THIS IS REQUIRED OF A LIFE INSURANCE MENTOR
1. 4 years or more of experience
2. That you have long ago developed your personal sales presentation. The company canned sales presentation should be disintegrating in a garbage landfill by now.
3. Be a better closer than the newer agent’s sales manager. Usually 50% will be sufficient.
4. The time to take the agent along on 2 or your appointments. Then the time to go along on 2 of the agent’s appointments, one as a seller, and the other as an observer.
5. Know the value of receiving direct mail leads as a solid source for appointments and sales.
6. Be willing to accept a quantity of quality direct mail leads as payments for your services as a life insurance mentor.
THIS IS REQUIRED OF A NEWER LIFE INSURANCE AGENT
1. Understand that 85% or life agents fail during the first 18 months. Few last 4 years.
2. Realize your career sales manager does not have the time, techniques, or concern to keep your from failing.
3. Acknowledge that lots of your time is wasted ineffectively on trying to find interested prospects.
4. Recognize you need more appointments, sales skills, and sales or you are not going to last.
5. Grasp the fact that you would benefit by selling a sales pro live in action. He would offer the same products on the same type of appointments you are familiar with.
6. Be willing to have this same life insurance mentor do a presentation on your behalf, and on another have him watch you in action. The 4 appointments you were both on would be analyzed.
7. Work out the financial ability to pay an upfront fee to handle list, print, and mailing fees as an investment in your future. At the end, you will probably receive your money back (or more) in commissions earned.
HOW BIG AN INVESTMENT IS MADE?
Totally, the insurance agent will need around $1,800 upfront. This covers the cost of a quality list of 3,000 prospective clients. In additional all printing and bulk mail fees are covered. The agents typically receive 40 to 60 leads back from interested clients in getting more information. If the agent has a website, you can add an additional 20 to 30 leads with a few simple steps.
VALUE FOR THE INSURANCE AGENT MENTOR
You receive ½ the total quality direct mail leads returned. With these 20 to 30 leads, you should have at least 15 sales appointments. If you’re closing ratio is 60%, that means 9 sales that you did not prospect for, and pay a dime for. If you average $500 commission per sale, that is $4,500 in total earnings. For being the newer agent insurance mentor, it has cost you less than 10 extra hours of your time.
VALUE FOR THE NEWER INSURANCE AGENT
You also had 20 to 30 good quality leads to work. Figure out making 12 appointments with 5 sales made. Include the 2 presentations of which one your mentor made for you, and the second you gave under his watch. If you average $450 in commission per sale, you made $2,250 in first year commission. This total actually exceeds the initial investment in yourself that you made.
A WIN-WIN END RESULT
The insurance agent mentor is well rewarded both financially and mentally for his time spent. He remembers his struggles as a new agent, and is satisfied with the progress the insurance agent made because of his mentoring. As for the insurance agent, he appreciated the golden knowledge that can only be obtaining in giving or watching sales presentations. He is now able to adapt his personal presentation so it incorporates some newly learned selling skills. He knows how effective direct marketing letters or postcards are, compared with the endless prospecting he was using before. Best of all, he accepts the road ahead is not going to be easy. However, the end results of a successful insurance sales career is now possible to achieve.