5 Jun 2023
How to Supercharge Your Agency’s Recruiting Efforts
If you lead a successful life and health insurance agency, you are undoubtedly an effective recruiter. After all, in order to grow your business, you must continually bring new producers into the fold. You know your market; you know what works for you.
That said, it never hurts to revisit your recruiting strategies periodically. The world keeps changing. New industry data keeps emerging. No matter how accomplished you are, there is always something new to consider—which is why we’ve brought these ideas together for you.
LIMRA Research: Who Becomes a Producer—and Why?
While successful producers have a wide range of personality types and sales styles, research indicates that they share several core motivations.
According to a recent LIMRA survey of recently-recruited financial professionals (i.e., those with less than five years of experience), most producers are drawn to the profession because they seek:
- The opportunity to make a difference in people’s lives
- Unlimited income potential, and/or
- A superior work/life balance
Furthermore, they want to partner with agencies that:
- Are passionate about helping others—i.e., who live this as a noble profession, and
- Are honest and authentic when communicating with recruits
Keeping these thoughts central to your recruitment conversations will help you identify and connect with your best prospects more effectively.
How to Find New Agents in Unexpected Places
If you’re struggling to find enough qualified candidates, consider widening your outreach efforts. For example, you might:
- Broaden Your Ideal Candidate Profile
You undoubtedly seek out certain types of candidates—say, new college graduates—because it’s worked well before. That’s smart, but don’t overlook less-traditional candidates, including:
- Teachers and healthcare professionals (many who seek new careers post-pandemic)
- Professionals in other financial industry segments, such as real estate agents and mortgage brokers
- Immigrants with ties to their local communities
- Leverage Online Platforms More Fully
Chances are, you already post on job boards, but in order to reach a wider audience, it’s best to utilize multiple online platforms. That means getting more active on social media and in local online communities. And by all means, leverage LinkedIn—it’s a powerful recruiting tool for the insurance industry.
- Ramp up Your Referral Program
One way to encourage current agents to refer potential candidates is by sweeting your referral incentives. About 25% of LIMRA’s survey respondents were recruited by someone they knew. Plus, in the corporate world, employees who are hired via referral perform at a higher level than others—and boast better retention rates, too.
- Attend Job Fairs and Career Expos
If you don’t already, consider participating in local job fairs, where you’ll come face-to-face with individuals actively seeking new opportunities. Set up an attractive booth, polish your message, and engage potential candidates in upbeat conversations.
- Partner with Local Colleges
Collaborating with local colleges and universities is a great way to build a recruiting pipeline. Consider offering internships to students and/or apprenticeships to recent graduates—it may be an effective relationship-builder that allows you to nurture young talent.
How to Get Prime Recruits to “Yes”
Once you’ve identified strong candidates, the key is to win them over with a compelling, authentic message—one that highlights the benefits of working as your agent, while setting realistic expectations about the role.
- Talk up Your Training Program
Every potential recruit wants assurance that you’ll actively help them succeed. Be ready to describe your training program in detail, along with marketing/lead generation initiatives you provide. Demonstrate how you mentor new producers. In other words, reassure them that you’re with them every step of the way.
- Describe the Income/Growth Potential
Fact: effective producers are entrepreneurial in spirit and empowered by controlling their own earnings potential.
So, tell your recruits about the state of the industry—how the pandemic has raised awareness of the importance of life and health insurance. Tell them about PALIG’s strong ratings, quality portfolio, and more-than-century-old commitment to our insureds and agents.
This truly is a great time to be an insurance professional—make sure that comes through in your conversations.
- Emphasize Work/Life Balance
In the last few years, most of us have reprioritized work/life balance, especially the Millennial and Gen Z generations you’re targeting. Highlight how your agency supports producers in that regard via flexible schedules and remote work options—not to mention the possibilities down the road once they’re more established.
Finally, share your own personal success story. The satisfaction of building a client base. Of enabling families to plan for the future. Plus, the bittersweet gratification of helping long-time clients collect much-needed benefits in the wake of a terrible loss.
Not only will this demonstrate to your candidates that this is a noble profession, it will help you build an authentic, personal connection. And as you know better than anyone, ours is a business built on relationships—not only with clients, but with valued producers, too.