Insurance agency growth strategies you can start now

Insurance agency growth strategies aren’t as complicated as you think.

Today, we’ll look at what you can start doing today to begin building your team and recruit insurance agents.

Three insurance agency growth strategies

There are three easy ways to start attracting more insurance agents to come to work for you:

  1. Lead by example
  2. Online posting
  3. Internship opportunities

This is essentially all Cody Askins has done to grow his seven insurance-related businesses.

Lead by example

There’s nothing more harmful to office morale than a boss who practices the “Do as I say, not as I do” philosophy. And if your current staff isn’t impressed by your leadership, trying to build your agency will be like trying to build a house of cards on an unstable table.
So, if you’re telling your staff to stay late, you better burn the midnight oil too. As the leader of the office, you have a responsibility to your team. You show your team what is possible by your actions.
When you don’t lead by example, your team loses trust and respect in you. It will become nearly impossible for your team to work together successfully. Anyone you hire will likely have a hard time staying on board.
If you want to lead by example you need to apply these things to your behavior:

  • If you ask an employee to do something, it should be something you would also be willing to do
  • When you set rules, follow them exactly as you would expect your employees to do so
  • Don’t criticize anyone for anything you also do yourself

Online posting

Popular online job boards are the way to go and quite possibly one of the best insurance agency growth strategies.
Lots of them allow you to set standards you need to have for your candidates and filter out the people who don’t meet those requirements. You can also measure your recruiting results.
Here are some not-so-obvious things you should include in your job postings:

  • Office culture
  • Interesting parts of the job
  • How they contribute to the overall success of the business

And be sure to be truthful in your ad, especially on the culture. You don’t want the job-seeker to be expecting your office to be all fun and games and then be shocked when you have a job come in and everything is intense.

Internship opportunities

College students are always looking for a way to get their foot in the door. But, how can you attract them?
You can start by asking college professors. A professor will be able to recommend the best students and you can approach those students using the professor as a middleman.
Or, offer something extra. You can help them build your resume or any number of things to help them be successful when they graduate. Offer to bring them to networking opportunities. Think outside the box.

Hopefully, we’ve helped you think of some new things or techniques to help you build your agency. If you need advice specifically tailored to your situation, we have mentoring programs at affordable prices.

Make goals part of your insurance agent training

During your insurance agent training, it is imperative that you keep a watchful eye on your numbers and the target you wish to reach.

Going 100 percent every day is not easy, however, and sometimes the drive just isn’t there some days.

Cody Askins has three rules he uses to help insurance agents hit their sales goals routinely.

Write down your insurance sales goals every day

Physically writing your goals down, studies show, commits them to memory. Doing it every day should make it foolproof.

Want to increase your close rate on your final expense leads? Write down a goal to track your numbers and identify where you’re coming up short in insurance sales (not enough touches, setting appointments, or closing at the end) and then make it a goal to beat your percentage each week. Find material to study on how to close final expense leads and practice through role-playing or other means of practice.

Be sure your goals are S.M.A.R.T. — Specific, Measurable, Attainable, Relevant and Time-bound.

Make your insurance agent training public

This may be scary but, to paraphrase Theodore Roosevelt, nothing worth doing comes easy.

Making your goals public puts pressure on you to commit and accomplish them.

Post on your personal social media that you’re struggling with your insurance sales and want to convert more of your final expense leads. Post your results each week.

Don’t worry about their reactions. This is for you, not them. People who doubt you and post negative comments are usually jealous because you aren’t afraid to go after your goals like they are. Instead, use it as fuel and proof that you are uncommon and bound to be part of the 8% in this business that make it longer than 3 years.

Don’t add time to your goals

DO NOT waver on your deadlines and put off starting your goals for insurance agent training.

The time to jump on your goals is NOW when you feel the urge to accomplish them. Especially in the insurance sales world. Pointing back to the example of improving conversion rate on final expense leads, doing so would mean more money, right? So, wouldn’t it make sense to start working towards that goal as soon as possible?

