New York Life

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8 people found this helpful  

A reasonable opportunity in a field that wasn't for me.

Former Employee - Agent
Former Employee - Agent

Pros

- Decent training (outstanding outside sales process, BTW)
- Good income POTENTIAL
- Passionate people around you
- If you're searching for drive, NYL will help you find it . . . or they'll help you find the door. (Nothing wrong with that, BTW. For sincere success in life insurance, you'd best be driven.)
- Scheduling flexibility. You are your own boss, provided that you're hitting the numbers (Nothing wrong with that, either)

Cons

- Recruitment isn't upfront and direct about costs. There is much "talking into the hands" when it comes to what costs will be incurred. The big shocker will come at about the two-month point when the agent finds out the cost of the mailers they'll be sending to all the people they've approached about being on the mailing list. Granted, it IS your own business, but I often felt that management was using that as camouflage for not being upfront. I would suspect that the whole truth scares away recruits, so it's best to "ease them in." Truth be told, I figured something was up when I was given the full-court press on how much money I could make (in fact, that seemed to be the go-to topic of discussion whenever morale would flag)!
- Beware the prospecting. The typical agent burns through their warm market in a hurry. The focus on prospecting was non-existent. Referrals, yes . . . but you'll find client push-back on referrals, until you actually accomplish something for them. Develop some strategies, and FAST!! Voice the concern early and often with management/training. Just asking won't cut it. Keep in mind that the sweet spot for life insurance is late twenties/early thirties, starting families, and asset accumulation. If your warm market is past that, they probably have planning in place; doesn't hurt to ask, you might be able to help, but don't rely on it!!
- Compliance is on the agent. Learn the rules, and learn to file . . . efficiently!!! You won't have time to fix it!!
- Management is spread thin. If you're looking for a mentor, try an established agent. But don't be surprised if they don't have much time for you, as they have their own business to run. Also, they might charge you for the privilege (keep in mind that the primary recruiting tool is money). Don't count on your manager/partner; they're often too busy recruiting to give you much time. In fact, much of the admin associated with hiring will be handled by the new agent. Again, nothing wrong with that, I just wish management would set proper expectations. They're actively recruiting independent, entrepreneurial spirits that can handle it, just be upfront. I was particularly frustrated that my manager/partner double-, and even triple-, booked appointment times with me; I wasted much time waiting (not to mention doubted his commitment to my success). At first, I thought that it was a mystique/rarity tactic during recruiting, but it proved to be commonplace.
- Lots of meetings -- which led to lots of homework -- which made appointment scheduling a challenge. Again, nothing wrong with that . . . it's a tough business!

Advice to ManagementAdvice

- Be upfront. Nobody wants to waste time. Lay it all on the table . . . if it's not a fit, it's not a fit. If an agent followed a similar approach with clients, he'd be in a LOT of trouble!!
- Schedule appointment time appropriately. Punctuality is a virtue!!
- Start with prospecting. The low-hanging fruit will be there AFTER a solid prospecting effort. Prospecting skills lead to long-term success. Emphasize them!!
- Throw the agent a bone on office supplies. If it doesn't work out, the agent probably doesn't need boxes of file folders, file tags, two- or three-hole punches, and a case of copier paper.
- On the other hand, NYL is a solid, proven company. They must be doing something right in their process. I just feel that there could be a few less "dead bodies" on the path.

Neutral Outlook
No opinion of CEO

Other reviews for New York Life

  1.  

    One of the best environments to grow professionally.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Life Agent  in  San Francisco, CA
    Current Employee - Life Agent in San Francisco, CA

    Pros

    Excellent training and mentoring programs. Solid benefits.

    Cons

    Commission based job. Stressful during times of low business production.

    Recommends
    Neutral Outlook
    No opinion of CEO
  2. 3 people found this helpful  

    Challenging with High Turnover

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Insurance Agent  in  Greenville, SC
    Current Employee - Insurance Agent in Greenville, SC

    Pros

    New York Life is bar none one of the best and strongest insurance companies out there. I never think twice about putting someone with NYL. They have a great suite of products and excellent training if you take advantage of it. NYL is a mutual company and I put my own insurance business with them. They have good health benefits.

    Cons

    They charge you for everything from coffee in the office to rent for cubicles and phone and even copies. You are never vested in renewals with business you write with them so therefore if you work there 10 years and have 1000 clients and you leave you won't get any renewals from that business.

    Advice to ManagementAdvice

    Don't nickle and dime agents for everything!

    Recommends
    Positive Outlook
    Approves of CEO
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