Strong support systems — along with a mentoring culture and time management training — are just a couple of the factors that keep life insurance producers' feet planted at one company, according to a report from LIMRA International Inc.
Strong support systems — along with a mentoring culture and time management training — are just a couple of the factors that keep life insurance producers' feet planted at one company, according to a report from LIMRA International Inc.
In a new study released by the research group, 64% of 1,200 surveyed life insurance producers indicated that they are very likely to stay for the next three years. Meanwhile, 17% of the surveyed producers said that they are either somewhat or very likely to head out the door in that time frame.
Brokers pointed to a series of key points that help them decide whether they're sticking with a company or planning to leave. Producers are likely to walk away if their style clashes with that of the insurance company, but also if the carrier loads the broker with a heavy focus on pushing products or pulls the producer away from his or her clients with busywork.
To hold on to producers, bosses need to make the relationship between the agent and the carrier more valuable, according to LIMRA. Programs that appropriately match a producer with a strong mentor — particularly if a producer sees that person as a role model — lead to happier brokers, the research firm found.
LIMRA also found that while the branding power of a major carrier can help get agents in the door, strong managers will make them stay. Producers prefer managers who can push them to make the most of their skills, encourage them to overcome weaknesses and develop self-awareness. The collaboration between producers and their mentors and managers allows sales reps to succeed in a competitive environment.
Though the agents indicated that strong training and continuing education are important to them, they also said they like courses that help them strengthen their expertise and adopt a holistic approach to their business. Agents noted that they want to know how to fit a product in a planning context rather than slam clients with sales pitches, according to LIMRA.
The producers are aware that collaborating with other professionals, such as estate planners or accountants, could help them take that holistic approach, but only 10% of some 2,200 surveyed agents are part of a permanent team of professionals. Another 53% either regularly or occasionally partner with other professionals, while 18% neither partner nor refer out business.
