How to Help Your Producers Succeed in a Competitive Marketplace

• Published in: Manager's magazine 1991-05, Vol.66 (5), p.23
• Main Authors: Bourque, Michael D, Dalessio, Anthony T
• Format: Article
• Language: English
• Subjects: Competition; Education; Insurance agents & brokers; Sales managers; Success; Surveys; Training
• ISSN: 0025-1968

A recent Life Insurance Marketing & Research Association-National Association of Life Underwriters study, the Survey of Producer Opinion, asked agents about the significant issues affecting their careers. The results indicated that agents view competition from other agents, banks, and term-replacing organizations as a major hindrance to their success. Over half of all agents reported that they encounter direct competition with another agent at least occasionally. Six in 10 agents have seen marketing organizations replace up to 5% of their existing cash value policies with term insurance, despite efforts to defend their business. Compounding the competition problem is that many agents see their own lack of sales ability, motivation, and personal difficulties making their career harder. Agents want assistance in improving communication skills, time management skills, and their ability to handle rejections, plan, and organize. This can be accomplished by field managers periodically joining agents on sales calls to observe their techniques.