[Blog] Pivot Points

By Jim Bologna

In 2000, fresh out of college and unsure of my career path, I found myself at a crossroads. That’s when I encountered a recruiter from Northwestern Mutual (NML), who introduced me to life insurance and financial services. Despite having little insurance knowledge and no sales experience, I was captivated by the training, culture and mentorship at NML. The commission-based compensation model didn’t deter me, offering no base salary or health benefits. Eager to build a career from the ground up, I took a leap of faith.

Those initial days at NML were both exhilarating and daunting. The company’s culture, characterized by regular training sessions and client-building workshops, stood out. Seasoned top producers willingly shared their expertise, fostering an environment rich with mentorship and learning opportunities. This atmosphere allowed me to develop a business model that would underpin my future success.

One of the pivotal figures in my early career was Gary Holvick Sr., my first mentor in the industry. A seasoned professional who had joined the business in the 1970s, Gary had built a successful general agency when I arrived. He imparted invaluable wisdom on sales processes, the psychology behind why people buy life insurance and the art of listening to clients.

Gary’s nuanced yet powerful sales approach guided clients to recognize their need for life insurance. His leadership and business acumen were inspirational, offering me a masterclass in running a successful agency and instilling the values of a small business owner within the industry.

Over the next five years, I honed my skills—mastering asking for client referrals post-sale, building trusted advisor relationships and networking with business owners seeking protection options. Exposure to industry giants like Harry Hoopis and Al Granum further shaped my understanding and approach. The work ethic and business principles I absorbed at NML provided a robust foundation for my career.

By 2006, my career was thriving. Surviving the critical first five years—a milestone well understood in the industry—was as much a testament to the mentoring and examples I was offered as to my dedication and adaptability.

The early 2000s were transformative for life insurance, as representatives began offering comprehensive financial services planning. This shift from merely selling life insurance to introducing clients to retirement planning strategies created a new breed of sales representatives equipped to meet a 360-approach to clients’ protection and retirement needs.

However, 2006 also brought significant change to my career. With Gary Holvick Sr. retiring and NML agencies consolidating, I again found myself at a crossroads. A high-level producer had recently transitioned from NML to Allstate Financial Services, where a new role for financial services professionals was emerging.

Initially hesitant about transitioning to a property and casualty-focused company like Allstate, I took the time to thoroughly research the opportunity, visit local Allstate offices and closely examine their multiline sales process. Conquering my skepticism and recognizing the immense potential at Allstate to integrate life and retirement planning into the existing P&C client base ultimately proved to be a gratifying decision.

A 360 view

At Allstate, I collaborated with P&C agents, introducing financial services products to clients and addressing their protection and retirement needs. This new role allowed me to continue building long-term client relationships, cementing my place in the evolving world of financial services. However, it quickly became evident to me that many multiline agents hesitated to discuss life insurance or retirement planning with clients. The discomfort stemmed from a perceived complexity and the challenge of mastering multiple specialties.

Clients often don’t resonate with retirement planning until they’re faced with an immediate need. I asked myself: How do we pivot these conversations, especially when life insurance takes years to master and multiline agents find it challenging to diversify their focus?

The answer lies in training the multiline agent in a way that doesn’t feel burdensome. Instead of pushing life insurance or retirement plans, we should focus on reviewing liability limits, understanding P&C-focused products and coverages and assessing the limits of liability and coverage of assets. This approach naturally opens the door to cross-selling and organic conversations about life and retirement planning—without the pressure of a hard sell. This strategy results in a 360-degree view of the customer, where information truly becomes power.

However, through my experiences, I had identified a significant market gap here: the need for a streamlined, effective process for managing policies, assessing risks and connecting with clients. Agents needed help improving their productivity and delivering better service with a more structured, efficient way of managing policies and connecting with clients.

This realization led to the creation of the B File System, which aims to share the process that has been the cornerstone of my successful career by enabling agents to review liability limits with every client, uncover cross-sale opportunities and offer comprehensive coverage solutions—much like I did early in my career.

My journey has been one of continuous learning, adaptation and an unwavering commitment to excellence. From the early days of navigating the complexities of life insurance to pioneering new strategies, every step has been fueled by a desire to elevate the standard of service and support within the industry, helping others in the same way mentors, colleagues and clients have played a crucial role in shaping my career.

As I look to the future, I am excited by the endless possibilities. The financial services industry is constantly evolving and, with it, so are the opportunities to innovate, inspire and lead. I want to continue to help push the boundaries of what’s possible, mentoring the next generation of financial professionals and leaving a legacy of service, integrity and impact.

Read this article and more in the Korsgaden Insights magazine, a part of the Korsgaden Insights Community. Try it free for 30 days for $0.