Tips for Recruiting Insurance Agents

Tips for Recruiting Insurance Agents

Recruiting can be a daunting task. When looking to grow an agency, trying to find the right fit can be difficult. Applicants may come from various backgrounds of education and experience, and it can be challenging to determine which backgrounds and which skills will benefit an aspiring insurance agent. Colby Direct has the industry experience to understand how difficult recruiting can be. Here are some tips on how to recruit qualified and capable insurance agents.

Generic Recruitment

Generic recruitment describes a recruitment style to is broad and non-specific. This is not a bad idea within the insurance industry, as many backgrounds can be adapted into insurance. Very few children aspire to work within the insurance industry, yet the U.S. insurance industry employed 2.8 million people in 2019. Of that 2.8 million, 1.2 million worked for insurance agencies.

Generic recruitment presents some challenges, specifically the influx of resumes or applications for those who may not be eligible for agency licensing or do not have applicable skills. Certain criminal offense convictions may preclude individuals from obtaining an agency license. Federal law prohibits employment discrimination based on prior felony convictions unless that conviction may be related to the job.

Applicable insurance agent skills include:

  • Sales: The best sales agents have a passion for sales.
  • Flexibility: The insurance industry changes based on regulation and legislative changes. Agents should be able to adjust to the changing needs of the industry.
  • Desire to Lean: Agents learn the insurance industry and the technology required to sell and maintain policies.

Colby Direct offers a wide variety of insurance or wealth management services to the clients they serve. An agent with a passion for sales can be adaptable to all the opportunities an agency may provide. A successful agent does not need to be an insurance expert when starting his or her career.

Branded Recruitment

Branded recruitment is a more focused approach. This process is more selective from the onset, limiting the number of applications, interviews, and interest in an agent role. Branded recruitment focuses on agent searches specific to a particular employment brand. Determination of the best recruitment process may often depend on the unemployment rates.

Early 2021 showed unemployment rates at 6.2%, which were drastically decreased from the peak levels of the COVID-19 pandemic and still remarkably higher than the pre-pandemic levels of 3.5%. When unemployment rates are high, more people are seeking jobs. With a higher candidate pool, branded recruitment helps narrow down the candidates to those who would best compliment a team of agents.

A challenge to branded recruitment includes the risk of not diversifying. Colby Offspring is an example of how a diverse team can benefit an agency. Qualified candidates from various backgrounds provide balanced collaboration and innovation to any team.

For more information on insurance agent recruiting, contact the Colby Direct experts at (443) 440-5041.

External Resources:

https://www.iii.org/publications/a-firm-foundation-how-insurance-supports-the-economy/introduction/insurance-industry-at-a-glance

https://work.chron.com/felony-employment-laws-7962.html

https://www.bls.gov/news.release/pdf/empsit.pdf

NEED HELP RECRUITING? Contact us today. We’re happy to answer any questions you have!

3 Reasons why IMOs With Training and Licensing Programs Have an Advantage

3 Reasons why IMOs With Training and Licensing Programs Have an Advantage

Insurance Marketing Organizations – also called Independent Marketing Organizations – can be a useful tool for insurance agencies. There are many different IMOs to pick from, and you may be wondering how to decide which IMO is best for your agency’s needs.

Confused by IMO vs FMO vs NMO? Don’t be! They are basically the same… but in Life Insurance, marketing orgs are typically called IMO’s, in the Medicare space, they are called FMO, and National Marketing Organizations is yet another acronym created to be more general. Welcome to acronym-land!

When it comes to IMOs, not all are created equal. Some offer more benefits and advantages to their customers, and it makes sense to find the IMO that can offer the most for your budget. IMOs that offer training and licensing programs have an advantage.

Read on to learn three reasons why and then reach out to the experts at Agent Careers to learn more.

Why do IMOs With Training and Licensing Programs Have an Advantage?

There are three essential reasons why IMOs with training and licensing programs have an advantage over ones that do not offer these programs.

