Strategies For Recruiting Top Life Insurance Agents

Recruiting life insurance agents is a challenging task, but it can help businesses in the securities industry provide better service, increase revenue and pursue growth. It is important to identify the qualities associated with a great agent before beginning the recruitment process. Veteran insurance professionals agree that skilled salespeople with a strong ability to handle rejection are good candidates. Other qualities to look out for include honesty, empathy, tenacity and communication skills.

When it comes to finding potential hires, it is worth exploring all channels, including recruitment agencies, social media platforms, universities and networking events. It is also beneficial to ask current producers for referrals and consider applicants from fields such as retail or financial services, who may possess the necessary skills for the role.

Once potential hires have been identified, it is important to choose the best candidates by looking for individuals with a sales background, a comfortable relationship with rejection and a strong sense of honesty and ethics. A panel interview with existing top performers can be a useful strategy to assess candidates and gain their support for the new recruit.

Finally, to retain top talent, it is crucial to provide new hires with leads and mentors, as well as offer them new challenges to keep them engaged and ensure their long-term success.

Where to find potential hires

The first step to hiring great people is finding candidates who will apply to work for you. Here are some places to look to identify potential candidates:

• College campuses and insurance licensing schools: If you’re interested in hiring first-time agents, colleges and insurance licensing schools are a great place to start. Contact the career services department of the school, and they will work to publicize your position and identify students who might be a good fit. They might even invite you to attend a career fair.
• LinkedIn: If you’re looking for someone with more experience, you can search for insurance agents in your area on LinkedIn. Many agents will be happy where they are, but some will be willing to consider a move.
• Online job sites: Search for candidates on popular job sites like Careers.com, Monster.com, and Craigslist. Job postings on Craigslist are fairly inexpensive (between $10 and $75, depending on the area), and plenty of agents have found high-performing producers there.
• Ask current producers: Who knows what it takes to be an agent better than the star producers already on your team? They may direct you to past colleagues looking for a change or people in their lives who they think have what it takes.
• Check in with your customers: Asking your customers for help is a great way to build relationships while you search for new agents. Your customers will be glad you thought of them, and you can reinforce your agency’s values when you share the traits you’re looking for.
• Use a specialised insurance recruiting agency: If you have the budget, try reaching out to a recruitment agency that specialises in finding people for insurance jobs. They will have plenty of ideas that incorporate your specific business needs and their past hiring experience.

How to choose the best people

When it comes to recruiting the best people for your insurance business, there are several key qualities and characteristics to look out for in potential candidates. Here are some tips to help you identify and select the most promising individuals:

Sales Skills and Background

Look for individuals with strong sales skills and a background in sales. They should be comfortable with rejection and perseverant in the face of setbacks. The insurance industry is heavily focused on selling, so candidates need to be ambitious, tenacious, and skilled at handling rejection gracefully.

Honesty and Integrity

Honesty is crucial for building trust with customers. Focus on candidates with a strong sense of integrity, good interpersonal skills, and a commitment to ethical practices. They should prioritize establishing long-term relationships with customers over short-term sales gains.

Growth Mindset

Look for individuals with a growth mindset, which is a key indicator of long-term commitment. These individuals embrace challenges and view them as opportunities for improvement. They are adaptable to changes and are more likely to stick with your agency for the long haul.

Charisma and Communication

Charismatic individuals with strong communication skills can build rapport and connect with customers effectively. They are often adept at understanding customer needs and tailoring their approach accordingly.

Experience and Licensing

When considering candidates, assess their level of experience in the insurance industry or related fields such as retail or financial services. For those without insurance-selling experience, consider providing support and guidance in obtaining the necessary licensing.

Comfort with Technology

Today's insurance industry relies heavily on technology, so ensure that candidates are comfortable using relevant tools and platforms. This includes proficiency in using social media for professional purposes, such as networking and content creation.

Referrals and Recommendations

Tap into your network and ask current agents, colleagues, and even clients for referrals. They may know of potential candidates who are seeking new opportunities or have the desired skill set and qualities.

Interview Techniques

During interviews, challenge the candidates' opinions respectfully to assess their ability to handle adversity. A panel interview, including your top performers, can provide valuable insights and help secure buy-in from your existing team for the new recruit.

Compensation and Perks

To attract top talent, ensure that your compensation and benefits package is competitive and appealing. Base commissions on the challenges and rewards of the sales role, and consider offering perks such as administrative assistance, mentorship programs, and professional development opportunities.

By following these guidelines, you'll be well on your way to identifying and selecting the best people for your insurance business, setting yourself up for long-term success and a thriving agency.

