by Bobby Reagan, February 2003
National Underwriter
I was recently asked what distinguishes the most successful sales organizations from the rest of the pack. My response to the question was simple but I believe accurate. The most successful insurance agents and brokers are populated with highly successful producers and the rest of the pack generally is not. This led to a logical follow up question of what distinguishes the most successful producer from the rest of the pack. My answer to this question was simple but I believe accurate. They work for very successful sales organizations and the majority of other producers do not.
Granted, this does present a bit of a circular response to the questions but, it does seem to hold true to reality. Success does breed success. Talent does attract talent. Winners want to be around other winners. Momentum can provide a significant competitive advantage.
Obviously, though, there is more to it than successful people working for successful organizations. There are specific steps that can be taken by an agency or brokerage to increase the likelihood of the success of its producers and there are steps that producers can take to increase the likelihood of their own success. For today, let me focus on what an individual producer can do to heighten the likelihood of their success. These thoughts are offered in full recognition that there is not one way to do it. For every point that I will make, there are exceptions but, if there is a common theme or a common denominator among the successful, I would suggest that the following most frequently have helped contribute to their success. All of the following are offered in response to the question “If I wanted to be a highly successful producer of insurance, what should I do?”
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I would go to work for an insurance agency or brokerage that provides outstanding support to its producers in the form of training/sales management, a full range of tools and resources and a firm that has a strong reputation within the insurance and business communities. I would not make this decision based on who pays the highest commission to their producers.
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If the firm did not provide a mentor, I would recommend “finding” one. Find somebody that has been successful that you can spend time with, learn from and get help from.
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You should not be a generalist. Try to specialize either in a specific product line, class of business or industry or customer segment. In addition, there are still great opportunities in the group life and employee benefit business and in surety and bonding. Whatever you do, do not try to be all things to all people.
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You should not only plan your results but also plan your activity. Be strategic, be disciplined.
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Be selective about what you spend your time on. Do not be used. Be ready to walk away from prospects. Your objective is not to get the opportunity to quote.
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Utilize the resources available to you. Appropriately delegate to those that are part of your team. Leverage your time and talents.
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Be ready to work hard. As you work creatively and strategically, use your time wisely.
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In your dealings with your prospects and customers, develop your listening skills. This may be one of the most important parts of the sales process. Your objective is not simply to throw out your agenda or your script. Your primary objective is to understand the prospect/client and be in a position to respond to them. You do this more by listening than you do by talking.
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Stay enthusiastic. Be positive. Optimistic people are more fun to be around and are going to be more successful in sales.
Some will look at this list and consider it simplistic and of limited value. In reality, it is simple but unfortunately few producers embrace these concepts and when they don’t, the results are predictable. My experience would suggest that there are few areas where somebody with average to excellent ability, who is willing to work hard and work smart, can be as successful as they can be selling insurance. The opportunities for sales success in our industry are great and may even get better. Spread the word – you will be doing someone a favor.
Bobby Reagan is the Chairman and CEO of Reagan Consulting, a national consulting firm based in Atlanta, Georgia focusing exclusively on the insurance distribution system and financial institution’s sale of insurance. He can be reached at bobby@reaganconsulting.com.
