Prospecting Commercial Business
- Thread starter wow314
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Wow....wow...wow...
Okay it depends what your looking for a BOP or commercial auto, workers comp. you have to see what type or risk you will go after.
Commercial insurance is a bit of a different animal than personal insurance. It also requires you go out of the office a lot and meet the client in person.
Okay it depends what your looking for a BOP or commercial auto, workers comp. you have to see what type or risk you will go after.
Commercial insurance is a bit of a different animal than personal insurance. It also requires you go out of the office a lot and meet the client in person.
Typically, a business will review it's health plan or P&C Insurance once a year prior to the anniversary date. A basic marketing system would be to contact businesses and find out when their P&C and Health plans renew, typically referred to as X-dating. Maintain a data base of renewal dates for businesses and contact them prior to the renewal for an appointment (how soon prior differs based on size of account, type of insurance, and when the company begins their review). Always want to try and beat the herd when calling prior to renewal. That is commercial prospecting 101.
For a more advanced marketing system, you need to find a way to meet with the account mid-year if possible or at least early in the review process and find out what their hot buttons are and present yourself (and agency) as having the unique solutions to their problems. How you do that is something you will have to develop with experience. I developed an initial meeting proposal that detailed the benefits of working with me and my agency. Obviously I found out what their "pain" was first and used my proposal to provide the solutions they were looking for.
As an aside, don't think that because you had a great conversation with a prospect in February and they asked you to call them in October that they will remember that they spoke with you or will even take/return your call. You will need to find a way to keep your name in front of them (newsletter, interesting articles, etc.) so they will have you on their short list when they review their plan. Obviously, the best way to get into an account is when they call you, either as a referral or because you created an impression and they want to work with you.
For a more advanced marketing system, you need to find a way to meet with the account mid-year if possible or at least early in the review process and find out what their hot buttons are and present yourself (and agency) as having the unique solutions to their problems. How you do that is something you will have to develop with experience. I developed an initial meeting proposal that detailed the benefits of working with me and my agency. Obviously I found out what their "pain" was first and used my proposal to provide the solutions they were looking for.
As an aside, don't think that because you had a great conversation with a prospect in February and they asked you to call them in October that they will remember that they spoke with you or will even take/return your call. You will need to find a way to keep your name in front of them (newsletter, interesting articles, etc.) so they will have you on their short list when they review their plan. Obviously, the best way to get into an account is when they call you, either as a referral or because you created an impression and they want to work with you.
chicagorep
New Member
- 9
Who is the main point of contact when selling commerical Insurance? I know it depends on the size of the business, but for an average size company does it typically come out of purchasing?
Not typically. Depending on the size of the company, you may be dealing with an office manager, a Controller, Treasurer, CFO, or even the President or owner of the company. Or, you may be relegated to dealing with a lackey who will collect the quotes. Your job is to find out who handles the insurance and makes the purchasing decision and get in front of that person. Sometimes there are multiple players and you need to find out who they all are. You may not get to meet with them all, but you need to at least make sure you that you get in front of one of them who can make the recommendation that they go with your proposal. If you only meet with a lackey, he/she will just pass your proposal up the chain and your chances of getting the account will be based on a spreadsheet.
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