These are just three rules that Cody Askins follows. There are many other blogs or books offering advice on how to accomplish your goals but it all boils down to: Do it and do it now.

Role-playing for insurance sales training

A simple way to get your insurance sales training in every single day is role-playing.

Stretched for time?

By breaking up a presentation into little chunks and focusing on the one point where you have a tendency to trip up is just as effective as going through an entire presentation.

Still not bought in on the idea role-playing can help?

Let’s take a deeper look…(text continues after video)

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Why to role-play for insurance sales training

Doing a mock presentation, call, or whatever you need help on can help you know your pitch like the back of your hand.

Furthermore, if you do it with a seasoned vet, they can give constructive feedback.

Even if you do it with friends and family, they can tell you if something sounds awkward or if it makes sense.

Sound too simple?

Have the other person play a difficult sale. Your partner can give you multiple objections, get off topic a lot, or anything that normally gives you trouble.

Also, this doesn’t have to be a one-on-one event. If you do this at the office, you can have others in the team watch and provide feedback.

New-hires watching in the “audience” can gain invaluable knowledge from watching two veterans role-play.

Importance of daily sales training

This isn’t just a one-off thing that you do to spice things up.

Whether it’s role-playing or something else, training needs to happen on a daily basis.

Most often, office leaders have the staff train in the morning so they can iron out their pitch and wake up their brain.

Think about it.

You don’t see NBA teams jog out onto the court and start the game.

They have time to warm up and take lots of shots before tip so they can get in the zone.

So, have your staff prepare for a successful day with some insurance sales training before getting into the daily grind.

Want to make sure it doesn’t become monotonous or otherwise hated? Make it sort of lighthearted!

The goal of role-playing is to create a stronger, more confident sales rep so don’t let the exercise get too negative. Make sure all criticism is constructive.

 

Want to add some training videos to your training efforts? Or are you looking for a coach or mentor who can help set your career on a successful path?

Cody Askins has a proven coaching program and lots of popular training programs that span from calling leads or agency building.

Insurance training is an important key to success

It’s easy to forget about insurance training and think the top producers in your industry were overnight successes.

Oftentimes, that’s not the case.

Did you know: 74 percent of leading companies cite that coaching and mentoring is the most important role for new agents in their business?

And, according to Leveleleven, no other productivity investment improves an agent’s performance better than sales coaching.

So, how much have you invested in insurance training?

How much money to invest in insurance training

You can stop hyperventilating because the answer to this question varies from one insurance agent to another.

However, Cody Askins himself has invested nearly $90,000 in the last year to his personal development, not counting conferences.

Cody thinks a good percentage to invest is 10% of your personal income.

Forms of training can be networking or conferences, such as 8% Nation, coaching programs, business retreats, mentorships, and etc.

Investing time

Cody used to listen to Brian Tracy’s “Art of Closing the Sale” on repeat every day in his car.

So, investing in insurance training can be time instead of money.

Insurance agents that fail to learn every day will simply fail.

Training should be a daily habit whether it be audio books like Cody, coaching programs, or training courses.

Another way you can train is by roleplaying with coworkers, mentors, or even family members so you can perfect pitches, trail closes, or whatever.

We post videos daily to our YouTube channel, which is another quick and easy way to sharpen your mind.

A form of coaching can help more insurance agents achieve their quota by 10 percent and close rates can be improved by 21 percent.

OK, but now what?

You can take this advice one of two ways.

One, you can start role-playing, reading, or any other way to try to find free ways to train. Which, is totally fine.

It does take creative thinking and time to find it but at least you’re doing something.

Another way to go is to seek out some paid options that are more direct and, usually, more valuable.

Cody Askins and co. would love to be your insurance coach.

We’ve got several different routes and price points that you can take advantage of, so there’s a little something for everyone.

You can find information on our coaching programs here or take a look into our training programs here.