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.

3 Things to Know About How Insurance is Sold in 2021

3 Things to Know About How Insurance is Sold in 2021

Everyone needs insurance and that is not likely to change anytime in the future. This makes it a great product to sell, and it is easier than ever to get started. But you may be wondering what you should know about insurance, agents, carriers, and how insurance is sold. Read on to learn about three important things to know regarding how insurance is sold in 2021. 

3 Important Things to Know About how Insurance is Sold in 2021

There are three important things you should know about how insurance is sold in 2021. Insurance has evolved with the times since it was first introduced. There are some new ways it is being sold now alongside more traditional methods.

Insurance Agents and Carriers Work Together

Insurance agents or brokers sell insurance policies and other products to consumers. Insurance carriers, on the other hand, are the ones who create the products to be sold. Carrier or insurer are simply other names for an insurance company.

Carriers write insurance policies – like car insurance, homeowner’s, or renter’s policies – and decide on terms, conditions, and rates. Insurance agents work independently for many insurers or directly for one insurance carrier selling their products to consumers.

Technology Quickly Connects Buyers and Agents

Especially in today’s world, many insurance agents and carrier representatives work from home. Technology quickly and efficiently connects them to the customer and their co-workers and allows for business to be conducted from virtually anywhere. Agents use computer programs and apps to sell and service policies and communicate with customers and carriers.

It is easy to work from home selling and servicing insurance solutions. You will need reliable high-speed internet, a quiet and secure location, and perhaps a telephone line. Your company will provide you with a headset, laptop, and training. Lots of insurance companies use on-the-job training and computer simulations with role-play scenarios to help you learn when you first start. You should shadow a more experienced co-worker to learn from what they do.

Digital Sales are Increasing

Customers want to do business digitally more and more. Insurance companies are keeping up with this trend – agents and insurance carriers communicate with customers digitally and sell policies directly through websites. Customers can use the company’s website or agents directly to learn more about coverage and their options before making a purchase. This means workers have to be available online to answer customer questions through chat features.

How do I Learn More?

To learn more about how insurance is sold in 2021, contact the experts at Agent Careers. Our licensed professionals will be happy to answer any questions you have.

External Links:

  1. https://www.irmi.com/term/insurance-definitions/carrier
3 Things to Know About Starting Your Insurance Sales Career

3 Things to Know About Starting Your Insurance Sales Career

Choosing a career in the insurance industry is a smart move that will guarantee job stability for many years to come. You will have the opportunity to help others and provide them with peace of mind with reliable coverage they can depend on.

But while everyone needs insurance, selling policies as a young or inexperienced agent can be tricky no matter what type of coverage you are trying to sell. That’s because insurance policies can be expensive, and it can be difficult to convince event the smartest individuals that they should invest in a good insurance policy to protect their assets and their future.

Useful Tips to Help You Get Started with Insurance Sales

Learning the best tactics for selling insurance can be a challenge for new agents. But the key to your success lies in your ability to sell policies. That’s why we have put together some helpful insurance sales tips to provide you with some insight on what experienced and expert insurance agents do each day to increase their sales.

Look for Ways to Relate to Your Potential Clients

To ensure your insurance sales career is a success from the start, you need to learn how to find common ground with your clients. If you are a young agent in your 20s or 30s and you are attempting to sell a policy to a senior in their 60s, you may be wondering what you could have in common with them.

This is where you must learn to look beyond your age and find other things you have in common. Maybe you live in the same area, or you have the same favorite sports team. By finding even the smallest shared interest you can use that detail to build a rapport with your client that will help jump start your long-term agent and client relationship.

Learn from Experienced Agents

We all have to start from somewhere. Even the most successful agents in your firm once had the same growing pains you are experiencing at the beginning of your insurance sales career. Building a relationship with a fellow agent at your company may provide you with the insight you need to improve your sales performance. Be sure to ask your older and wiser agents questions and learn to take constructive criticism without losing your confidence. In the end, that will help you improve your selling strategies more than anything else.

