Becoming a commercial insurance broker (producer) isn’t easy.
As I often tell candidates: welcome to a GREAT career but, at the start, a CRAPPY job.
#1. You need to learn technical risk management and insurance information.
Lots of it.
And how to apply this knowledge to each specific business.
You will never be done with the learning part.
That’s not the hardest part of being a new producer.
#2. You need to self-generate prospects and make phone calls.
Tons of phone calls.
Calling people who don’t want to hear from you.
That’s not the hardest part of being a new producer either.
It’s being NEW — when you AND the prospect both know it.
Now, that’s pretty hard.
How to overcome their doubts about you being new and/or young.
How to overcome your lack of experience.
How to overcome looking too young to be taken seriously.
Simple answers to overcome these challenges?
Sorry, no can do.
Part of the producer career — at the beginning.
3 antidotes to reduce the new/young producer penalty:
1. Sell your firm, not just you.
Convince prospects you will bring them a killer app: your fresh eyes and curiosity combined with your firm’s collective wisdom, experience, and solutions.
Get the appointment and lean on others after you get a prospect’s door opened.
Take owners and/or experienced producers with you on prospect appointments.
Listen, learn and let others help you diagnose the opportunity and get the win.
2. Focus on niches.
To be a generalist producer when you’re new is asking for heartache.
Find industries where you want to build a clientele.
Find industries where you already know people.
Where your firm has proven success and that are available in your local market.
Then start becoming a risk management and insurance expert in those.
Niches = riches.
3. Become a cyber risk expert.
Cyber risk management and insurance solutions are still emerging.
It’s new territory for everybody — even experienced/older producers.
That tends to balance the playing field among producers.
You may have more street credibility on this subject because you are young/new.
Prospects may perceive that you’re more technology savvy.
Plus, cyber risks keep getting scarier for business owners.
Finally, please remember this good news: someday you will NOT be new at this.
More good news: someday you will NOT look too young.
(Please recognize that’s also bad news.)