How Do I Get the Ball Rolling...??

[premiumhunter]

Hi Insurance Pros…!!

So, I have recently taken a job with a captive agent for a big carrier as his agency producer.

He is a new agent (several months outside of completing the carrier agent training program) and is in the process of establishing his “new” agency in the community. He did purchase a former agents book, so he has a foundation to build from.

Having very limited insurance industry experience, I see this as a great “ground floor” opportunity for me to learn the insurance industry as I plan to make the rest of my career in this field.

We sell all lines of insurance (personal, commercial, life, health, etc.).

The focus of my job is to be selling Auto/Home, Business Policies, and Life Insurance.

There is a wide variety of other products I can sell but those products are the emphasis of my production expectations.

Here’s the advice that I am looking for:

I am starting with ZERO. I have no book of business and my job is to build one from scratch.

I will of course receive all inbound sales calls in to our agency but for the most part, I need to generate my own leads, turn them into prospects, and turn those prospects into customers.

The agent has given me total autonomy to create my own book of business in whatever way will be most beneficial to the end goal…MAKING SALES.

I LOVE the freedom, I just need to figure out how to build my book fast...!!!

So, I am sitting here trying to figure out how to build a sustainable customer acquisition strategy. The emphasis is on the word sustainable.

Also, there is an “ideal” prospect that we want…people who have assets to protect and know that they always need to have a comprehensive insurance program in place.

To me that prospect looks like:

• Married (preferably)
• Kids
• Homeowner (or high end renter)
• Middle to upper middle class (or greater) income
• Cars
• Retirement accounts / investments / other sources of passive income like rental properties, etc.
• Possibly some toys (i.e. - boats, ATV’s, Sea-Doo’s, etc.)

Now I know that not everyone is going to fit this model nor does a good prospect need to have all of the above criteria, but in general….I want to put myself in front of people who have something to lose if they find themselves liable.

Any feedback you guys (and gals) can provide would be most appreciated.

Also, if you have any advice for me in my new role as an agency producer, or about the insurance industry, or about my career path in this field, I’m all ears.

Thanks…!!

 

[DHK]

Welcome to the forum and the industry!

Unfortunately, I'm going to tear this apart because I see something glaringly obvious that you need to see.

He is a new agent

[...]

Having very limited insurance industry experience, I see this as a great “ground floor” opportunity for me to learn the insurance industry as I plan to make the rest of my career in this field.

The focus of my job is to be selling Auto/Home, Business Policies, and Life Insurance.

I will of course receive all inbound sales calls in to our agency but for the most part, I need to generate my own leads, turn them into prospects, and turn those prospects into customers.

The agent has given me total autonomy to create my own book of business

I LOVE the freedom, I just need to figure out how to build my book fast...!!!

I am sitting here trying to figure out how to build a sustainable customer acquisition strategy. The emphasis is on the word sustainable.

You're new... and so is the agent that has hired you.

You have total autonomy and freedom... BECAUSE he can't figure out how to build his own book fast... so he hires YOU!

Of course you're now trying to figure this out... because HE DIDN'T!

This is called "the blind leading the blind".


The good news... is that you have already identified your ideal client profile. You can easily buy a list of people to call and mail to in your area and start cultivating new relationships.

Josh on the forum has an unlimited list generating service for $50/month. There are others out there too.

ListShack.com | Unlimited Sales Leads

Now, you need to figure out your approach. Within your ideal client profile... what PROBLEMS are they grappling with that you can help them solve with your products? How can you bring a higher level of thinking to the relationship? (Here's a hint: use that phrase 'higher level of thinking' in your introductory approach.)

I would start here by using the VSA priority approach. Use this tool 100% of the time with every person you ever sit down with. It's a quick 10-minute approach that will help you pre-qualify people and help them to think about other things other than if you have the cheapest policies.
Priority Approaches

Just by using this tool, you will show that you can bring a higher level of thinking to the relationship and have opportunities to cross-sell. The VSA is free for 30 days, then it's only $23.95 per month after that.

That's how you get their attention.


Now, how do you do a fact-find? I mean a REAL fact-find... not just getting enough information to generate a quote.

You need training on how to do a real fact-find... and the best (and cheapest) source out there is the Insurance Pro Shop. Start with their member's only site and watch the training videos. It's only $25/month. You may want to buy their other systems and programs, but just start at $25/month and grow from there.

http://www.insuranceproshop.com/insurancemarketing/insurancemarketing.html

In addition to fact-finding training, there's also some product training guides there too. If your agent is new, they probably won't know everything about permanent life insurance and other stuff like that.


If you deliver a great job... then you have the credibility and authority to ask for and receive professional introductions on an ongoing basis to people who fit your ideal client profile.

I recommend that you order and download Sandy Schussel's Mastering Client Referrals training for $37.
http://sandyschussel.com/products/

Sandy recommends collecting names in an introductions journal. While he recommends getting a simple lined journal, you may want to take a look at this one that's geared towards our business. They're $20 each.

Introductions Journal « Referral Coach


There it is... in my opinion, the most effective and inexpensive way to get started and going.

 

[thomasm]

You also might want to try canvassing/door knocking. I did it for my first few years starting out.

Pick a grid with middle class track homes. Look for tricycles and bicycles in the yard. Young families are generally more receptive to "policy review" offers.

