Insurance Agent Forum

[adamantium]

I am looking for some insight on cold calling for term life and UL. What is the success rate for these lines with cold calling? What are the target markets for these lines with reference to age and income? I appreciate any guidance given and look forward to incorporating it into my marketing strategy.

[dgoldenz]

Waste of time....

[adamantium]

What factor makes it a waste? Why would it not work like health insurance cold calling?

[Death Cab For Tootie]

If you do it enough, it won't be a waste of time. However, you may run out of hours in the day to do other things like eat and bathe. That is, unless you are good on the phone. Asking this question leads me to believe you are not good on the phone. That's ok, we've all been there. A quick script that may work goes something like:

"Mr./Mrs. Prospect, this is DCFT, is this a good time? Great. I work with successful professionals like yourself who are concerned about what would happen to their family should they die prematurely. Is this a concern of yours?"

If "No."

"Thank you for your time." CLICK.

If "Yes.", then ask them what they are currently doing to correct this problem. If nothing, suggest you get together at their office for 15 to complete a fact finder. If they're working on it, ask them what steps they are taking to correct the problem. If something smells fishy in their response, offer a review of their current path. If they push back, thank them for their time and MOVE ON.

The key is volume, finding pain, and most importantly, asking for the appointment. I hope this helps.

[Death Cab For Tootie]

If you do it enough, it won't be a waste of time. However, you may run out of hours in the day to do other things like eat and bathe. That is, unless you are good on the phone. Asking this question leads me to believe you are not good on the phone. That's ok, we've all been there. A quick script that may work goes something like:

"Mr./Mrs. Prospect, this is DCFT, is this a good time? Great. I work with successful professionals like yourself who are concerned about what would happen to their family should they die prematurely. Is this a concern of yours?"

If "No."

"Thank you for your time." CLICK. Life is too short to fight with pikers who don't want to meet with you and/or don't care to take care of their loved ones.

If "Yes.", then ask them what they are currently doing to correct this problem. If nothing, suggest you get together at their office for 15 to complete a fact finder. If they're working on it, ask them what steps they are taking to correct the problem. If something smells fishy in their response, offer a review of their current path. If they push back, thank them for their time and MOVE ON.

The key is volume, finding pain, and most importantly, asking for the appointment. I hope this helps.

[VaDwayne]

Originally Posted by Death Cab For Tootie

If you do it enough, it won't be a waste of time. However, you may run out of hours in the day to do other things like eat and bathe. That is, unless you are good on the phone. Asking this question leads me to believe you are not good on the phone. That's ok, we've all been there. A quick script that may work goes something like:

"Mr./Mrs. Prospect, this is DCFT, is this a good time? Great. I work with successful professionals like yourself who are concerned about what would happen to their family should they die prematurely. Is this a concern of yours?"

If "No."

"Thank you for your time." CLICK. Life is too short to fight with pikers who don't want to meet with you and/or don't care to take care of their loved ones.

If "Yes.", then ask them what they are currently doing to correct this problem. If nothing, suggest you get together at their office for 15 to complete a fact finder. If they're working on it, ask them what steps they are taking to correct the problem. If something smells fishy in their response, offer a review of their current path. If they push back, thank them for their time and MOVE ON.

The key is volume, finding pain, and most importantly, asking for the appointment. I hope this helps.

This script is terrible. There will never be a good time to call, so don't ask. You are just setting yourself up for a NO answer.

Try this:

Good __________ Mr./Mrs. Jones,

My name is ______ _______, I PROMISE TO ONLY KEEP YOU FOR A SECOND!!

The reason I am calling is because I am a local independant insurance agent and I HELP families with their life insurance needs.

I would like to email you some information about my agency and the products that I sell. WOULD THAT BE O.K.?

If no- move on

If yes- Great, would you like me to include rates(not quotes) with that? (MOST WILL SAY YES)

If no- send info about you agency, and move on
If yes- In order for me to get an accurate rate for you I will need to ask you just a few questions.

1. Do you want rates for just you or for you and your family?
2. What is your current age, your spouse's, children?
3. What is your birthdate, spouse's, children?
4. Does anyone smoke in your family?
5. Any medical problems like diabetes, etc?
6. Height and weight? (tread lightly if it's a lady you are speaking to)

Send email and follow-up in a day to see what they thought of the rates.

[adamantium]

Thanks guys! Has anyone tried cold calling residential? If most agents do not do it, why not? Is there any other factor to consider besides the DNC registry?

[moonlightandmargaritas]

Originally Posted by adamantium

Thanks guys! Has anyone tried cold calling residential? If most agents do not do it, why not? Is there any other factor to consider besides the DNC registry?

Very few dials will actually result in talking to someone.

Why cold calling? Are you broke, or just opposed to doing some marketing that actually works?

