Effective First Steps as Insurance Agent

Sep 17, 2024

Lecture Notes: First 90 Days as an Insurance Agent

Introduction

  • Speaker: Prince Dinell
  • Background: 10 years as a licensed insurance agent, experience in banking, tax and accounting
  • Transitioned from banking to independent insurance agent
  • Launched Jack Life Insurance to complement tax and accounting practice

First 30 Days: Foundation Work

Key Objectives

  1. Learn Sales Skills

    • Importance of learning how to sell
    • Recommended Books:
      • "Way of the Wolf" by Jordan Belfort
      • "Influence" by Robert Cialdini
    • Develop a sales script

  2. Understand the Industry

    • Learn about product lines of selected carriers (preferably two)
    • Study underwriting guidelines

  3. Build Knowledge Base

    • Read about products: age ranges, offerings, application to approval process
    • Understand underwriting: weight classifications, automatic denials, ideal candidates

  4. Review Compensation Plan

    • Understand commission structures and potential earnings

  5. Practice Procedures

    • Develop and refine a sales script
    • Practice e-application five times daily
    • Buy a policy on oneself to understand the customer journey and products

Days 30-60: Building and Testing

Key Objectives

  • Fill the Pipeline
    • Find a reputable lead source or generate leads (e.g., through ads)
  • Volume of Calls
    • Engage with prospects using the developed sales script
    • Record and review calls to refine sales techniques

Days 60-90: Scaling Up

Key Objectives

  • Generate Cash Flow

    • Focus on converting leads into cash by closing deals
    • Invest in lead generation and quality leads

  • Create Efficient Systems

    • Hire a VA to contact leads immediately
    • Invest in a CRM and follow-up system for automation
    • Set up automated workflows for text and email follow-ups

Post 90 Days: Continuous Improvement

  • Reinvest commissions for better systems
  • Focus on building a sustainable business model

Final Thoughts and Offer

  • Advice on leveraging commissions for business growth
  • Emphasis on systems for success: "Save Yourself Time, Energy, and Money"
  • Invitation to join community for additional resources (leads, scripts, software)

Conclusion

  • Restart the 90-day cycle if necessary to improve results
  • Continuous learning and adaptation are key to success in insurance sales

End of Notes