Six key traits of a successful insurance broker

The insurance business is filled with opportunity. But this fact is tempered by the reality that over 80% of new brokers leave the industry within their first 12 months. What does it take for a new broker to succeed in insurance? The following six key traits determine if you are ripe for success in this industry.

Passionate – Successful brokers are passionate about what they do. They enjoy helping others prepare for the unexpected, so they believe in what they are selling. Top-level insurance brokers must be on a mission to improve the lives of their current and prospective clients. Their services can have a huge impact on the lives and legacies of their clients – and on the lives of clients’ families and loved ones. A new broker’s ability to convey the crucial nature of this work will have a huge impact on his/her career.

Outgoing and empathetic – Introverts need not apply. Insurance brokers must be outgoing and able to make prospective clients comfortable during the sales process. They must be comfortable starting conversations and have genuine interest in their clients’ peace of mind and financial well-being.

Able to handle rejection – Insurance brokers must deal with a lot of rejection, especially early in their careers. Asking prospective clients to face their own mortality or morbidity is a challenge. Many prospective clients will procrastinate and try to postpone meetings, and some may even be verbally abusive. Successful brokers develop resilience and realize that this rejection is not personal. One interesting technique used by a former top agent to neutralize his fear of calling prospects was to put a dollar value on each call. The agent realized that if he was earning $3000 in commission a week and was making 150 calls each week, each call was worth $20. To minimize his reluctance, he taped a $20 bill to the phone to signify the value of each call. This technique doubled his revenue within a year.

Goal oriented – The insurance industry can be monetarily and personally rewarding, but it is filled with many long days and challenges. These challenges can be physically and emotionally wearing unless brokers can set business targets that keep them on track. The ability to set short-term, mid-term, and long-term goals will keep energy levels high and help you deal with daily business challenges.

Organized – Top-tier insurance brokers have tracking systems to analyze their production and administrative tasks. They can effectively keep track of when to contact current and prospective clients. Success in insurance requires persistence. Systematically keeping in touch with clients lets brokers provide better service and uncover potential sales opportunities, such as the birth of a child or the purchase of a new home.

Good Listeners – There is an old saying, “God gave us two ears and one mouth because He wanted us to do twice as much listening as talking.” This adage definitely applies to the insurance industry. Prospective clients will let you know their areas of concern, but only if you encourage them by active listening. Remember, areas of concern are opportunities to render service – and make a sale.