[emptyeternity]

Paul, as tired as I am about hearing your views on cold calling, please, what books or resources would you recommend for "marketing that actually works"?
Maybe I will take a walk on the wild side...

[Death Cab For Tootie]

Originally Posted by VaDwayne

This script is terrible. There will never be a good time to call, so don't ask. You are just setting yourself up for a NO answer.

Try this:

Good __________ Mr./Mrs. Jones,

My name is ______ _______, I PROMISE TO ONLY KEEP YOU FOR A SECOND!!

The reason I am calling is because I am a local independant insurance agent and I HELP families with their life insurance needs.

I would like to email you some information about my agency and the products that I sell. WOULD THAT BE O.K.?

If no- move on

If yes- Great, would you like me to include rates(not quotes) with that? (MOST WILL SAY YES)

If no- send info about you agency, and move on
If yes- In order for me to get an accurate rate for you I will need to ask you just a few questions.

1. Do you want rates for just you or for you and your family?
2. What is your current age, your spouse's, children?
3. What is your birthdate, spouse's, children?
4. Does anyone smoke in your family?
5. Any medical problems like diabetes, etc?
6. Height and weight? (tread lightly if it's a lady you are speaking to)

Send email and follow-up in a day to see what they thought of the rates.

Guess we're going to have a difference of opinion. My script may suck, but yours BLOWS. That was something that I came up with off the top of my head, this sounds like something you actually use. Yeeesh. At least when I can ask if it's a good time, I'm showing some respect for interrupting their day. If it isn't, they'll tell me and I'll call back some other time. The normal response? "What's this about?". I then can go through my approach and ask for the appointment.

Send something? What for? Even if you get some upfront info about their height/weight, meds, etc., what makes you think they're being up-front about it? Why waste the postage and paper? Quotes? Screw that. Until someone is in underwriting, has put pen to paper, and is getting a paramed, quotes mean nothing. I can't tell you how often someone has come back rated when they look healthy (or they get ultra when they look like crap). I show people illustrations once a firm offer is on the table. If they don't like it, I explain my process and the two of us decide whether it makes sense to continue the conversation. If it doesn't make sense, so what? There's plenty of people out there I can help. There's no reason to waste time on someone who doesn't truly want my help and is open-minded enough to take feedback from a true professional.

[moonlightandmargaritas]

Originally Posted by emptyeternity

Paul, as tired as I am about hearing your views on cold calling, please, what books or resources would you recommend for "marketing that actually works"?

Any material by Michael Port or Frank Rumbauskas Jr. could be helpful.

[Death Cab For Tootie]

Originally Posted by moonlightandmargaritas

Very few dials will actually result in talking to someone.

Why cold calling? Are you broke, or just opposed to doing some marketing that actually works?

Cold calling works, but most people suck at it. I know veterans 30 years in the business who still cold call. And from what I can tell, they don't do it because they're broke.

[adamantium]

Yeah I am interested in it because I dont have a large small group base yet to pull from for referrals. I think that can take me only so far. And as far as direct mail I keep hearing that you might as well as be throwing your money down the toilet. I am definitely open to other alternatives if anyone is game on passing those on
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Hey Moon light, whats it like being "The Interesting Man in the World?"

[emptyeternity]

Originally Posted by moonlightandmargaritas

Any material by Michael Port or Frank Rumbauskas Jr. could be helpful.

I am really trying to understand you, so are you saying what these authors state is fact within the trend of business today? Or do you think it is true because it might compliment your own subjective tendencies? Also, these strategies and tips within these books, are they suited towards an insurance start-up? How would you apply their strategies to a low budget start up within the insurance industry?

[adamantium]

Cold calling seems to be the most efficient use of both of my time and money, that is my primary reason for wanting to pursue it. It seems to me that very few search for it the way they do health so leads are out of the question. Paul what strategies do you use to market besides referrals and cross selling?

[moonlightandmargaritas]

Originally Posted by emptyeternity

I am really trying to understand you, so are you saying what these authors state is fact within the trend of business today?

If you apply them they are.

Also, these strategies and tips within these books, are they suited towards an insurance start-up?

Not specifically, but you can apply them to any "sales" organization. Insurance is really no different.

How would you apply their strategies to a low budget start up within the insurance industry?

To be candid, a low budget start up in anything has a very slim chance, insurance included. I would find a way to beg, borrow or steal a marketing budget, or find something to do that doesn't require any working capital.

Originally Posted by adamantium

Cold calling seems to be the most efficient use of both of my time and money, that is my primary reason for wanting to pursue it. It seems to me that very few search for it the way they do health so leads are out of the question. Paul what strategies do you use to market besides referrals and cross selling?

Efficient? What percentage of the dials result in contact? We've done both small businesses (27% contact rate), and seniors (9% contact rate). Not exactly what I'd call efficient.

My favorite is direct mail (although I use a lot of other methods too). It allows you to target with a precision that no other method allows. It's got to be a creative piece though. Mailing the SOS will get poor results.

