I have often been asked by those seeking opportunities outside of full time employment, the following questions:
- Is an Insurance Agent’s Career really that great?
- What are the alternatives if an insurance career is not for me?
I have always held the opinion that a Life Insurance Agent’s career can be both fulfilling and lucrative. That said, however good the career is, it is only worth joining, if it fits your personality type and you have a good chance to succeed. It’s no secret, the drop out rate for insurance agents is high. Many have failed and if you ask around you are likely to know someone who once upon a time, was an agent.
Why Agents Fail?
While those who drop out may give many reason for their failure, it usually points to one root cause. Unwillingness to prospect or what the industry sometimes term as call reluctance. To the uninitiated, this may sound illogical; why would someone willingly join this career and yet be reluctant to pick up the phone to make the necessary sales appointments. And if you are going to have this reluctance, why join Insurance in the first place?
Again, while agents can give many reasons for their call reluctance, in my humble opinion, it’s down to people not wanting to be rejected. It’s draining to make one phone call after another and have people repeatedly hanging up on you.
In short, if we can take away the rejections agents face, more will likely succeed.
Sadly, the methods agents use for prospect have changed very little in the last couple of decades. Agents are still doing roadshows and making unsolicited calls to customers not in the DNC list. Banks have joined in the fray, calling their customer base and positioning insurance deals as rewarding credit card holders for their “loyalty.” The space for cold calling is hence getting more crowded and success, more difficult.
Digital Marketing a Possible Solution
Is there a solution? Yes and it lies in digital marketing. Property agents have long recognised its power. Look at the number of property websites sprouting out just because CDL launched New Futura at Leonie Hill Road. The same trend is happening with the coming launch of The Tapestry Condo at Tampines.
In this aspect, insurance agents have fallen behind. Few know how to build a website for free. Even fewer know SEO, Facebook Marketing or any other form of online marketing. Yet the internet is flooded with wallet ready customers; people who are willing to buy and are just looking for that right agent to come along. The Internet, in the hands of the right online marketer, can easily bring in a flood of insurance customers there by easily solving an agent’s number 1 problem – prospecting.
Alternatives For Those Good at Digital Marketing
But why even be an Insurance Agent, if you’re good at Online Marketing? Strictly speaking, you don’t have too. If you are a digital marketing expert, there are lots of things you can choose to market. However before you even begin, you’ll need to register a company, preferably a private limited one to protect your existing assets. You’ll then need Accounting Services, a Corporate Secretary and a host of other corporate services. I did a quick check at this informative Accounting Service Singapore website and found that such services can easily set you back by a couple thousand dollars. Above all, you will still need a good product to sell. That being the case, why not just focus on marketing insurance?
What are your thoughts? Do you feel agents should explore digital marketing more? Should they have a stronger web presence or should they remain oblivious to the huge marketing opportunities the Internet brings about? Do comment below as we would love to know your thoughts.