There Is No Substitute
For A Work Ethic
It is, I believe, encouraging to see concern being raised over the current level of agent recruiting and the lowest retention rate in my memory. Hopefully, the concerns of LIMRA and others will be taken seriously and action to correct the conditions will follow.
If corrective action does follow, then all parties should benefit. The public will be better served by long-term career agents, the agents will have a more viable career as professionals and companies may improve their bottom line.
It is ironic that at a time when the earnings of successful agents are at an all-time high, retention is at an all-time low. This should be of particular concern to the handful of companies that recruit over 70% of new people entering our business.
Adding to the irony is the national issue of the lack of job growth and current level of unemployment. Some of the most successful agents I have known turned to life insurance sales when other opportunities were closed to them. Significantly today, the agents job of serving Americans is not one that can readily be exported to another country.
I am the first to acknowledge that I have never been in a position that required the recruiting of new people into our business. However, I do have a few observations regarding sales people, gleaned from almost 60 years of experience with them.
Looking at LIMRA criteria for the best chances of success, there is one attribute that I believe stands out above all others. Perhaps a personal experience will illustrate my point.