While there’s no fast and easy way to grow your business, recruiting qualified agents to your downline doesn’t have to be complicated.
We’ve gathered these tips to help you start off on the right foot.
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Characteristics to Look for When Recruiting Insurance Agents
Before you start seeking out downlines, you should form a clear idea of what you’re looking for in an agent. Do you want someone who specializes in life insurance sales? Do you plan to hire an agent with experience, or train to fill that particular niche? There’s no rule that says you must hire a licensed agent. If you take the unlicensed route when recruiting insurance agents, prepare to offer incentives towards licensing fees.
As you’re planning, remember that the best personality for a salesperson isn’t always what you might think. Most people tend to believe that extroverts excel in sales positions, but a 2013 report from the Association for Psychological Science found otherwise. It showed ambiverts, those who fall in the middle of the introvert-extrovert scale, were most successful in sales careers.
If you haven’t already, consider the power of hiring millennials. New talent brings innovation and freshness that often inspires more seasoned employees. Did you know that there are now more millennials than baby boomers? Think of the recruiting possibilities!
Millennials bring innovation and freshness that often inspires more seasoned employees.
Perks to Offer
In order to bring agents into your downline, you must give them a compelling reason to work with you. Will they gain support? Will you help with training? Maybe you’ll offer leads, bonuses, office space, etc.
How will you compensate your recruits? A good rule of thumb is to base your downlines’ commissions on how you get paid. Some sales are more challenging than others, so the commissions should reflect that. When you’re fair about letting your agents succeed, they’ll be more likely to stick with you and recommend you to their peers.
When you let your agents succeed, they’ll be more likely to stick with you and recommend you to their peers.
Remember that as a Managing General Agent (MGA), you oversee the agents you bring underneath you. Be sure you can afford the agents you bring on. Slow, steady, and ready to train is the way to go.
Tools to Use
Whether you’re looking to enlist others online or in person, there’s no shortage of tools at your disposal. Keep in mind where you can reach your potential recruits. Don’t be afraid to mix and match techniques until you find what works for you.
- Craigslist — Cost-effective option that lets you post text (and images!) without size restraints
- Monster — Great way to tell if your recruit is actively looking; well-recognized, but more expensive to post a listing
- LinkedIn — Required profile fields allow you to target recruits very specifically
- Networking events — Whether industry-specific events, service clubs, or local events, never underestimate the power of face-to-face interaction
- Local colleges — Consider working with their career placement departments to recruit young agents
- Newspapers — Low rates, ideal for local recruits
By following just a few of these simple guidelines, you can avoid the cost of a bad sales hire. Be sure to opt for quality rather than quantity, and you’ll be on your way to recruiting success.