State Farm FE Referrals?

[InsKid]

I stopped by 2 State Farm agents in the hood today, not hardcore areas with syringes on the streets and hoes on the corner, well maybe hoes on the corner, but just rougher urban areas where admittedly State Farm looks outta place since there really ain't no good neighbors anywhere nearby.

The reason for my visit was to see if they had a "back-up" plan for their life insurance declines, since I have heard that State Farm has strict underwriting guidelines. Both agents agreed that State Farm was strict and neither had any options for their declines except one mentioned telling them to call Mutual of Omaha. Both were very favorable to the idea of sending me their declined clients and I assured them that I would never poach their auto and home business.

I now plan on making the rounds and seeing all the other State Farm agents in the area. neither agent mentioned a word about being compensated and I didn't either. I made it sound more of like a goodwill gesture to help them help their clients who probably have their autos and renters policies there.

Has anyone else tried approaching captive P&C agents with a similar pitch? If so, did you ever get any business from it? just curious.

 

[Josh]

There is nothing wrong with that, but one thing you have to realize about shops like that is that unless they actively have a marketing plan for life insurance, they almost never write much more financial products than they have to in order to hit their quotas for bonuses.

 

[InsKid]

There is nothing wrong with that, but one thing you have to realize about shops like that is that unless they actively have a marketing plan for life insurance, they almost never write much more financial products than they have to in order to hit their quotas for bonuses.

Yes, I understand that too, I'm not expecting much. Maybe if I have 20 agents giving me referrals, I might get 1 or 2 a month. At least they should be slam dunks I would think.

Sent from my iPhone using InsForums

 

[Josh]

There's certainly no reason to not try it, but I would think even with 20 agents 2 a month would be on the high end, tough to say though. Who knows, it could be three times that. Shouldn't take much effort to get the ball rolling either.

 

[WinoBlues]

I stopped by 2 State Farm agents in the hood today, not hardcore areas with syringes on the streets and hoes on the corner, well maybe hoes on the corner, but just rougher urban areas where admittedly State Farm looks outta place since there really ain't no good neighbors anywhere nearby.

The reason for my visit was to see if they had a "back-up" plan for their life insurance declines, since I have heard that State Farm has strict underwriting guidelines. Both agents agreed that State Farm was strict and neither had any options for their declines except one mentioned telling them to call Mutual of Omaha. Both were very favorable to the idea of sending me their declined clients and I assured them that I would never poach their auto and home business.

I now plan on making the rounds and seeing all the other State Farm agents in the area. neither agent mentioned a word about being compensated and I didn't either. I made it sound more of like a goodwill gesture to help them help their clients who probably have their autos and renters policies there.

Has anyone else tried approaching captive P&C agents with a similar pitch? If so, did you ever get any business from it? just curious.

Not with SF but I have several Farmers, Allstate and independent shops I get business from. Several are or their families are also life clients. Sure it does not need to be said, however, you have to be very trustworthy with them.

Lee

 

[rousemark]

There is nothing wrong with that, but one thing you have to realize about shops like that is that unless they actively have a marketing plan for life insurance, they almost never write much more financial products than they have to in order to hit their quotas for bonuses.

The last two referrals I received from an an Indy PC agent that my daughter has her coverage with were people who had walked in off the street wanting to buy some burial insurance.. He did not take an app on either because one did not have a checking account and the other had some health problems. Placed them with Settlers.. One was 38 month direct bill and the other was $198 (husband and wife apps) per month bank draft. .. Took the agent a homemade Chocolate Creme cake.

 

[nfl72]

I have 5 cars, 2 motorcycles and two homes insured with State Farm. The agent is an old friend of mine from high school. His office sends me 1 or 2 a month on a pretty consistent basis. Occasionally I send their office some pizzas or subs etc.

 

[houcoogster]

. Took the agent a homemade Chocolate Creme cake.

You know how to bake too? ...........A true Renaissance Man!

Care to share that recipe?

 

[rousemark]

You know how to bake too? ...........A true Renaissance Man!

Care to share that recipe?

No... My wife is the baker.. and she has never shared the recipe for the creme filling in the cake with anyone. My daughter owns a large catering company and the cake is her signature dessert and even she does not know what is in it.

 

[Norwayguy]

No... My wife is the baker.. and she has never shared the recipe for the creme filling in the cake with anyone. My daughter owns a large catering company and the cake is her signature dessert and even she does not know what is in it.

Sounds like your daughter might need key person coverage on your wife.