There are several challenges of being an insurance agent. But there are also ways to overcome those challenges.
No one ever said being an insurance agent would be easy. There are several challenges you’ll face along the way. But that doesn’t mean you can’t overcome them! Let’s take a look at three of the most common challenges agents face and then we’ll provide some tips on overcoming them. Whether you’re just starting or you’ve been in the business for a while, these tips will help you succeed.
3 Challenges of being an insurance agent (and how you can conquer them)
1. Cold Calling
Cold calling is one of the most feared activities by insurance agents. Yet, it is also one of the most necessary. The key to success is not to take the rejection personally. Remember that you are not cold calling to sell a product. Instead, you are calling to start a conversation. Be prepared with a script and questions to help engage the prospect in a conversation. And remember to practice, practice, practice! Dealing with rejection is one of the most complex challenges of being an insurance agent. Remember that not every prospect will say yes, but you should keep going. Stay positive and focus on the prospects that are interested in what you have to offer.
One bonus tip for dealing with rejection, be grateful they rejected you quickly. You can now move on to the next prospect and try again. You can also use HBW Leads and have conversations with people who have already been contacted, qualified and are interested in buying insurance.
2. Finding New Leads
Finding new leads can be a challenge, especially for new insurance agents. One way to overcome this is to develop multiple sources for leads. Here are a few sources and tips for each.
- Referrals from Family & Friends
Some of your best customers will come from your friends and family. Treat all referrals like they are family, and they’ll never disappoint you. These people are looking to be taken care of, so go the extra mile and ensure they get the coverage they need at a price they can afford. Burning a bridge with a personal referral can have a negative network effect.
- Networking Events
These can be a great source of leads. Never look hungry to make a sale or close a deal at a networking event. You’ll give off creepy insurance salesperson vibes if you do that. Instead, have a mindset of abundance. You’re at the networking event to meet new people, learn what they do for work, and have a great time. Ask the most questions to be the most exciting person in the room. People love to talk about themselves, so take the time to learn about their lives. Over the course of the conversation, mention you’re an insurance agent. When people have questions about insurance coverage or policies, they want to talk with someone they have built a rapport with. Develop this skill, and you’ll have all leads you’ve ever wanted.
- Social Media like LinkedIn, Twitter, Facebook & TikTok
There are lots of clever insurance people on social media. Learn from them and try applying their techniques to your specialty. One common thread with successful social media insurance superstars is their ability to tell a story. Learn what makes a great story and use that to develop your niche in the wide world of social media. Platforms like Linkedin and Twitter are great if you enjoy writing, while Facebook and TikTok are video-centric platforms. Know where your talents lie and choose the best place to show them off.
3. Balancing Daily Tasks
As an insurance agent, you have a lot of daily tasks to complete, from administrative work to actual selling. It’s not easy to find a balance. One way to overcome this challenge is to develop a work rhythm that allows you to complete all your tasks during the week. For example, you could dedicate certain days to prospecting and networking and other days to meeting with clients and completing paperwork. Keep going even if your week goes differently than planned. Try something new next week.
One bonus tip is to do a weekly review. For example, carve out 30 minutes on a Friday or Monday to review the previous week.
You should review the following:
- How many calls did you make?
- How many leads did you quote
- Where did you fall behind?
- How can you make next week better?
These prompts can help you reflect on what worked and what didn’t. A weekly review is essential to becoming a better, more efficient salesperson.
These are just a few of the challenges of being insurance agent. But when you work to overcome them, they’re little more than a bump in the road.
If you need qualified & exclusive leads, sign up for HBW Leads today!
A great article.
I would like to emphasis on how to succeed as an independent insurance agent.
Here are strategies to overcome some of the most common challenges:
Lack of Resources: Independent agents must build their own suite of tools and resources to serve clients, market services, and manage operations.
Unstable Income: As sales fluctuate month to month, independent agents often struggle to ensure steady revenue and income.
Limited Carrier Relationships: Independent agents typically have access to a smaller selection of carriers, reducing their ability to find the best, most affordable solutions for clients.
Staying Solo: As an independent agent, it can feel isolating without the support and community of a larger organization.
Being independent brings control, freedom and significant opportunities not found when tied to a single corporation. With the right mindset and partnerships providing a base of support in areas you need it most, independence can lead to great success. Top Medicare FMOs, a diverse mix of products, expanding carrier relationships, and connecting to a broader community are all keys to overcoming the challenges of going it alone—and staying ahead of the competition. Independence and success are yours for the making.
Thank you for reading and sharing your insight, Anne!