Commercial Producers: Thoughts and Considerations for Both Hiring Managers & Job Seekers
Being a commercial producer is one of the best gigs our industry has to offer in my opinion.
It's basically a business within a business.
You largely have control over your schedule and earnings and in some cases, can even earn ownership, without all of the capital and headaches required to actually start a business.
But finding the right mutual fit can be tough.
The interview process for the producer position is a two-way street. There are things both sides need to consider.
The reality is that most producers tank.
It's not that they aren't hard-working or good people, but sales is a tough job. It pays well because it's hard and it can be a grind at times.
When I started as a producer, someone told me “the highs are high and the lows are low” and boy is that true. Your worst day as an underwriter or account manager is nothing like your worst day as a producer. But on the flip side, your best day as an underwriter or account manager is nothing like your best day as a producer.
So, knowing the success rate is low, what kinds of things should you be considering?
When vetting potential fit for the job and a certain company specifically, here are some of the topics I recommend being discussed:
👉 How do you feel about cold calling? (It’s a necessary evil to get started in nearly every scenario for a true ‘hunter’.)
👉 What types of existing relationships do you have currently?
👉 If you’ve been in sales in the past, were you successful? What did that look like?
👉 If I dropped you into a room full of strangers at a networking event with nothing but a pocketful of business cards, how would you feel?
👉 How do you handle rejection?
👉 Talk to me about the level of persistence you've had in a situation that challenged your patience.
👉 The sales cycle in insurance, particularly on larger prospects, is quite long. How will you weather that storm?
👉 How much do you want to make in year one, two, three? How much do you NEED to make?
👉 How will you prospect? That is, how will you identify opportunities, and then how (literally) will you be contacting them?
👉 Do you consider yourself coachable? If you haven't done this before, and you're joining a winning team, you'll absolutely have to be willing to let that team guide and mold you.
👉 Have you put pen to paper on a 'business plan' of sorts as to how you'll get started?
👉 If there's a non-compete in place, how will that affect things?
If I were the candidate, here are some things I would be asking myself and/or the hiring company:
👉 What industry niche(s) do I want to focus in? Do this agency’s resources/markets/branding align with that?
👉 What support will I receive for things like marketing new business, client servicing, etc.? (Remember that the more support you have to take tasks off your plate the more freed up you are to prospect new business.
👉 What are the expectations for my first 6 months, first year? Is that measured in terms of new biz production or “activities”? Or both?
👉 Larger accounts generally make more sense to target, but am I given some grace to work on smaller stuff while I get my feet under me in the beginning?
👉 What are the new/renewal commission splits? Is there any referral bonus/commission paid for referring business to others within the agency (I.e. Personal Lines, Employee Benefits)?
👉 How many successful producers have you created in the last 5 years?
👉 Who in the agency currently has actually built a book from scratch (and will they help train me)?
👉 How much new biz is the average new producer writing in their first year? 👉 Who will be my mentor(s) and what does that look like?
👉 What do my first 90 days look like?
👉 What resources will I have to learn how to sell – what to say, who to call, where to look, etc?
👉 Is equity on the table? If so, what metrics do I need to hit and on what timeline? (And get it in writing).
In my experience knowing and placing producers (and having been one), and talking to agencies every day, there are some common traits I see among successful insurance sales people. They are often…
✅ Former athletes
✅ People who love to win
✅ People who are motivated by money
✅ Former teachers (yes really! They can take a complex product, digest it, and regurgitate it in a way that your average person can understand and relate to)
✅ People with high levels of coachability
✅ People who love talking to people
“This is not a one size fits all position, there are many options and variations out there. But, when the right candidate finds the right company, producing can be a phenomenal career path!”
