Insurance Sales Outlook: 5 Qualities for Tipping the Pay Scale
The website Payscale recently conducted a study of the insurance sales agent profession, the details of which it published at the end of September. Not surprisingly, there was a wide range of earners starting as low as $23,000 per year. The median income clocked in at $35,546, and many of the top earners were close to $70,000. Obviously, if you stay in the profession long enough, you want to be at the top of that pay scale, but what separates the scale-toppers (and scale-breakers) from the rest of those at the bottom? To answer that question, we’ve put together five qualities most of these high earners have. Let’s get started.
1. They know what it takes to sell individually
You don’t get to the top of the pay scale without knowing a thing or two about how to sell as an individual. To thrive in the industry, you have to survive for a time, and that means working through inexperience, being attentive to prospects, and knowing how to push the close without overselling it. Essentially, you need to be present for your insurance leads and customers whenever they need you. You need to exude knowledge and not come across as desperate. Lastly, you need to source qualified leads — you can try a combination of purchasing leads from our service, getting referrals, and building a strong online blog/social media presence.
2. They know how to maximize revenue
Most young agents fail to increase their earnings from the low end of the scale because they fail to maximize revenue out of the people, who have already said yes. By selling more than one policy to your customers, you can earn more through less effort and build loyalty (because most multiple policy buyers are less keen on shopping around in a few years).
3. They know how to scale
While the top earning insurance agents are skilled salespeople and marketers themselves, they also know how to scale their business, bringing in more producers and establishing systems that enable those producers to find success. For the agents who are truly good at scalability, there are no limits to their earning power. They see things like the range from Payscale and find it too limiting and short-sighted. In other words, they don’t let statistics discourage them or tell them what they can or can’t do. In a word, they are entrepreneurs.
4. They are great team builders
Top-earning insurance agents also understand that they can’t do every single thing and be the best at it. They need a team to help them handle the daily duties of running an insurance agency. They also need producers, who can help them to separate time from earnings. In other words, they don’t have to be there at each meeting for the agency to bring in revenue.
5. They don’t get comfortable
One thing usually happens to insurance agents, who get too comfortable. They have a good year — like, say, earn $70,000 — and then drop like a lead zeppelin the year after. Somewhere during their golden year, they realize how good they’re doing, so they kick back and take it easy. Unfortunately, they do this before they’ve systemized their earnings, and so at year-end panic starts to set in and it becomes more difficult to get back out there and produce. Top earners never rest on their laurels. If anything, success becomes a record meant for breaking.
It can be tough out there being an insurance agent in the Internet age, but customers have shown a clear preference for buying from agents, so the profession isn’t going anywhere. It’s up to you, the agent, what you make of it. Study the qualities of top producers and start putting these to work in your own agency.