The Greatest Temptation of All Producers

Potential is an evolving word. When you're young, new, or just starting out - the word potential feels like a compliment. Time does a funny trick on potential though. It flips it. As you get older, potential starts to feel less and less like a compliment, and more and more like criticism. The longer potential goes unrealized, the more it's believed to be a myth.

I remember when I first started in this business, I was sold on it's potential. Specifically the financial, relational, influential and lifestyle potential it offered. As the son of a factory working mom and a serially unemployed dad, it was beyond anything I had ever dreamt of for myself. And it wasn't a myth. During my interview process I had met a handful of producers who were living it out. And I wanted what they had. So I set out to chase it.

Is this potential what brought you into the business? If so, you aren't alone.

Unrealized Potential

According to a recent study by the National Alliance Research Academy, 43% of commercial lines insurance producers chose this career for the financial opportunity.

This truly is a great business. Yet unfortunately for most producers, this exponential opportunity goes mostly unrealized. The cold reality is that the average book size for a commercial lines producer in the U.S. today is $332,000 and the average income only $113,000. Not to make light of a six figure income, but the hard work and stress that this industry commands should also command much higher incomes and better lifestyle design. And it does.

There is an elite group of insurance producers, the top 1%, who are experiencing 10X-75X the results of most producers today. Writing over $1M in new business revenue annually, managing $3M+ books, and generating seven figure incomes. Unicorns do exist.

The potential this business offers is actually often understated. 

The Great Temptation

Thomas Merton once said that "the biggest human temptation is to settle for too little." For every commercial lines producer today, the greatest temptation is mediocrity. Settling for too little.

Facing the headwinds of tough competition, long sales cycles, inadequate training, and low producer standards, it's very easy to settle for what seems possible. To settle for average without ever even realizing it. 

What is your average size account? How about your average annual new business commission? If you find yourself answering around $2,500 and $75,000 respectively, you are living in mediocrity. 

Have you written the same amount of new business each year for a number of years in a row now? Has your book size plateaued? If so, you are settling for mediocrity.

The Grasshopper Effect

I call this tendency to live in mediocrity "The Grasshopper Effect." Believing we are but the size of grasshoppers in a very big world, with a sense of inadequacy, we settle for seems possible. Rather than chasing possibility, we minimize it in our minds by discounting real potential for what seems possible for me.

Mediocrity - something that is ordinary or moderate quality, neither good or bad

I don't know about you, but I don't want to live an ordinary life, or build an ordinary business, have ordinary relationships, an ordinary marriage, or raise ordinary children. No one wants to go on a vacation that was neither good or bad. Or cheer for a moderate quality sports team. You weren't created to live a ordinary, mediocre or small life. 

Understanding Mediocrity

To overcome this great temptation, we must first understand how it works.

• Mediocrity has a subtle process. Mediocrity is not something anyone conciously chooses but a subtle slow fade. It starts in the mind, takes root in the heart and outworks through the tongue. It begins in the mind with ordinary thinking. "No one has ever written that much." "Set realistic goals." "I'm not the best, but I'm not the worst." Before long, these thoughts become internalized and grow into a core belief. Once this happens, you find yourself verbalizing it without even realizing it. "My book is too big to write any new business." "I don't have the time or resources to write new business." "That prospect would never buy from me." "This account is too large."  

• Mediocrity has a sabotaging perspective. Mediocrity only has one perspective - negativity. The problems are always greater than the potential. It always focuses on what you don't have, instead of what's in your hand. And it keeps you from being generous by focusing on yourself. 

Living Above Mediocrity

But life was not meant to be small or limited, it was meant to be abundant. So how do we live above mediocrity?

• Change your mindset. It all starts in the mind. Don't think like average producers.The first step in defeating the average life is not thinking average thoughts. Average producers think like everyone else. To be elite, you must start by thinking differently. This requires a daily renewing of the mind. I read a business plan recently from a unicorn producer addressed to the leadership at his agency. He was requesting a $28,000 marketing budget from the agency. In return, his commitment was to write a minimum of $1M in new business revenue for that year, after already hitting that number the past two years. But he was also committing to building a $10M book of business by 2020. What impressed me was his personal guarantee at the end - if he didn't hit his goal, he would personally reimburse the agency the $28,000. This is the type of thinking that reaps abundance. Mediocrity might be telling you right now "That's good for him. But I could never do that."

• Change your perspective. Like great explorers, elite producers understand that abundance is always found at the end of our understanding. The broad and spacious promised land is always beyond the visible horizon. It's when we come to the end of our strength, and keep going, that we push past the limits of our perceived potential.
• Instead of focusing on what you don't have, become excellent at using what you do have to the best of your ability. Every great achievement starts with a small intentional action.
• Don't give negativity a foothold by wasting your setbacks and struggles. Build a business and life worthy of your suffering. Hard and good are not mutually exclusive, they beautifully coexist.
• Develop a spirit of generosity. You reap what you sow. Sow generously.

The 10X Challenge

It's time to start thinking differently. In what areas of your business and life do you need to renew your mind? What would it take for you to grow your book 10X this year? If you run your book like a business, what would it take for your business to grow by $1M this year?

If you're interested in learning your potential to build an elite book of business, as well as discovering the six secrets of elite producers, get our free two-course package: You Can Be Elite & Train Like The Elite.

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I encourage you to dream. I challenge you to act on that dream. Dream a BIG dream. Live a BIG life. Grow a BIG book.

What do you believe is possible?

Take the 10X challenge. Live abundantly.