[UnknownGenius]

What is your Target Market? What clients are you trying to reach? Who do you feel most comfortable working with? What products do you like to sell the most? Create a Targeted Prospecting System that you continuously (weekly) receive leads.

If you use just cold calling, your family will starve.

Make sure you have multiple channels to create leads. I know of a few ways that you can generate quality leads, without the huge cost of direct mailings. They are much more profitable. Think about it, how could you contact the people you want to sell? And don't tell me you want to sell EVERYONE cuz there is no way you are going to be able to learn all the products in that short time period.

Give me more info. and I can help.

[VaDwayne]

Originally Posted by adamantium

Thanks guys! Has anyone tried cold calling residential? If most agents do not do it, why not? Is there any other factor to consider besides the DNC registry?

I cold call residential at least 5 hours a day. Regardless of what people say, it works. Is it as effective as it was 15 years ago, I doubt it, but doing nothing gets you nothing.

When you call, don't leave a message, and some of those that you simply dialed and they didn't answer, will see your number on their caller I.D and will call you back to see what you want.

There are probably more effective ways to use you time, but if you are on a limited budget, cold calling works.

Heres an example: 2 weeks ago I cold called a residence and the gentleman that answered the phone said " you won't believe this but I have an agent from MOO on the way to the house now and we have agreed to purchase from him and for the little savings I could give him, he didn't want to go back on his word. I told him that I understood but if he ever had any questions, he could give me a call and I would help him, which he did last week.

Friday I was driving down the road and my cell rang. It was a lady that wanted to speak to me about her husband's supplement and she asked for me by name. Come to find out, she got my name from this man and I am going to drive about an hour away tomorrow to write this T65 a new med supp. and she wants me to help her in December when she enters OE.

MY POINT IS THIS, if you stay active and keep you pipeline full, good things are bound to happen. Keep talking to people, the odds are that you will run into somebody that wants insurance. As you get better, you will run into more.

I experimented with life insurance cold calls Wed-Thurs last week just to get a feel for it because I want to add about 3-4 life policies to my Med. Supp sales to increase my income a bit, and using the script I posted earlier I averaged 8 quotes, per day, for life insurance. I couldn't follow up the way I should have because I have been out of town this week at P&C class, but I am thinking I should get 1 sale out of every 10 quotes.

Just keep working hard and you will be o.k.
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Originally Posted by Death Cab For Tootie

Guess we're going to have a difference of opinion. My script may suck, but yours BLOWS. That was something that I came up with off the top of my head, this sounds like something you actually use. Yeeesh. At least when I can ask if it's a good time, I'm showing some respect for interrupting their day. If it isn't, they'll tell me and I'll call back some other time. The normal response? "What's this about?". I then can go through my approach and ask for the appointment.

Send something? What for? Even if you get some upfront info about their height/weight, meds, etc., what makes you think they're being up-front about it? Why waste the postage and paper? Quotes? Screw that. Until someone is in underwriting, has put pen to paper, and is getting a paramed, quotes mean nothing. I can't tell you how often someone has come back rated when they look healthy (or they get ultra when they look like crap). I show people illustrations once a firm offer is on the table. If they don't like it, I explain my process and the two of us decide whether it makes sense to continue the conversation. If it doesn't make sense, so what? There's plenty of people out there I can help. There's no reason to waste time on someone who doesn't truly want my help and is open-minded enough to take feedback from a true professional.

Keep doing what you're doing. Have a great day!!

[UnknownGenius]

Let's get serious for a moment.

How many people reading this forum have caller ID?
How many people don't pick up the phone when a number
Calls you don't know?
How many peoples' clients do the same thing? (Probably more so with our clients because if we don't know the number we pick up expecting a sale!!!)

With technology the way it is, NO ONE ANSWERS the phone if they don't know the number. Most effective way to cold call is from your personal cell phone that has YOUR name show up on caller ID. Also, cold calling is not EFFICIENT anyways.

It is a waste of time in my opinion. AND if you don't leave a message, they will NEVER pick up. Leave them a quick message like "HI this is ______ from ____ABC COMPANY___, the reason for my call today is because I sent out a mailer to you and thought you might find the section on the new law change for Medicare advantage plans (Or add whatever is appropriate here for who you are calling) informational. I will try to call back again soon or call my personal cell at xxx-xxx-xxxx

If you get them, use the same script but ask... Get them engaged...

Do you have a minute right now to talk about this important change?

Then talk and get interest and make appointment.

Notice how I didn't really send out a mailer? Now some may think that is immoral, but how many prospects actual read their "junk" mail? Probably the 1% that actually reply.

By the way did I say Cold calling is not effective? It works, but not effective and you will go starving.

Good Luck!

[moonlightandmargaritas]

I get a kick out of those that have been in the business for about three months, and have sold a grand total of eleven policies saying, "it works."