Pay Attention to What Your Customers Are Saying

It is common for younger insurance agents to want to demonstrate their wealth of knowledge about the industry to their potential clients. But if you fail to listen to what your customers have to say, you could miss out on a possible sale. Learn how to give your clients all your undivided attention and be sure that you know the answer to their questions before you answer them. Do not be afraid or embarrassed to admit you don’t know the answer. Instead, use the opportunity as a learning experience and get the information from another agent if possible.

To learn more about how to get started with your insurance sales career, contact the experts at AgentCareers.net for assistance. Our licensed professionals will be happy to answer any questions you have.

Three Insurance Trends During a Pandemic

Three Insurance Trends During a Pandemic

The COVID-19 pandemic took the world by surprise. It came in hard and has refused to leave. In its wake, it has left devastation for many families. The healthcare industry took the hardest hit, caring for communities and loved ones. As the United States struggled – and still struggles – to face this challenge, families faced an unexpected outcome – the cost. The cost of medical expenses and, sadly, final expenses has proven the need and importance of insurance to help cover these costs.

Colby Direct specializes in this area, offering services such as Medicare Advantage, health insurance, and life insurance. Our experts know the market trends that prove the resiliency and necessity of insurance, especially during a pandemic.

Health Insurance Trend

The health insurance market is expected to grow from 2020 through 2027. Modern medicine has helped people live longer with the help of scientific and innovative breakthroughs. While the healthcare industry is growing, so are the costs associated with healthcare. The COVID-19 pandemic inundated our healthcare facilities with sick patients, and the facilities need money to continue to help the sick.

Health insurance is vital to the continued operations of our healthcare facilities. The hospital staff cannot run on charity and provide innovative medical care. This, and the growing amount of people living with chronic diseases, leads to opportunities in the health insurance industry. You can read more about the anticipated growth statistics in the health insurance industry here.

Medicare and Long-Term Care Trend

Medicare is growing at an impressive rate. As many as 10,000 baby boomers age into the Medicare system every day. As baby boomers mature into the Medicare program, the rates of Medicare Advantage plans increase.

Since 2010, enrollment rates have increased 8% annually. Medicare Advantage plans are also evolving, with plans being offered by major carriers and start-up companies. This growing field is poised to weather the pandemic and prove more relevant than ever.

Life Insurance and Final Cost Trend

The COVID-19 pandemic has also brought increased awareness of life insurance and final cost needs. Life insurance rates are at an all-time low, making them marketable and more appealing than ever. The mortality brought by the pandemic also has families thinking about the final costs for their loved ones

While this is a market trend worth considering, the pandemic has impacted new life insurance purchasers. Customers can expect to be asked about COVID-19 testing or illness and any possible time on a ventilator if they were affected. Medical research has suggested some COVID-19 patients may suffer from long term complications from the virus. One can expect that this will be a consideration in the life insurance application and rating.

Insurance: The Perfect Recession-Proof Career

Insurance: The Perfect Recession-Proof Career

Recessions are an unfortunate part of any economy. Whenever an economy takes a hit, a recession can often be expected to follow. With recessions come company layoffs, budget cuts, and pay demotions, and that is if the company can stay afloat. Whenever a recession is on the horizon, anxiousness and uncertainty can quickly take hold. When your career’s future can seem in the balance, which job markets have the most job security? Are there any jobs that are “recession-proof?”

When the economy takes a dip, and every business is holding its breath, the insurance market is the safest place to call home. The insurance industry offers the strongest hold on job security during a recession simply because insurance is considered a must-have, no matter the economy. Life insurance, health insurance, homeowner’s insurance, and auto insurance are all mandatory parts of a citizen’s budget.

How is a Career in Insurance Recession-Proof?

There are not many jobs that can offer job security during an economic crisis; however, the insurance industry holds steady against changes during a recession.

Insurance Will Always be a Necessity

The insurance industry is deeply embedded within our society and has become a cornerstone of security within our lives. The risks to our health and property will never go away, and if anything, it can amplify in a downward spiral time. Perhaps the only thing worse for an employee than an economic recession would be the inability to cover their medical or repair bills.

