Four Essential Beliefs of Successful Insurance Producers
It's frequently said that beliefs drive behavior. I believe that’s true, having witnessed it with the professionals we work with. But I also believe it’s important to recognize what types of beliefs drive behavior, and also understand where our blind spots lie.
Underperforming producers tend to let negative, self-deprecating thoughts dominate their beliefs, thereby undermining their opportunities for success. Conversely, I’ve found as a producer and a coach that the most successful producers embrace four essential beliefs.
Belief in oneself
As a producer, the first sale you must make is to yourself. However, this can also be the hardest sale to make because insecurity, fears, and other self-limiting beliefs often hold us back. If you don’t believe in your heart of hearts that you’re the best person to deliver what you’re selling, neither will your future ideal client (FIC).
In many cases, the difference between $100,000 producers and million-dollar ones is how they think of themselves. It’s not that million-dollar producers necessarily have a superior strategy or are smarter or harder-working; they just have a different mindset. They think of themselves as being million-dollar producers and they’re committed to realizing that idea. By refusing to indulge in self-doubt, they project a winning image.
Do you fully believe that you’re the best person to solve a client’s problems or help them move forward? If your answer is “maybe” or “I think so,” then I’d say you don’t have a full belief in yourself.
What can you do to overcome this way of thinking if you’re struggling with that concept? You can start developing a belief in yourself by addressing several key areas:
Belief in the agency
While no agency is perfect, you must believe that your agency is the best choice for your clients and FICs. You want to build relationships because of your agency, not in spite of it!
Bigger isn’t necessarily better. It’s a matter of your agency’s culture, and how it reflects your beliefs and values. For example, do you align with your agency’s mission? Do you believe in what the agency does? Do you agree with what it stands for?
Further, do you align with the agency’s vision? If you’re looking for new challenges and growth, you need to know what direction the agency is going in. If you’re not sure where it’s heading, you should ask your agency leader. After all, don’t you think it’s important to know if your goals are aligned and whether you’re part of the journey? Is it building long-term relationships with its producers as well as its clients? It’s hard to believe in an agency whose goal is to maintain the status quo if yours is to be part of a high-growth team committed to building long-term relationships with clients and producers alike.
Believing in your agency doesn’t mean you always have to agree on everything. But you should agree on the following key areas:
Belief in carrier partners/products
At most agencies, the 80/20 Rule applies to carriers, with 80% of agency revenue coming from 20% of carriers. That 20% probably represents just a handful of carriers. You know which ones they are. If not, you should identify those with whom you have the deepest relationships and/or work with most often. Once you’ve determined the best carriers to help you move forward, what are you doing to sustain and strengthen your relationship?
As a producer, how often have you proactively picked up the phone or written a letter expressing your gratitude for what the underwriters do? Better yet, have you ever contacted an underwriter’s supervisor to sing their praises? When we describe the insurance business as a relationship business, we’re usually referring to the producer-client relationship. However, our relationships extend to the carriers as well. They’re critical to your success, so don’t take that association for granted. Make ongoing deposits with your carriers, including showing how much you appreciate what they do for you.
Belief in value
Do you believe in your value? You do if you’re a top producer!
Although “value” is a word that can be difficult to quantify and define, here’s my definition: the belief that your FIC is better off after doing business with you. This is a core belief of the best producers I know. They’re fully committed to helping their clients succeed, and they believe that they’re uniquely qualified to help them move their business forward.
Believing in your value is a mindset, not a sales pitch. Great producers know without question that they, their agency, and their carriers have the tools to better their clients’ business and protect their assets. What’s more, they would rather walk away from a potential sale than try to close the deal if they think it’s a bad fit.
Before telling a FIC that your clients really are better off after working with you, you must be able to quantify your value and its impact on others. This is the perfect opportunity for you to change the conversation from transactional (providing quotes) to relational (offering risk advice). Rather than tell them how great you are, allow your client stories and testimonials to do it for you! You’ll also want to ask questions about how they do business and what’s important to them. For instance, if you’re discussing property and casualty coverage, you might ask, “How are you currently calculating your true cost of risk?” Once you understand—from their perspective—how they operate, then you can tell them about all the great things you can do for them (that no one else in the market is doing). As an example: “We find that most people focus on price and product, but here are some of the things we look at that actually affect price and product.”
The bottom line
When working with producers, I find that some expect me to have a specific process or strategy to help them achieve their goals. They’re always disappointed when they discover that the root of their problem lies within; it’s all about what they believe in.
You won’t achieve unless you believe—in yourself, your agency, and the carriers you represent. But if you cling to beliefs that hold you back, you’ll never reach your full potential as a producer. After all, if you don’t believe in what you’re selling, why should they?
Brent Kelly empowers independent insurance agencies to become their best version possible. To learn about how your agency can join The Best Version Possible Experience, click here