3 Reasons why

  1. Proactive Training Programs Fill Unknown Gaps – IMOs that offer training and licensing programs can help get ahead of training needs by offering sessions before you know they are needed. For example, many IMOs offer training on products, which makes sense. However, some also offer sales training, which can be game-changing for new and seasoned agents alike. Many agents will not ask for sales training, but it could reinforce best practices or teach new concepts if offered. The NAIC operates the National Insurance Producer Registry, and your IMO can teach more about the Registry during licensing courses.
  • Product Experts on Staff – IMOs with training and licensing programs are also more likely to have insurance product experts on staff – people who have actually worked for carriers or developing products hand-in-hand with carriers. This kind of experience is invaluable when it comes to a training and licensing program for agents. Working with an IMO with a strong training and licensing program means it has experts on staff who can teach, guide, and share expert knowledge, which gives the IMO a distinct advantage over IMOs with less experienced staff.
  • Ongoing Brand and Marketing Support – IMOs that offer training and licensing programs are likely to have comprehensive ongoing marketing support to offer to their clients. This often means continuing education programs, networking events, sales support, and updates on sales and marketing trends. A strong level of ongoing professional brand and marketing support can be integral to the success of an agency and its licensed agents.

Final Thoughts

Finding the right IMO for your needs is critical, and an IMO that offers a comprehensive training and licensing program may be the best fit for your agency. IMOs are all different, and they offer varying levels of support, so it is essential to shop around and compare your options. Get support from the experts at Agent Careers if you are looking for an IMO that offers training and licensing support.

External Links:

  1. https://content.naic.org/
  2. https://www.iii.org/article/background-on-buying-insurance
  3. https://www.irmi.com/term/insurance-definitions/agents-license

Need help recruiting?

To learn more about why IMOs with training and licensing programs have an advantage, contact the experts at Agent Careers. We’re happy to answer any questions you have.

3 Tips for Only Targeting Licensed Agents for Recruiting

3 Tips for Only Targeting Licensed Agents for Recruiting

Life insurance and Medicare agents will often establish long-lasting business relationships with their clients as they meet with policyholders to discuss significant changes, make payments, or take out other insurance policies the company might offer. For many, these agents are the only representatives of the company that the policyholder ever interacts with. Therefore, they are the only ones representing the company and placing them in a positive light. Thus, it is crucial always to target only licensed and experienced life insurance agents for recruiting.

3 Ways to Target Only the Best Licensed Agents for Recruiting

Insurance brokers and agencies are continually looking for new talented agents to hire. Like anything else in the insurance industry, you must create a reliable and robust pipeline while recruiting. Doing so can help to connect you with more new talent for your company. If you are the owner of an insurance agency or a broker looking for new agents to help boost your sales, you will benefit from these helpful tips for recruiting licensed life insurance agents.

A Background in Sales is Important

While a background in insurance sales can be beneficial, an agent with sales and marketing experience can transfer that knowledge and sell insurance policies. In the insurance industry, agents face rejection regularly, so agents must have the confidence and experience to bounce back after a failed attempt and move forward. Someone who had a lot of success in sales would not only help bring in new clients for your agency, but they would also understand how to retain your existing clients as well.

Get on Their Level

People involved in sales and marketing will often be regularly active on social media sites. While LinkedIn may be obvious, you can also find licensed agents for recruiting by doing an organic search on other platforms such as Facebook. Touring your local universities, offering internships, or giving seminars is another excellent strategy to help gain interested agents’ attention.

A perfect way to give your company’s image a boost is to include younger agents and those new to the field on your panel when conducting interviews for new employees. It will help with diminishing the image of typical insurance agencies that only employ older agents.

Go With Your Instincts

As an experienced insurance company owner or broker, your gut instinct can easily detect boredom, a lousy attitude, dishonesty, or pessimism. Be sure to challenge recruits by asking them tough questions during the interviewing process. Come up with questions that will bring out their problem-solving skills and pay attention to their body language and overall interest in the conversation. It could help you separate the star performers from the agents you should avoid.

Choosing to work with a recruiting agency outside the insurance industry could cause your company issues. At Agents Careers, we have been involved with the insurance industry for 16 years and are here to help you find the best agents organically and efficiently.

To learn more about how to target the best-licensed agents for recruiting, contact us today. Our professionals will be happy to answer any questions you have.

5 Mistakes to Avoid in Recruiting Insurance Agents

5 Mistakes to Avoid in Recruiting Insurance Agents

It is easy and common to make errors when recruiting new insurance agents, but mistakes are costly and time-consuming. There are ways to avoid making recruiting mistakes and ensuring your recruiting and hiring process is sound.

Read on to learn more about five common mistakes to avoid in your recruitment process, then reach out to the experts at Agent Careers for more help.

