Successful Agents Share Secrets to Outlasting the Economic Downturn – Paul Hunter
What advice would you give to agents who are struggling in this economy?
Expand your product base. Look at what’s working and move into that market. I’ve
focused on annuities and retirement planning because I don’t see a strong future
in health insurance. Look for other opportunities that allow you to sell a variety
of different products and don’t be afraid to make a change.
How have you been able to accelerate your future and meet your goals despite the
economy?
About five years ago I sold five blocks of LTC business to TWG Capital for a lump
sum of cash. I used the money towards marketing efforts and lead generation that
helped me to build a block of about 1,000 life insurance clients. I soon realized
there was a better opportunity in annuities. I began selling them and was able to
cross-sell to my original LTC clients, of which the commission stream I sold to
TWG Capital years before, as well as the large base of life insurance clients I
developed.
By selling my renewal commissions five years ago, not only am I still making money
off the deal, I’m actually making more money now than the original lump sum of capital
I received to grow my business.
As an insurance agent, what are your biggest concerns right now?
Although the economy is currently down, my production has been up. I was able to
get out of the Life and Health market about three years ago and move into the Annuity
market. The uncertainty of a government-run healthcare system as well as our current
unstable economy concerns me personally and for other independent agents, but so
far it hasn’t had a negative impact on my business.
How have you been able to overcome these obstacles?
By keeping up on market trends, I’ve been able to dodge them. Right now, indexed
annuities are the hottest product going and by selling them I’ve really been able
to increase my production during the downturn. People who are losing money in the
market are taking what they have left and putting it into annuities for safety.
Safety and security is a big deal right now for everyone – they can’t afford to
lose any more money.
Would you recommend TWG Capital to other Insurance agents?
Yes. It’s hard to get a loan right now and you’re better off selling renewals since
you don’t have to pay that money back. It worked just fine for me and I’m still
making money off of it.
Want to learn more about outlasting the downturn? Download two free whitepapers
below:
Three Debt-Free Growth Strategies for
Agents During a Recession.
Recession-Proofing Tactics for Insurance Providers.