Insurance Agent Forum

[pcguy]

I am with a personal/commercial P&C agency that has NEVER solicited our current clients for life insurance. We have over 6000 active personal lines policies with who knows how many names/dob's.

Someone suggested putting a simple letter together prior to their birthdate with a quote (couple scenarios), a business card, and an invitation to call me to discuss. Very low pressure, but probably too low pressure. What do other people do?

Following up with a phone call will produce some more activity but does anyone else have a good suggestion or system they prefer? Even a letter that seems to get peoples attention? My background is strictly P&C so this is a bit of leap for me.

[moonlightandmargaritas]

Originally Posted by pcguy

I am with a personal/commercial P&C agency that has NEVER solicited our current clients for life insurance. We have over 6000 active personal lines policies with who knows how many names/dob's.

Someone suggested putting a simple letter together prior to their birthdate with a quote (couple scenarios), a business card, and an invitation to call me to discuss. Very low pressure, but probably too low pressure. What do other people do?

Following up with a phone call will produce some more activity but does anyone else have a good suggestion or system they prefer? Even a letter that seems to get peoples attention? My background is strictly P&C so this is a bit of leap for me.

Here's a process I've seen used with a lot of success:

One month prior to their birthday, send a letter along the lines of, "noticed you have a birthday coming up. If you were thinking of making any changes to your life insurance, now would be a good time - before it gets more expensive." Call me blah, blah, blah...

Wouldn't suggest sending a "quote(s)". This isn't P&C, and then they have no reason to talk to you...

[pcguy]

Originally Posted by moonlightandmargaritas

Here's a process I've seen used with a lot of success:

One month prior to their birthday, send a letter along the lines of, "noticed you have a birthday coming up. If you were thinking of making any changes to your life insurance, now would be a good time - before it gets more expensive." Call me blah, blah, blah...

Wouldn't suggest sending a "quote(s)". This isn't P&C, and then they have no reason to talk to you...

Good suggestion, I like that. Thanks.

[SportsNut]

Originally Posted by pcguy

Good suggestion, I like that. Thanks.

Send the quotes....

-OR-

Send some brief 3rd party stories...

Joe B, age 35 was insured with a large national company for 250K of 10 yr term insurance. We were able to insure Joe for 300K, extend the remaining years on his term insurance by 3 yrs and reduce his premium by 257 per yr.

Sally Y was blah, blah...

-OR- I also like excerpts of client letters, stating what you were able to do for them... Now if you don't have them, you can't insinuate that you do... but maybe manufacture the scenario, then get your clients to write about their savings... The best way to do so is to compose the letter, while in a verbal convo with the client, and you are sumarizing the benefits, and they concur... then you ask them if they would be willing to write a brief letter to that extent...? If you have really done them a good job, they usually say yes... Then ask if you can save them time in doing so and just forward a rough draft of your convo... they like fast and easy, and again will usually say yes...

This may not work for others because they don't work at it... but when people are truly satisfied, they like to tell other people about their experience, and you are simply making it easier for them to do so...

[g-squared]

Do you conduct annual reviews with your P&C clients?

At the end of the review, simply ask, "By the way, who handles your life insurance?"

There are only four ways your clients can answer this question:

1) "No"..."I'm not interested" ..."why are you asking, it's none of your business" ...or some type of negative objection.

2) I have coverage through work.

3) I have coverage with (agent) or (company).

4) I don't have any life insurance coverage.

And here are your replies:

1) If they give you some resistance, simply say...

The reason I'm asking is because if a tragedy was to occur and our office was called, I need to be able to assist your family with info on who to call and how much coverage you have. Wouldn't you agree this is a valuable service?

Now they can only answer #2, #3, #4.

If they answer #2 (work), ask them how much coverage they have, and remind them group life at work is a fringe benefit subject to cancellation at any time. Do they have any coverage they personally own and pay for? (only can answer #3 or #4 to this)

The follow up to #3 is "how much coverage do you have?"

Hope you know what to do if the answer is #4 "We don't have any life insurance".

Once you've gotten them to answer those questions...do they have life insurance and, if so, how much coverage do they have?...now you can conduct a needs analysis and you're off and running.