How to retain top talent

• Offer competitive compensation and benefits: Salary, bonuses, incentives, health insurance, retirement plans, and other perks can make a difference in the quality of life and work of your employees. Flexible work arrangements, such as remote work, part-time work, or compressed schedules, can also be offered to accommodate different needs and preferences.
• Provide learning and development opportunities: Help your employees grow their skills, knowledge, and career prospects through formal training programs, mentoring, coaching, certifications, tuition reimbursement, and online courses. Encourage them to pursue their interests and passions, and support them with feedback and recognition.
• Create a positive culture and environment: Foster collaboration, innovation, diversity, and inclusion. Have a clear vision and mission, communicate effectively, promote teamwork, celebrate achievements, and solicit feedback. Create a culture of trust and empowerment, where employees have autonomy, accountability, and flexibility to do their best work.
• Leverage technology and data: Adopt digital tools and platforms, such as cloud computing, artificial intelligence, blockchain, and analytics, to streamline workflows, enhance customer experience, and generate insights. Use technology and data to improve talent management, such as through online assessments, gamification, or predictive analytics.
• Embrace social responsibility and sustainability: Support social causes, such as education, health, or the environment, and adopt sustainable practices, such as reducing waste, energy, or emissions. Involve your employees in your social responsibility and sustainability initiatives, such as by volunteering, donating, or participating in events.
• Challenge and inspire your employees: Set clear and ambitious goals, provide regular and constructive feedback, recognise and reward excellence, and provide opportunities for advancement and leadership. Share your vision, stories, and values, and role model the behaviours and attitudes you expect from your employees.
• Offer career paths within your company: Show your employees that there is room to grow within your organisation. Provide opportunities for further education, such as job coaches or subsidised continuing education courses, and map out possible career paths for growth.
• Showcase your company’s unique benefits and culture: Offer benefits beyond the basics of health insurance and a retirement plan. For example, allow employees to donate their paid time off to another employee facing a personal challenge. Employee assistance programs are also important, especially for mental health support.
• Offer flexibility: A hybrid work environment gives employees the best of both worlds – time to work independently at home, and time to collaborate and socialise as a team in the office.
• Redefine productivity: Focus on outcomes rather than the number of hours worked.
• Recognise good work: Make positive feedback a part of your culture, so it isn’t manager-dependent.

Social media presence

Social media is an excellent way to find and attract talented life insurance agents. Platforms such as LinkedIn, Facebook, Twitter, Instagram, and YouTube are great tools to promote your company and find potential candidates. Here are some ways to use social media to your advantage:

Create a Professional LinkedIn Profile

LinkedIn is a professional social networking site with over 750 million users worldwide. It is an excellent platform to connect with professionals in the insurance industry. When creating your profile, use a professional photo, fill in your education, experiences, location, and other relevant details. You can also link any licenses or certifications you have. Once your profile is complete, start connecting with colleagues, business partners, and other professionals. Join insurance agent groups and communities, and follow relevant pages and trends in the industry. You can also search by hashtag and follow popular topics such as sales, entrepreneurship, and lead generation.

Find Candidates on Social Media

Many experienced insurance agents or salespeople with transferable skills have a presence on LinkedIn and other social media channels. You can search for candidates with the work history and skills you're looking for and reach out to them directly. While you may not get a reply from everyone, this approach can help you find talented individuals who might not apply through traditional channels.

Utilize Social Media Tools for Branding

Use social media tools such as Facebook Stories to market your business and engage with your audience. Share daily updates, behind-the-scenes content, and valuable content that establishes a personal connection with your followers. Encourage your employees to be active on social media, but ensure they maintain a positive and non-political attitude. This helps build a consistent, recognizable brand that adds value to your customers' lives.

Target Your Audience with Social Media Ads

Use social media platforms to target specific demographics and geographic locations. For example, you can target high-profile areas, areas with higher salaries, or locations with a high volume of homeownership. Additionally, consider targeting the senior demographic, as many seniors and baby boomers are active on platforms like Twitter and Facebook. Use targeted ads with statistics and facts about life insurance to engage this audience.

Maintain a Consistent Social Media Presence

Consistency is key when it comes to social media. Post regularly, engage with your followers, and share a mix of personal and business-related content. Like and comment on other people's posts, and interact with a minimum of seven people per employee in your newsfeed. This will encourage reciprocation and increase engagement on your own posts.

By utilizing these social media strategies, you can effectively attract and recruit talented life insurance agents to join your team.

Referrals

When asking for referrals, be direct and let the agents know that you are looking for new talent and ask if they know anyone who would be interested in working for your agency. You can also ask your clients for referrals, as they may know someone who is interested in an employment opportunity as an insurance agent.

When asking for referrals, it is important to be clear about the type of agent you are looking for. Are you looking for someone who specialises in life insurance sales? Do you want someone with experience or are you willing to train someone new? Being clear about what you are looking for will help you get better-quality referrals.

Frequently asked questions