One of the biggest secrets that agency owners don’t want their new producers to hear.
You nervously walk in the office of your new insurance sales job. With an energetic handshake you greet your new boss. He takes you to a small cubical, hands you a licensing book and says…
“Here are your licensing materials, get through them as quickly as you can so you can start making money.”
You awkwardly thank him for the opportunity, turn to your desk and sigh,
Well… I’m now an insurance agent.
Months pass. You’re busting your butt calling everyone you know, stretching to hit your sales quotas. You like your boss but realize, as nice of a guy as he is, he’s too busy to offer any support, training, direction or mentoring.
His only advice…
“When I was your age, I just grabbed a phone book and a phone and started calling. Good luck”
Uhhh, Thanks for the advice?
Why is this story so prevalent, especially in small town agencies?
There are a few reasons, but I’m going to divulge one of the biggest and scariest ones.
But first, a disclaimer. I don’t write this with thoughts of malice or revenge. Rather, with a protective, big brother intent. It’s a practice that has hurt too many, and with the well documented young agent shortage in our industry, It’s a tactic that our industry can no longer afford to tolerate.
The biggest secret that agency owners don’t want you to know…
(and I’m sure I’ll get in trouble for letting the cat out of the bag)
Is that the owner,
(don’t shoot the messenger)
Will get paid more from your book of business if you fail then if you succeed, So why should he help you succeed.
This has been a known business growth model for decades. We’ll call it new agent churn and burn. It’s an easy way to capitalize on the motivated and sometimes desperate energy that young people can bring.
Here is a simple breakdown of the Churn and Burn Agency Growth Strategy.1-Hire new agent
2-push to get licensed quickly
3-set high required sales quotas
4-don’t provide training and support to hit those quotas
5-get their closest family and friends as new clients
6-watch the new agent burnout, leaving his book of business behind
7-complain how the new generation is too lazy to make it in this business
8-look for the next victim
So the cat’s out of the bag. The secret’s exposed. Call me a whistleblower, but I feel more like a superhero, protecting the innocent.
Now, let’s work to heal from this devastating old habit within our industry.
If you are using this growth strategy in some way, I’m here to tell you, your secret is out, and we’re coming for you.
If this doesn’t sound familiar, then consider yourself lucky and be very happy with your career.
But, If you are the victim of this strategy, there’s help. There are support groups for victims of the churn and burn.
Others are fighting it too and the more we make it known, the more we can help these victims gain the support they need to stand up to the oppressors and fight back. We’re in this together.
Take ACTION & Become ELITE