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Guest
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I suggest not selling over the phone because phones will be obsolete soon, we will all have communication devices installed in our fingers soon, or we may have the ability to telepathically communicate with people.
Why Does Everyone Want to Sell Life Over the Phone?
- Thread starter Full Throttle
- Start date
- Staff
- #12
have fun with that.....I got a life lead on wed for $2mil.....called and wanted to take care of it asap....thurs morn emailed the app.....thurs afternoon had paramed scheduled for Sat....clean app...should be place by the end of this week......$1,5000 made with out leaving the house....the life insurance world is about to change..... it has been in the stone age for to long.....I JUST NEED INTERNET APPLICATIONS NOW........
Sometimes I never meet a client. Someone calls and wants insurance and I e-mail them quotes, application, etc, etc and Part II is done by a paramed group. I've never used any leads, other than calling a friend of someone I know who maybe interested. But, never used a lead service and have never cold called for the case of soliciting insurance.
If it works for some people, good for them. Personally, I tend to do whatever I can to not proliferate the public's view of sketchy insurance sales.
It is very important to me that my clients know:
1) This is an important decision and it shouldn't be taken lightly. They should meet face to face and understand as much about what they are purchasing BEFORE they purchase.
2) That I care and will do whatever I have to, to ensure they purchase what they want for a price they can afford.
I always suggest they shop around, as I may represent many carriers, but there maybe one that offers them exactly what they want, that I don't represent, nor wouldn't want to.
In your message you wrote there is no money in Life renewals...huh? Granted, it's not as much as LTC renewals, but how would I retire if Life didn't generate renewals? I don't understand that statment.
Also, remember, there are some people who are in this industry JUST to make money and they will do whatever they can, to make it. If they are successful cold calling and there are enough "suckers" to buy from them, good for them and remember, those people probably wouldn't be clients you wanted, anyway.
If it works for some people, good for them. Personally, I tend to do whatever I can to not proliferate the public's view of sketchy insurance sales.
It is very important to me that my clients know:
1) This is an important decision and it shouldn't be taken lightly. They should meet face to face and understand as much about what they are purchasing BEFORE they purchase.
2) That I care and will do whatever I have to, to ensure they purchase what they want for a price they can afford.
I always suggest they shop around, as I may represent many carriers, but there maybe one that offers them exactly what they want, that I don't represent, nor wouldn't want to.
In your message you wrote there is no money in Life renewals...huh? Granted, it's not as much as LTC renewals, but how would I retire if Life didn't generate renewals? I don't understand that statment.
Also, remember, there are some people who are in this industry JUST to make money and they will do whatever they can, to make it. If they are successful cold calling and there are enough "suckers" to buy from them, good for them and remember, those people probably wouldn't be clients you wanted, anyway.
- 7,066
I'm quite surprised that you have never entered the senior market with Med Supps.
- Staff
- #16
Nether have I......these are leads that come from my life site.....
- 1,641
Mark has inspired many!
Frank, you have the market on Med Supps.
My brain can only hold so much...and I'm a slow learner....One day I will go after them,,if Obama does not change them by then.
- 4,096
This is a good topic.
I do think there is a market for life sales over the phone.
Now the avg premium is going to be $700 a year. The chances of writing a $7,000 premium policy is slim to none.
Being able to sell in multiple states helps to close more. Being abel to sell in different time zones can also help.
This is a key point to phone/online sales because you are going to need to close 17 policies a month to make any real money.
You will end up spending about $2,000 a month on leads.
Most of the producers closing over the phone are selling a mix of non med life policies. Most of the sales happen in the evening when people are home from work.
If you have skills you can make $100,000 but you have to be willing to work and not burn out.
I do think there is a market for life sales over the phone.
Now the avg premium is going to be $700 a year. The chances of writing a $7,000 premium policy is slim to none.
Being able to sell in multiple states helps to close more. Being abel to sell in different time zones can also help.
This is a key point to phone/online sales because you are going to need to close 17 policies a month to make any real money.
You will end up spending about $2,000 a month on leads.
Most of the producers closing over the phone are selling a mix of non med life policies. Most of the sales happen in the evening when people are home from work.
If you have skills you can make $100,000 but you have to be willing to work and not burn out.
- 1,310
Oh there's definitely a market for it. More and more, people are in a push-button mentality where they want to take action on their desire NOW. They want instant gratification. Often times they want to know what the rate is, what the plan is, and pull the trigger just as simply and easily as possible. The thought of having to entertain an agent coming into their house makes the whole process distasteful. When is the last time you wanted a salesperson to come to your house?
This shift in the marketplace toward telephone sales for insurance, though, should not be addressed with simply cold, transaction-only based conversations centered solely around making the deal happen and then you're done. When the relationship and trust are not firmly established at the beginning of the conversation, your chances of a chargeback and a lost client are far higher.
Certain things can be done to minimize this risk. Our agents use a screen share with the client and video communication so that the client can follow along with the application on the screen AND see the agent LIVE at the same time. This does a lot for the comfort level and shows the client that you are not a call room cubicle-dweller, but a real live human being with value.
By going through a quick Powerpoint (or other brand) slide show on the screen share, showing who you are, your licenses, your family and some happy client photos and cards, they will be set firmly on the path to having a relationship with you rather than merely a transaction. This is key. It can only last one minute, but building a sale without a foundation of trust will only lead to a business built without a foundation of loyal clients - ones that are always just looking for the next cheapest deal where they can make a simple transaction.
Yes, there is a science to selling over the telephone. Unfortunately, I hear from agents every single day that do an internet search for sell final expense by phone and think that their worries are over because they still have a dial tone at their house that they just know will be a cash cow. They honestly believe they won't have to follow up, track people down, work long hours, or experience the frustration of dealing with people if they could only sell over the telephone.
This is mere fantasy for most agents, who are simply looking for the easiest path to amass an income with the least amount of effort. There is truth to the economy of scale, the elimination of "windshield" time, etc. But, unfortunately, it is most often not the most productive field agents that are now looking to transition into using the telephone in order to continue working hard and now be able to reach more prospects in a day.
No, the majority of calls I get are agents who have "tried" selling face-to-face and failed for a myriad of reasons (all pointing back to lack of sales training and investment in personal development). They believe that some magic exists in the world of selling by telephone because the rejection won't hurt as bad and they can get the same amount of "No" responses in a shorter time via telephone than having to drive to house after house to be rejected.
For these agents, it simply will not work and I do my best to give them that opinion kindly.
Transitioning into working exclusively be telephone to sell insurance is not for the feeble of heart. There is no less rejection or work involved, just an opportunity to do more with less travel time. Absent a strong work ethic, a solid commitment to continuous relevant (phone sales) training and a group that shares best practices, I would say most would be inclined to fail.
As our "have to have it now" society continues to evolve with their spending habits and online instant gratification, we must remain aware of these trends. Selling insurance by telephone is not an easy way out. If done properly, it can be the right method at the right time.
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