What's the most challenging part?

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Problemfixer
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Joined: Mon Jun 22, 2020 5:38 pm

What's the most challenging part?

Post by Problemfixer »

Howdy!

I've been working at the wholesale level for the past few years while simultaneously completely a masters in performance psychology. Now I'm working to better understand how the two worlds coexist. To understand this it's vital I understand what are the biggest challenges individuals face in the insurance industry when it comes to personal performance. Is it the work life balance, is it hearing no, is it navigating demands from the boss, etc? Maybe the correct question is, what barriers currently stand in your way from performing optimally?

I'm incredibly interested in hearing peoples experience and ideas!

Hope all is well and managing optimally during these uncertain times!

RNR_Risk
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Joined: Thu Nov 04, 2004 12:58 pm

Re: What's the most challenging part?

Post by RNR_Risk »

Speaking solely for myself (of course) - biggest challenges include...
- Selling products (personal & commercial lines) that are almost completely commoditized makes it hard for a broker to focus on value he/she brings and reduces the risk management process to a simple auction.
- The basic system of compensation values "sales" over everything else and creates an inherent conflict of interest with respect to duty owed to clients (insurance buyers).
- Insurance transactions are almost completely divorced from the more global risk management process which squeezes value out of insurance.

Bringing state of the art psychology tools to the insurance buying & marketing process is kind of a novel and cool approach - but I wonder if that tends to further remove insurance decisions from (what seems) their more appropriate rational, financial analysis focus.

molder101
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Joined: Mon Jun 22, 2020 8:45 am

Re: What's the most challenging part?

Post by molder101 »

RNR_Risk wrote:
Tue Jun 23, 2020 10:53 am
Speaking solely for myself (of course) - biggest challenges include...
Regarding challenges, I agree with RNR's points but with the following comments:

1) Products are commoditized, but people are not. Most insurance transactions are still with people. First they like you, then they trust you, then you prove why it was the right decision. Products are just products - they really don't matter as much as you think (within reason). When you work with someone that is good at what they do, you want to work with them more. It's contagious!

2) Values are a part of culture. If your culture is sales, sales, sales... that will always leave a lot to be desired. Build a strong culture and sales, sales, sales will come, but not be the motivation, simply the result.

3) Be an optimist... sure, what you are saying can often be the rule... but do you want to be the rule or the exception? The outliers are the ones who get the fulfillment and sales. Don't worry what everyone else is doing, develop your plan and execute it (rinse and repeat, making directional corrections as necessary). Not worrying about everyone else, doesn't mean not knowing what others are doing - you need a general sense of what's going on, but it shouldn't deter you from your goals only give you understanding as to how to nuance them to succeed above your peers.

For my answers... You are always your own biggest obstacle.

If you put in the effort, it will pay off - maybe not immediately - however doing the right things over a long period of time routinely yields success. You have to be dedicated to building and not accept failure. See https://www.youtube.com/watch?v=qDxDCtZ9UkE, a cliff notes of "The Compound Effect" by Darren Hardy.

Each person will have his/her own sales style/system that is honed over time. Trust it, improve upon it, make it yours.

It's not win or lose, it's win and learn. If you lose without learning (blame others, denial, etc), you've missed the point entirely. That's not to say there aren't tough times - they will come - grow from them instead of breaking under their weight.

Lastly, top performers are that simply because they enjoy what they do. It's difficult to be the best at something you hate (throwback to dedication, do you dedicate yourself to something you don't care about?). Committing to insurance is a long term relationship though it can be very rewarding (in every sen$e).

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