My Experience Shadowing a Professional Sales Representative

Description of Selling Organization

Farmers Insurance was founded in the year 1928 in a small one-room office in Los Angeles, California (Our History). Its founders were John C. Tyler and Thomas E. Leavey who used their own, out-of-pocket funds to create their own business (Our History). Both men knew from experience that farmers “experienced fewer risks with their vehicles and were entitled to preferred rates” (Our History). Upon this belief, Farmers Insurance was founded. Today, Farmers Insurance has become one of the top Insurance providers in the world. They are often associated with J.K. Simmons announcing “We know a thing or two, because we’ve seen a thing or too” on Farmers’ national television commercials. However, their impact reaches beyond “knowing a thing or two.” Farmers Insurance is a major provider of auto, home, and life insurance, all of which insurance agency owner, Candy Hanslik provides for her clients.

Products/Services Sold to Specific Target Markets

Farmers Insurance provides Auto, Home and Life Insurance namely. Auto Insurance is now required by law in many states including Illinois. Taking this into account, all automobile operators would theoretically be the target market. Basically, auto insurance provides coverage in the unlikely event of a collision in which the insured party would be responsible for the accident. Auto insurance can be further divided into 3 sub-categories: liability, collision, and comprehensive coverage. Liability coverage would cover medical expenses related to injuries inflicted to the party that would not be responsible for the accident. Collision insurance provides coverage for colliding with another car, person or stationary object. Comprehensive coverage provides coverage for miscellaneous damages that may occur that would not fall under the previous 2 coverages. Comprehensive insurance is usually a supplemental option for an increased premium. Another product Candy sells is known as property or home insurance. Home insurance seeks a target market of homeowners. Home insurance can also be divided into sub-categories: dwelling structure, personal property, and liability. Dwelling structure is the foundational and better known aspect of home insurance. It provides coverage to all elements of the property that would be categorized as the dwelling structure itself. As Candy mentioned, “If the house were to be flipped upside down, whatever did not fall out would most likely be covered. Personal property is the category of insurance that would cover anything that did fall out of the house.” Similarly to auto insurance liability coverage, home insurance liability coverage would provide financial coverage if an individual were to injure themselves on the policy owner’s property. If it is determined in a court of law that the policy owner is legally responsible for the injury, liability insurance will reimburse the accused party should a lawsuit be filed. Auto and home insurance are important, but Candy’s favorite type of insurance to sell is life insurance. In its most basic form, life insurance provides a death benefit to the benefactors of a policy holder if they should pass away. Farmers offers 2 general types of life insurance: term and Indexed UL. Term life insurance has 10, 20, and 30 year options. For a set monthly payment, the policy holder is provided life insurance for the designated amount of years depending on the plan. If the term has ended and the policy holder were to pass away, his or her benefactors would receive nothing. However, Indexed UL (Universal Life) polices take a different approach. Clients’ premiums are invested into index funds through SMP 500 or Russell 2,000. With this plan, premiums are flexible, money can be withdrawn at any time, and invested cash has an opportunity to grow through investment. This is what makes it a more popular plan than term life which loses all value after the term has passed. Another important note is that deductible plays a large role in the financial aspect of insurance. If clients elect to pay higher premiums, they will have lower deductible prices in the event that they require coverage. Subsequently, those who decide to pay lower premiums will have to pay larger deductibles if they require coverage. A deductible is the share the client pays if they require coverage to ensure they bear financial responsibility. A premium is the monthly payment clients pay for insurance coverage.

Background of the Sales Professional

Candy Hanslik has worked in sales for over 20 years. She was inspired to become a salesperson by her father, Wayne, who was an extremely successful sales agency manager for Horace Man. Her father was distinguished by his talent, skill, and kind personality which all contributed to his many years of success. Shortly following her unpleasant experience as a young adult working for a retirement home for “very little pay,” Candy decided to pursue a full time career in sales. She was interviewed and hired in July of 2000 by a small insurance agency. Candy worked there for roughly 18 years (2000-2018) until she transitioned to ownership of an agency in the fall of 2018. She now owns an agency with Famers insurance.

Responsibilities of the Sales Professional

As agency owner, Candy is ultimately responsible for her agency’s performance. This entails meeting sales quotas, retaining invested clients, finding leads, and prospecting potential clients. Since she works for a large insurance firm she is held to certain standards of performance. On a daily basis, her office will process any claims that might be made regarding insurance coverages, provide quotes for potential clients, and communicate with existing or prospective clients. Various forms of communication are utilized, such as phone, text, and email to connect with clients.

Takeaways from Interview

I have known Candy my whole life because she is my aunt. From time to time she teaches me about what she does at work and gives me advice about working in the future. While I was already familiar with what she does for a living, it was still educational to spend some time asking questions and learning about sales and insurance. After the interview, I felt that I was much more informed about types of insurance coverage and the different supplementary factors involved. In the modern world, people lack some understanding about insurance so having the opportunity to talk to a salesperson I can trust is a special opportunity. Candy highlighted how much she enjoys the opportunity to help people. In her eyes, selling is a way to improve others’ lives and solve problems that they may face. In Candy’s own words, “The greatest reward of my career is helping others understand and prepare for the various financial risks that lie ahead. Building trust and long lasting relationships is the greatest joy I have experiences a salesperson and agent for Farmers Insurance.” As she mentioned relationships are such a critical part of selling. Many of her clients are close friends and even family. Through her work, she is able to establish and develop relationships with others. I have had the opportunity to meet clients of hers and they always mention how great Candy is at what she does. This has helped me to understand that selling is about more than meeting deadlines and swindling clueless buyers into spending. It’s about building connections, helping others, and solving problems that people face in this world.

References

Our history : About Farmers. Farmers Insurance. (n.d.). Retrieved October 2, 2021, from https://www.farmers.com/farmers-story/.