Randy Schwantz in Insurance Agencies
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June 19, 2023 – 4 min read
Randy Schwantz in Insurance Agencies
Randy Schwantz in Insurance Agencies
Bringing a new producer onboard is an important process that sets the foundation for their success within an organization.
Beyond the traditional employment contract, it’s crucial to establish a performance contract that outlines specific activities and expectations from the start.
In this blog, we will discuss the key elements of an effective onboarding process for new producers in the insurance industry. By following a well-defined onboarding process, you can increase the chances of new producers becoming productive and successful contributors to your bottom line.
To avoid ambiguity and ensure clarity, it is essential to create a performance contract that outlines the specific activities and expectations for the new hire. This contract should define the initial activities, training and learning goals that need to be achieved right out of the gate. By doing so, you set the stage for a productive and focused onboarding process leading to generation of new revenue.
For sales professionals, learning a well-defined sales process is crucial for success. This process should be taught and reinforced through role-playing exercises and practical training. If a new hire is unable to grasp the sales process within a short period, it may indicate a potential mismatch. Therefore, having a clear and easily understandable sales process is vital.
One of the early goals for a new sales professional is to establish a powerful and well-defined database of prospects (minimum of 200+).
Encourage them to meet with underwriters, loss control, and claims management personnel, read industry magazines, and develop a niche of interest.
This will enable them to create a database of a minimum of a couple of hundred well-defined prospects, complete with contact information. A proactive approach to building a database demonstrates drive and initiative.
To succeed in commercial insurance, sales professionals must understand and communicate the unique selling points (differentiators) of your product or service.
Ensure that your differentiators are clear, concise, and easily memorizable. By having these differentiators at the forefront of their minds, new hires can effectively differentiate themselves from competitors.
Teaching new hires how to effectively make phone calls and set appointments is a crucial aspect of their onboarding process. Provide them with the necessary skills and techniques to navigate prospect conversations, handle objections, and secure appointments. This will empower them to start generating leads and building their pipeline.
Once the new hires are equipped with the necessary knowledge and skills, the next milestone is to get them to validate their salary by generating revenue. The goal is to ensure that they are bringing in enough revenue to cover their own costs and contribute positively to the organization’s bottom line.
Regular monitoring, coaching, and support are essential during this phase.
An effective onboarding process for new producers involves establishing a performance contract, teaching a sales process, building a prospect database, learning differentiators, mastering telephone prospecting, and focusing on revenue generation.
By following these steps, you can provide new hires with the tools and resources they need to succeed. A well-defined onboarding process sets the stage for their productivity, reduces confusion, and increases their chances of becoming successful contributors to your organization. Invest in a comprehensive onboarding program to set your new hires up for long-term success.
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Do you want to work with me to grow your agency?
Take 90-seconds to complete this application
to see if you are eligible for a Growth Session.
How the Wedge Sales Culture Drove New Business Growth
The Wedge Sales Culture is credited as the engine of this growth, and this case study explores how the agency has implemented and benefited from this process.
“Hire Producers with Confidence” Use Our Evidence-Based Interview Process to Eliminate Candidates Who Don’t Have GRIT
With my evidence based interview process you can be sure that your next hire has the GRIT to fight through walls and achieve success selling commercial insurance.
Growing Your Agency Just Got Way Easier
Do you want to work with me to grow your agency?
Take 90-seconds to complete this application
to see if you are eligible for a Growth Session.