5 Mistakes to Avoid When Recruiting New Insurance Agents

There are several costly mistakes to avoid when recruiting new insurance agents:

  • Do not Allow Your Unconscious Bias to Make Decisions for you – We all bring our own experiences and ideas to the interview table. Still, it is essential not to let your unconscious biases get in the way when recruiting new insurance agents. For example, a confirmation bias is when we like people who are just like us more – this could cause you to miss out on recruiting a more diverse workforce. Hiring only people that think like you is a costly mistake.
  • Make Sure Your Potential Recruits are Qualified – Some people are not qualified to become insurance agents. Maybe they have a criminal record that excludes them or a credit history that makes it impossible for them to be qualified as an insurance agent. If this is the case, it is a mistake to waste time trying to recruit an unqualified person.
  • Do not Pass up on OverQualified Applicants – There may be times when a potential recruit seems over-qualified to become an insurance agent – perhaps they are transitioning from another insurance career or have more years of experience than anticipated. But they could be a valuable long-term agent for you, and it may be a mistake to pass on a candidate simply because they have more experience than usual.
  • Make Sure Your Potential Recruits are Interested in a Career as an Agent – Resist the temptation to sell the job to recruits. Let them sell you on why they are a good fit – if someone is not interested in doing the work or is not comfortable selling insurance, they will not be an excellent long-term hire.
  • Look Into Every Lead for Finding new Agents – Be sure to press on all possible leads to find new potential agents to recruit. Network with your professional connections, reach out to potential candidates on LinkedIn and rely on membership groups or the Chamber of Commerce for more connections. Do not leave any source untouched when recruiting new agents – it is a mistake to recruit only from one or two sources.

Final Thoughts

Recruiting new insurance agents is critical, but you have to be sure to recruit the right ones. Avoiding these common recruiting mistakes is essential, but you do not have to do it alone. Agent Careers has access to more than 2 million agents by license type and location. We employ innovative new recruiting techniques to help you avoid recruiting mistakes.

External Links:

  1. https://www.forbes.com/sites/forbescoachescouncil/2018/05/01/why-you-mistakenly-hire-people-just-like-you/
  2. https://www.mindtools.com/pages/article/10-recruitment-mistakes.htm
  3. https://www.uschamber.com/

Need help recruiting new insurance agents? We’re happy to answer any questions you have. Click here for more.

3 Things to Know about Agent Recruiting Costs

3 Things to Know about Agent Recruiting Costs

Companies are always looking for new hires, as current employees regularly leave companies due to life changes. Nonetheless, there can be hefty fees when it comes to finding the right employees.

3 Things to Know about Agent Recruiting Costs

There are three critical costs to consider when recruiting agents:

Hiring Costs

Recruiters are hired to pore through thousands of prospective employees. They often first make job listings online, which can stay posted for months. These fees significantly add up before new hires are taken on. Plus, it takes time to pore over resumes, conduct interviews, and set background checks. Interview expenses can be quite hefty when including airfare, hotel costs, and meals. Direct employment costs such as covering relocation expenses and having additional bonuses also need to be factored in.

Onboarding and Training Costs

Once hired, new employees need to go through orientation and a training process. It takes time to have current employees or hire outside workshops and teams to provide adequate training and review protocols. Even employees who have been at a company for years can receive continuing education training and professional development on a consistent basis. Paying for speakers and printed materials can quickly add up as well.

Salary and Benefits Costs

A new agent’s compensation is undoubtedly a high cost, including the benefits they are bundled with it. Benefits can include life insurance, medical plans, retirement, disability coverage, and more. Even offering health insurance can weigh down a company’s profitability since premium hikes can often occur, and policies may change. Costs may also fluctuate when benefit statuses fluctuate, in case an employee starts off single and then gets married or have kids. Any mistakes in paperwork can also result in financial penalties or delayed coverage.

Examples of other benefits include items employees receive in the office that add up, such as special software, the latest technologies, and new office equipment.

In addition to these expenses, a concerning cost would be the cost of turnover rates. Poor hiring decisions can lead to wasted expenses, lost revenue and lowered goodwill on a company. Having employees leave a business can in turn encourage other workers to part ways. When searching for an agent, be certain to look at all aspects of their work and character, on both a personal and professional level.

How do I learn more?

It is vital to refer to a reputable company when hiring agents. Agent Careers has 16 years of experience serving the insurance industry and working with recruiters and agencies. They have access to an estimated 2 million agents and offer innovative recruiting techniques.

To learn more about agent recruiting costs, contact the experts at Agent Careers. Our licensed professionals will be happy to answer any questions you have! Click here for more.