Remaking Agency from P&C to L&H

[1life101]

f150
" sounds like you arent putting in the effort in a P&C agency or you just dont have competitive carriers."

I have put a major effort in my locale, carriers have gone none competitive and some have pulled up stakes and left the state. In switching from a captive to indy means I'm working to build a brand where one did not exists before. The __ Insurance Agency is way different than The __ State Farm Agency. I spent considerable time, money and effort marketing my new agency and now that money is almost gone, rates have changed and inbound calls from the marketing have slowed. I have increased my cold calling from around 200-250 per week to 350 per week. Still just a trickle. I know the flood gates don't just open but I've been on a 9-10 month bad streak and need to revamp my agency.

I have not really worked much commercial and just know I would be better at L&H, but it's not out the question, right now I'm just looking for what I can use to jump start the whole agency.

OK dude, I am not arguing or anything, but it sounds like, you need to get off your ass and get out of the office. Make some referral partners (mortgage lenders, realtors) join some networking groups. You sound like you have branded your AGENCY, but you havent branded YOUSELF!

When i was captive, when friends asked my clients who their insurance agent/carrier was, they always responded the captive carrier name.....now as an IA, their answer is ME/my name.

I wouldnt give up the P&C, I would add to it, cross sell the current clients, life, disability, long term care etc. you really dont need new licenses for those, depending on what you have of course, your current book can be a gold mine.

You state you are cold calling, if thats all your doing, yup, your gonna fail.... get out there to find the warm leads.

Start a referral program, send it to all your current clients.

is your non compete over? go after the old clients from your captive agency.

Funny, sounds like, you blame the market, the carriers etc, but havent heard or seen anyone else complain like that. make sure you have competitive carriers. thats a HUGE key right there.

GIT ER DONE!

Thank you for your observation and advice. I got it.

 

[kgmom219]

Wino is my hero.

FLM is right. Start networking. Chamber events. BNI. Look on Meetup.com. Whatever. If you want to go the health route, fine, but start now. Remember that networking groups require a 4-6 months of continuous attendance and one on one's to work for anyone. BRAND YOURSELF.

I would forget buying leads right now for health. Until OEP starts, you are out of luck. It will be a trickle.

Even if your non compete is in effect, it probably doesn't apply to health. Send out an intro letter. Follow it up the first week in November, for OEP. If you have DOB's, send out different letters to the Over 65's and remember that their AEP starts 10/15.

Whatever you decide, you need to remember that you are going to be 6 months (minimum) from seeing any commission on health.

Good luck!

 

[WinoBlues]

Winoblues

I don't know what happen to my original reply, but at one time I had 600 in force policies close to half were renters policies and did not renew when the complexes changed hands and brought in their own "required" insurance company. Then I switched from captive to indy. That dropped my P&C count to 0, so I am rebuilding and have 110 pif.

I have spent on marketing my new agency, and have in spite of the no solicit clause been in touch with my former book and using the loophole to market only health and life, it's just a slow go.

I would agree maybe it is gold, and my tools are not sharp enough to get to it. What would you suggest?

Policies in force is not households. Back in my P&C days I could have several policies inforce in one household. A household = 1 suspect.

If I could go back in time I would do what the other guys said and cross sell P&C. Renewal base and cash flow. I do not have time to get into it right now but you have a ton of info in those files. I forget who it is Thad? Skipper? someone it seems has P$C as well as Life. Maybe one of those will chime in.

Just a note: my second full year as an agent I worked the files for three Allstate agents and sent all three to Hawaii on convention. I did not have the internet, this forum and was still green as hell. Today give me a P&C, Health or MedSupp book and I could rock.

 

[1life101]

If they aren't beating down your door as a P&C agency, you could close the office and no one would ever notice as a L&H agency.

You want to move from a product they are required to have by law and the lender, to one that has to be sold? That is not likely to be a successful transition if you are having trouble prospecting already.

It is time to reevaluate your prospecting methods. Then cross sell life to your new and existing clients to help pay for your marketing.

Thanks, I am considering closing my office and direct the rent budget toward a different marketing area.

I was doing a mailing same list 3 times in 120 days then follow up calls at the 90 day mark then switch list / zip codes each list was around 1000 homes using EDDM. I also do some cold calling. I worked the auto dealers and tried an "informational" seminar. The thing I'm finding mostly is the carriers I'm with have products that are less competitive in my current marketing area.

 

[F150]

Thanks, I am considering closing my office and direct the rent budget toward a different marketing area.

I was doing a mailing same list 3 times in 120 days then follow up calls at the 90 day mark then switch list / zip codes each list was around 1000 homes using EDDM. I also do some cold calling. I worked the auto dealers and tried an "informational" seminar. The thing I'm finding mostly is the carriers I'm with have products that are less competitive in my current marketing area.

You just said it again.....you are going after COLD leads, people with NO interest or need whatsoever...

Get out of the office and get some warm leads!
Go on, forward your phones to your cell phone and scoot scoot scoot your happy lil ass outta the office and make some contacts.


BTW....you think P&C rates have been crazy......and now you want to get into health? LOL!

 

[sosteen517]

Is your P&C book yours? If so, then that is where you start. You should already have rapport with those folks. Contact them all one at a time and start talking about protecting "their world" from life's everyday risks. Buying leads for life insurance will put you in a price war. You will go from being a risk manager to a life insurance quoter. Don't do that.