads. If you
sign on with an insurance agency without access to strong, high-quality leads,
you can easily spend all your time cold-calling and getting rejected. Instead,
you need high-performing leads right from the start, so you can immediately
begin building your book of business. 

That way, you can spend your time as a new agent perfecting your sales
technique, not chasing leads that don't go anywhere. This can make the
difference between early success or an early exit.

‍


4. THEY HAVE THIN SKIN

No matter how good your leads are as an insurance agent, you will need to reach
out and connect with a potential client. A lot of times this will mean a cold
call, especially when your agency is not helping you with leads. Many new
insurance agents don't realize just how many times they will hear the word “no.”
Anyone with experience in sales — even the best salespeople — will explain that
rejection is far more common than acceptance. If you've got thin skin, you will
not be an insurance agent for long.

‍


5. THEY FAIL TO MAKE USE OF NEW TECHNOLOGY

Insurance agents need to be able to keep up with current technology. What worked
a few years ago may no longer get the same reception from someone trying to buy
insurance. The internet, in particular, has changed the way insurance agents
function. Technologies out there enable simple blogging, social media
networking, search engine optimization, and more. All this technology allows
insurance agents to connect, and an inability to use evolving technology will
leave you losing out on clients.

‍


6. THEY DON'T HAVE A PROFESSIONAL MENTOR

One way to do well as an insurance agent is to get help and guidance out of the
gate. You need a professional mentor to help you navigate the ocean that is the
insurance industry. When you begin, find an insurance agent that will allow you
to ask questions. The more successful the agent you have as a mentor, the
better. The goal isn't to simply emulate them, but rather to learn from the
experiences they have had and apply those lessons to your own situation. When
you lack a mentor, it's easy to flounder without a support system.

You could also work as an independent insurance agent on the Assurance agent
platform. Assurance offers you personalized training, pre-qualified leads, and
the freedom to sell wherever and whenever you want.

‍


7. THEY TRY TO SELL ALL TYPES OF INSURANCE IMMEDIATELY

You may think that, as an insurance agent, you can sell any type of insurance
policy. So, you start by trying to sell auto, home, life, and more at the same
time. But do you know enough about these products and how to sell to potential
clients in these areas? 

One big mistake that leads insurance agents to quit early is that they try to
spread themselves too thin too fast. Focus on one insurance line to start with
and get good at selling it. Learn the product, the coverage offerings, how
different factors affect premiums, and what clients see as valuable. Once you
master one, move on to the next. Trying to do everything at once will lead to
failure.

‍


8. THEY DON'T UNDERSTAND CUSTOMER NEEDS

To be a successful insurance agent, you need to build long-lasting relationships
with clients. If a client goes out and buys a new vehicle, you want to be the
person they call to get that car set up with an auto insurance policy. That call
doesn't happen without an already existing relationship.

To build the relationship, you need to understand customer needs. If you're
focused only on the sale and not the needs of the customer, you're likely to
miss out on a lot of opportunities. You want to go above and beyond with your
customer — know their needs and exceed their expectations. Amazing customer
service is built on long-lasting relationships. Without them, you may find your
career as an agent is short-lived.

‍


9. THEY FAIL TO NETWORK

Relationships in the insurance business extend beyond just your clients.
Successful agents also know how to network with other insurance agents. This is
about more than having a single mentor. When you network with other insurance
agents, you can share tips, strategies, experiences, and more. It's easier to
stay up to date with industry trends when you have a reliable network and fellow
agents with whom you can share ideas. Those who do not practice networking will
find themselves isolated and will likely fail to take their role as insurance
agents to the next level.

‍


10. THEY DON'T KEEP UP WITH INDUSTRY TRENDS

The insurance industry is changing rapidly. If you fail to keep up with industry
trends, you'll quickly fall behind. To succeed in insurance, agents have to be
committed to knowing the industry. It must go beyond just being a “job” and
instead needs to be in some sense what you are. When you know insurance, you
continue to learn more over time, understand changes as they come, and adapt
your sales strategy accordingly. It's critical that you keep up with industry
trends to be successful as an agent.

‍


11. THEY TOO EASILY GIVE IN TO DISCOURAGEMENT

It's easy to feel discouraged as a new insurance agent. Say you fail to close a
deal with a client in your first week or even your first month. What does that
mean for your future? You may start asking yourself if you made a mistake with
this career, if you are any good as an insurance agent, or similar questions.
It's far too easy to give in to these emotions, but those who do may quit too
soon.

‍


12. THEY DON'T HAVE THE RIGHT SUPPORT SYSTEM

Every insurance agent needs a support system. You need someone or a group of
people who support what you are doing, are there to answer the phone to hear
stories about your day and help pick you up. This could be colleagues, friends,
family, and so on. When you don't have a support system, you may not get the
help and guidance you need to persevere. 

‍


THE BOTTOM LINE

Becoming an insurance agent is a difficult task. There are many opportunities
for rewarding careers in the insurance industry, but also ample chances for
failure. Before you jump in as an insurance agent, try to set up a call with a
few agents who already have experience in the industry. Getting perspective on
what you can expect can help you mentally prepare for the road ahead.

During the beginning, and throughout your whole career, it's valuable to make
sure you have leads coming in all times. Without quality leads who are ready to
buy, you could end up in a state of endless cold-calling, rejection, and wasting
time and energy. You don't need to be one of the many insurance agents who fail.
Let Nectar's real-time insurance leads or live call transfers set you up for
success right out of the gate.

‍

Get started today
Share this blog post:


This article reflects the features of Nectar as of the date of publication.
Features are subject to change at any time. This article is meant for
informational purposes only, it is not a guarantee that using Nectar will help
you achieve specific business or financial results and is not intended to serve
as the sole recommendation for any business financial decisions.

1946098



RELATED BLOG POSTS

How to Become an Independent Insurance Agent Insurance Agent Development
May 26, 2022
•
8
minute read

Nectar Team
How Much Money Does an Insurance Agent Make? Insurance Agent Development
Nov 23, 2021
•
7
minute read

Jacob Tegtman
How to Successfully Sell Insurance Part-Time Insurance Agent Development
Jun 22, 2021
•
11
minute read

Nectar Team

NECTAR MARKETPLACE

 * Insurance Leads
 * Live Transfer Leads
 * Platform
 * Technology

RESOURCES

 * Blog
 * Platform Updates
 * About Us
 * Terms of Service
 * Returns Policy
 * Contact Us

We believe in the symbiosis between humans and machines; neither could achieve a
prominent place on their own. As a leading insurance platform, we've created the
most advanced technology and data science systems and built it all to support
the human touch.

Sign UpLog In
©2021 Assurance IQ, All rights reserved.
The Nectar Marketplace logo is a registered trademark of Assurance IQ.