Recruiting a New Generation of Insurance Agents with Ryan Hanley
According to LIMRA, the insurance industry has only 149,000 agents. The US population is topping 320 million. Recruiting a new generation of insurance agents is paramount. Plus, the average agent in the industry today is a 60 year old, caucasian male.
1 out of 4 insurance agents in 2018 will be gone. Nothing wrong with this industry, they’re just retiring. Over the past 40 years, the insurance industry has done a poor job of recruiting agents losing them to Wall Street, technology and other attractive fields.
“The most relevant agencies of the next decade will not only hire aggressively in the short-term, they will work to improve their retention in the long-term to ensure success.”
Many insurance companies have changed the way they distribute their products and services. For example, MetLife just sold their entire retail advisor force to Mass Mutual. There’s no such thing as a MetLife agent working for MetLife anymore.
That doesn’t mean that MetLife is out of business. Today, they sell their insurance products and services through independent agents that make commission from MetLife when they sell their products.
A MAJOR area of opportunity to become an entrepreneur is an industry that most everyone is not paying attention to. Insurance goes back thousands of years and has never been super-innovative or sexy. Yet, the US insurance industry is the largest in the world, in terms of revenue, exceeding $1.2 trillion in 2011.
In this Facebook LIVE video, we discuss recruiting a new generation of insurance agents. Many will see this area of opportunity and benefits of doing so. Let me know what you think…
Meet Ryan Hanley, Chief Marketing Officer of Trusted Choice and Editor-in-Chief of Agency Nation. He was also the Panel Moderator for Agent 2021, a conference hosted by Gary Vaynerchuck, on Recruiting a New Generation of Insurance Agents.
0:37 Welcoming Ryan Hanley
2:30 Getting involved in Agent 2021
3:25 Ryan Hanley & the Insurance industry
4:47 Insurance over Wall street
6:09 The Original Lifestyle Industry: Listen up Millennials!
8:01 Why Millennials need the insurance industry
10:40 Making Money with Insurance
15:17 The need for change
18:19 The Pitch to a better Life
21:10 How to leverage Social Media for Business
25:39 The number one thing you need
28:15 Thanking Ryan Hanley
28:53 SHOUT OUTS!
29:47 SHOW ME THE MONEY!
29:53 An Industry to make dreams come true
33:00 Follow us @MoneySmartGuy
33:36 Getting Started in Insurance
35:39 Make Insurance Great Again