As an insurance agent, you would have the privilege of helping people when they needed it most. It is rewarding to assure a policyholder that their car will be repaired after an accident that occurred while they were laid off. Insurance agencies offer financial protections from that risk, and therefore will always be needed.

Promised Income

By taking a job with an insurance agency, you accept a job offer that holds the promise of financial stability and growth. As stated above, the need for insurance agents will never go away. Therefore, the availability for payment, promotion, and high commission rates will not either. Another great thing about the insurance industry is that, while you can feel the pride in selling policies that truly protect your clients, you also have endless room for high commission rates and promotions. Taking pride in your career has never been so easy.

Career Stability

During a recession, layoff rates often skyrocket, except for insurance agencies. Other industries are cutting budgets and employees, and the insurance scene is actively recruiting new and promising talent. A talent that can work with clients to tailor policies to fit their needs during uncertain times.

Another reason to consider beginning a career in the insurance industry is the undeniable room for advancement. According to the Bureau of Labor Statistics, half of all current insurance workforce will be retired by 2028. With 50% of the industry nearing the end of their careers, the room to climb the insurance ladder is wide open. The more passion you hold for helping your clients purchase the insurance they need, the greater your chances of reaching maximum success.

How do I Learn More?

To learn more about insurance and how it is a recession-proof career, contact the experts at Agent Careers at agentcareers.net. Our licensed professionals will be happy to answer any questions you have.

3 Career Expectations of a Medicare Insurance Agent

3 Career Expectations of a Medicare Insurance Agent

To make it in the world of insurance, you first need to choose a specialty. Choosing a specialty allows you to narrow your competition. Instead of competing with all insurance agents, you are only competing against those within your niche.
One lucrative insurance niche is Medicare. When working as a Medicare Insurance Agent, you sell Medicare Supplement Plans and help those on Medicare understand their benefits and needs.

Learn more about what a Medicare Insurance agent can expect to earn within their career. Then, let Agent Career Finder help you find the perfect Medicare Insurance brokerage for you.

What Kind of Salary can you Expect?

When choosing a niche, you want to ensure it is lucrative. Selling insurance that is not lucrative will not motivate you to find the business you need to succeed.

Medicare is a lucrative business; everyone can get Medicare when they turn 65. However, the basic plan does not cover much. Many people require more than Medicare Part A. They need supplemental plans to cover other health expenses, such as medication, rehab, and more.

Therefore, a Medicare Insurance Agent can earn an excellent living off the insurance plans they offer to supplement Medicare. The average salary for those getting into the industry is around $60,000 a year.

Your salary depends on the following:
• Where you sell insurance
• The number of policies you sell in a year
• The number of policies you help maintain within a year
• The types of supplemental policies you sell
• Overall sales and residual income throughout the year

Do you Need an Insurance License to Sell Medicare Insurance?

Any insurance sales require an insurance license. Those who sell Medicare Insurance plans must maintain a health insurance license in the state where they sell.

Insurance agents can maintain licenses in as many states as they work. Therefore, if you wish to sell Medicare insurance plans in several states, such as the entire Northeast, you must maintain a health insurance license in each state. Otherwise, you cannot sell Medicare insurance in that state.

Are You Prepared to Help People Truly?

As a Medicare Insurance agent, you have one job: to help people. All insurance products allow you to help people obtain the proper coverage. However, Medicare insurance sales are even more about assisting people and figuring out what they have and what they need.

Your job will consist of several layers. First, your clients will expect you to explain what they currently have available to them. Many people on Medicare do not know what they have and may think their basic Medicare coverage pays for every medical expense.

Your job will be to explain to them what Medicare’s free plans cover.

From there, you will explain what options are available to them. Once again, you must walk your clients through the entire process. Many of your clients will be on a fixed income. Take the time to help them understand what they should carry and why. Show them the actual value of having Medicare Supplemental Insurance plans.

In the end, you are working with the older population. They are vulnerable and need your help. If you choose to sell Medicare insurance, make sure you want to help people. Your dedication will shine through.

To learn more about becoming a Medicare Insurance Agent, contact the experts at Agent Career Finder at Agentcareers. Our licensed professionals will be happy to answer any questions you have.