By
Charlotte, N.C.
For aspiring entrepreneurs getting into the insurance business today, the odds of success is against them. New agent retention over a four-year period is about 14%, according to recent LIMRA reports.
But even for those agents who have made it past that crucial four-year litmus test, for some, their business may be at a plateau.
For these agents, it might be a good idea to work with a performance coach, according to Stan Hustad, creator and president of the PMI group, Minneapolis, who conducted a break out session at this years National Association of Insurance Financial Advisors meeting here.
Hustad told the story of an agent who came to him for help. After 17 years in the business, "Sam," was still struggling and not enjoying his job very much. When Hustad met with him, he asked Sam to explain to him just how he has helped some of his current clients. As it turned out, Sam had the unique ability to tell a riveting story.
Sam told such entertaining and touching stories, Hustad instructed him to stop selling insurance and start telling stories. Now, when Sam went on a sales call, he would give his "sales presentation" in about one minute and then go on to tell true stories of how he has helped clients in the past.
Since changing his presentation style, Sams income has tripled and hes having more fun than ever, said Hustad.
This is one example of how a performance coach helped. Hustad illustrated a few different ways a performance coach can help an agent with his or her business.
"The first thing a coach will help you do is understand the realities of the business," he said.
"The world has changed," he explained. "Now we are in the experience business. Its not the product, its not the service, its the EXPERIENCE."
One example Hustad cited is what Starbucks has done for coffee. "A little company in Seattle turned a $3 a pound commodity into a $3 a cup experience," he said.
Agents need to think about how they can make their client meetings a better experience. "You can change your business by saying, I am in the business of providing a unique, memorable experience which only I can do," he continued. "You need to differentiate yourself on the basis of your clients experience."
Reflecting back on his client, Sam, Hustad notes that "Sam found out people loved his stories, they could laugh, they could chuckle, they could cry."
Sam turned what used to be an ordinary life insurance presentation into a unique experience for his clients, Hustad added.
"You can not brand yourself with new stationery, or a cute slogan. You brand yourself by having unique client experiences," he said.
Once you have found what unique experience works for you, it is important to stick with it and not slip back into your old habits. Hustad used another experience he had with Sam to illustrate this. Sam had an appointment with a major prospect, and was concerned that perhaps he should go back to running illustrations and building proposals for this particular meeting. "Do the story," Hustad told him.
