We recruit new sales people (producers) for commercial insurance agent/brokers.
We expect every placement — 100% — will make it and become a successful producer.
Yet our new producer success rate runs ~70%.
(Turns out many things can go wrong “after the hire”.)
Reagan Consulting’s industry study: 56% new producer success rate.
A tad better than a random coin toss.
Want to improve your firm’s new producer success rate?
Lots of things you should do.
I write about those all the time.
Let me provide you 3 strategies that FAIL more often than they succeed.
3 risky new producer hire types.
I’m not suggesting that you NEVER hire these types of new producers.
But know that you’re entering a high failure risk zone when you do.
Type #1: Fresh-outs on-the-cheap.
If you hire a recent college graduate with no sales experience, they will — far more often than not – fail as a commercial insurance producer.
Type #2: Technical insurance wonks.
If they know insurance but they can’t sell, they will fail as a producer.
Type #3: Retreads/recycled producers.
If you’re their 3rd or 4th agency, why are you convinced that they will succeed with you?
AVOID these 3 pitfalls.
You will — with mathematical certainty — increase your new producer hiring success.
Good luck and let me know if I can help.