You can make money selling insurance but because there is a lot of competition. You need to make sure that you constantly follow-up with your contacts. This can be done by doing weekly drip campaigns with email or text message.
Option 2: Text Messages that can be pre-scheduled and sent automatically to hundreds of your contacts. Text is great because 98% of people read it. One popular service is TextPanther app which can be immediatley downloaded on your mobile.
Statistics show that 81% of sales happen AFTER the 5th contact so if you want to make money selling insurance, you need to have constant follow-up and inform your customers of other insurances that they can add that will give them more protection.
Yes, you can make money selling insurance but you must also equipped yourself with the 'advocacy' of getting one so that it will be easier for you to market the products. I know a lot of people who managed to make it in the MDRT (Million Dollar Round Table - prestigious recognition for an IA) in just a little of one year. You'd probably need to have good connections and network as well if you wish to make big in this industry. As well as , you need to have the appropriate skill, know-how and dedication to do your part as an IA
Hi Tony thanks for the question :) I've never worked in insurance per se, but have spent quite a few years working in finance and in positions that pay a paltry wage but alongside commissions which can top up your income significantly.
Also please keep in mind I am based in New Zealand, possibly a different market to yourself, with possibly different mechanisms in place.
In New Zealand at least I can say insurance is big here. As someone with a background in debt collection I can see most of the better paying collections jobs of late have been recoveries roles for insurance companies. Currently I'm working at getting away from this and into project management and killing time doing a customer service role till New Years, but personally I would be looking insurance otherwise… I know this doesn't answer your question…
While coordinating repossessions for GE though I could see a trend of interest, when I started GE were happy to give all kinds of people big loans, so long as they had a vehicle for security. On average, in a country of just on 4,000,000 at the time, with approx 1 in 4 households in NZ owing us money, and a delinquency of approx 6% I'd have approx 100 vehicles out for repossession at any given time, about triple this in the GFC… The problem with this model, while repossessed vehicles bring in money, on average they never brought in anything close to the value of the loan and someone suddenly having to bus or walk everywhere was disincentivised from paying you anything more after…
No big surprise GE shifted gears and started pushing it's loan protection insurance in a big big way post GFC. Here many finance companies have diversified and offer an insurance pathway also.
Can someone make money in a largely commission based role? Depends on the person but in a completely different field I have made considerably more than the average wage this way.
Sorry, as I say my own experience is one of being adjunct to insurance people, but hopefully this provides you some Insight?
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