Impact from “The Addiction”
In my last article, The Addiction That is Crippling Our Industry, I explained the terrible addiction that is crippling our industry. I would now like to take a few moments to explaining the impact this addiction has on you!
The impact of The Insurance Bid on producers, sales managers and agency principals is serious and long lasting as measured by the loss of time, reputation, confidence and money.
Insurance addicts spend the vast majority of their time focused on renewal dates. These insurance junkies copy policies, dig for claim data, perform market research, design specifications and beg underwriters for the “best deal”. They get high on price and product. Their lives are consumed in uncovering the lowest bid to satisfy the appetite of the consumer. The addicted producer frequently comes in second place and has a tolerance to return the next year. Their delusional personality and compulsion to The Insurance Bid gives them false hope and a tendency to increase the dose to satisfy their addiction.
Most patients who come to the Beyond Insurance® Treatment Centers have new business hit ratios under 50%. More than half of their professional lives are wasted in search of a number. How tragic! It is no wonder that the insidious effects of The Insurance Bid are crippling producers and those who standby them – sales managers, account executives, insurance carriers, family and friends to name a few.
Socrates, the ancient Greek philosopher, once said “the way to gain a good reputation is to endeavor to be what you desire to appear”. Reputation defines who you are in the eyes of those you serve. Your reputation is the result of what you do, what you say and what others say about you.
The producer addict has allowed The Insurance Big to frame his or her reputation.
The confidence levels of producers who come to Beyond Insurance® Treatment Centers are depleted as they lack control over the outcome of the insurance bidding process. It is this inability to “feel in control” that creates tension, anger and low self-esteem.
Sadly, addicts with low self confidence live in a vicious circle. Their lack of confidence makes it difficult to be in control. And, their inability to experience control brings on self-doubt and negativity.
Successful producers reap significant financial rewards. Their ability to make a lot of money is a real motivator.
The producer addict, on the other hand, is frustrated with his or her compensation as there is little correlation between effort and financial rewards.
Substance Free Strategy
The Beyond Insurance® Treatment Centers uses the Risk Management Process — a systematic methodology for assessing and treating accidental loss exposures — as a means of rehabilitation. It is the addicted producer’s understanding of, and appreciation for, the Risk Management Process which reduces his or her dependency on The Insurance Bid. The purity and logic of the Risk Management Process shifts the producer’s mindset from insurance to risk and risk management.
Addicted producers gain immediate energy and confidence in their ability to control the outcome of risk. The identification, assessment measurement and prioritization of risks become the therapy for the disorder.