This is formula I followed each day religiously for 3 years:

Mon-Fri 3pm to dusk.
Saturday 10am-1pm (Or dusk if you're really motivated!)

In a dense grid, you should be able to knock 80-100 doors in a few hours. Carry a clipboard and write down every house where no one was home. Once you get to at least 80 doors, go back to the start of your grid and re-knock all those not homes. This is where most canvassers drop the ball! Over 50% of my leads came from those re-knocks!

I worked for a lead company that employed this very method. All we did was go around asking people when was the last time they've had their rates shopped!

An average of 7 leads a day with at least a 25% Appointment conversion ratio was their minimum expectations to keep your job, so it was definitely achievable.

It all came down to how bad you wanted to succeed!

 

[xrac]

Two great posts with enough ammunition to keep you busy for a while.

 

[premiumhunter]

You also might want to try canvassing/door knocking. I did it for my first few years starting out.

Pick a grid with middle class track homes. Look for tricycles and bicycles in the yard. Young families are generally more receptive to "policy review" offers.

This is formula I followed each day religiously for 3 years:

Mon-Fri 3pm to dusk.
Saturday 10am-1pm (Or dusk if you're really motivated!)

In a dense grid, you should be able to knock 80-100 doors in a few hours. Carry a clipboard and write down every house where no one was home. Once you get to at least 80 doors, go back to the start of your grid and re-knock all those not homes. This is where most canvassers drop the ball! Over 50% of my leads came from those re-knocks!

I worked for a lead company that employed this very method. All we did was go around asking people when was the last time they've had their rates shopped!

An average of 7 leads a day with at least a 25% Appointment conversion ratio was their minimum expectations to keep your job, so it was definitely achievable.

It all came down to how bad you wanted to succeed!

This is great advice....thanks a lot...!!!

What's your take on networking and building power partnerships (i.e. = referal partnerships)...? Have any advice or tips (maybe who to partner with) on that front?

----------

Thanks for all of the links and great advice DHK.

I am going to look into these services. The agent I work for would have to be willing to pony up the money but I am definitely going to share these ideas with him.

 

[pcbinsurance]

Nobody has mentioned that both this guy here and his agency owner...are both NEW and the most important thing they need to do....before they do all that marketing, is learn the products that they are selling---inside and out.

Then, before I do all that other stuff that costs money, I would work the existing (purchased) book and do a policy review and identify cross selling opportunities.

Once all that is done, sure, by all means, listen to what DHK is saying above.

As far as door knocking----you won't be able to do a lot of that in the beginning (during the week) but you absolutely should spend every Saturday from 10AM-2PM doing that.

Good Luck. Learn your products, work your book, and then market and develop referral networks and COI's.

 

[DHK]

While I totally agree, it's the 'catch 22' of this business.

No prospects means that your product knowledge (however limited) doesn't matter.

Prospecting and marketing is the first step and hurdle of this business. Home office people, wholesalers, IMO's, and whoever else can be available for product knowledge.

Learn the products as you are selling them, and your expertise will grow over time.

Plus, if you subscribe to the VSA and the IPS services... you'll find LOTS of information on products and strategies. It's a great STARTING place, but definitely not the "be all and end all" to being a true specialist.

 

[premiumhunter]

Nobody has mentioned that both this guy here and his agency owner...are both NEW and the most important thing they need to do....before they do all that marketing, is learn the products that they are selling---inside and out.

Then, before I do all that other stuff that costs money, I would work the existing (purchased) book and do a policy review and identify cross selling opportunities.

Once all that is done, sure, by all means, listen to what DHK is saying above.

As far as door knocking----you won't be able to do a lot of that in the beginning (during the week) but you absolutely should spend every Saturday from 10AM-2PM doing that.

Good Luck. Learn your products, work your book, and then market and develop referral networks and COI's.

Thanks you PCB...!! This is solid advice and funny enough, I was actually thinking of going this route as I am sitting here putting together my marketing plan. I was thinking inside the purchased book there has to be a lot of mono-line policies with cross selling potential as well as a lot of P&C clients with no life policies. From there I can also probe for referrals, especially from the clients who have been with the carrier for a while. I would make sure to feel for their satisfaction level, but if they are happy, than I would definitely ask for referrals.

I also agree with DHK that having fresh blood (in addition to calling the current book) is very important.

I also agree that the product knowledge is vital and I do feel that as I cut my teeth on pitching people the insurance products, my knowledge of the products and my positioning of them will become better.

You guys are awesome. Thanks for all of the advice so far and if you have more....I am all ears...!!!

----------

As far as door knocking----you won't be able to do a lot of that in the beginning (during the week) but you absolutely should spend every Saturday from 10AM-2PM doing that.

Also PCB....I will do this. This is GREAT ADVICE....!!!!!

Thanks again for this little tid-bit...!!!

 

[pcbinsurance]

One last thing.....don't spend too much time getting ready to get ready.

 

[premiumhunter]

AMEN PCB....!!!

Your last statement is gospel...!!

Besides...I don't have that luxury. I have 4 days of systems and product knowledge training and than it's nose to the grind stone to make it happen.

I know it will be a lot of hard work but I'm ok with that.

I have been in sales in other industries for well over 15 years and I know the hardest part of any sales job I've ever had is in the beginning (especially if you move into a new industry).

I really appreciate your insight and advice.

Any words of wisdom on building referral partnerships...? I know that is an activity that I will be investing time in to.

Thanks again...!!