#28: Make Insurance Cool Again, with Patrick Bet-David

On this episode, Patrick Bet-David helps to answer the biggest question in life insurance sales: Where will the next generation of successful agents come from?

The United States has grown more diverse, yet the life insurance industry clearly has not. To use a common refrain about the typical agent, the industry looks “pale, male and stale.” Simply put, agents are aging out. Also, because life insurance tends to be a peer-to-peer sale, clients are also older, more elite and less diverse. For the industry to remain vibrant, it needs to replenish its sales force and its clientele.

Patrick is building a life insurance agency where agents are often from minority groups and all walks of life. In fact, he likes recruiting people from outside the insurance business who show spirit and smarts but don’t come with the baggage of bad practices.

Patrick came from far outside the world of life insurance. He was working as a fitness trainer in California when he became interested first in finance and then insurance. Who knew back then that by the age of 39, he would own an agency with more than 5,000 agents – and have plans to grow that number to an astonishing 500,000 in a decade?

In this episode, Patrick shares the story of how he got to where he is today – and his vision for the future of our industry. One thing is clear: He and his recruits are serious about his agency’s mission and the transformative value of life insurance.

[powerpress]

SHOW NOTES:

07:25  Patrick talks about how he got started in the insurance business.

11:10  Patrick shares a true standout lesson he learned early on in his career selling insurance – and how it changed his whole perspective on the industry.

15:35  Patrick talks about how he made the transition from selling individually to being an agency leader and a marketing organization.

18:20  The money that can be made in recruiting is a stark contrast to the lean times his family experienced when he was growing up.

22:05  Despite his dedication and obsession, Patrick encountered challenges when he was both individually writing and recruiting at the same time. In fact, those challenges can lead agencies to believe they don’t have the time to build.

25:20  Patrick also broadened his scope to see the industry’s impact – and a lot of that is in the numbers.

28:35  Remembering his early days in the industry helped Patrick turn what he was doing into a mission. They helped form the crusade and the vision for his business.

31:40  Patrick says he actually sees quite a few successful people who need to think more about giving back.