How to Set Up a Referral Relationship with a P & C Agent

[lovin the job]

I'm looking for the best approach to set up a referral relationship with a P & C agent. I have had zero luck with the local captive companies. I have referred 10-15 people to the local Erie agent and have gotten nothing in return. I told him that I understand he has life products to offer but I would be happy with 1 life referral for every 5 car and home I sent his way but he has produced nothing.
Is an independent broker the most realistic partner?

 

[WinoBlues]

I'm looking for the best approach to set up a referral relationship with a P & C agent. I have had zero luck with the local captive companies. I have referred 10-15 people to the local Erie agent and have gotten nothing in return. I told him that I understand he has life products to offer but I would be happy with 1 life referral for every 5 car and home I sent his way but he has produced nothing.
Is an independent broker the most realistic partner?

Marry one.

Going to be tough to do cold. They protect their book. Rightfully so.

 

[lovin the job]

I understand that a State Farm agent would protect their book but what about a independent broker who focuses on home and auto?

 

[VolAgent]

Get tough. Next time you have a referral, call him and tell him. Also tell him you are giving it to your competitor as he obviously doesn't appreciate your referrals.

Either he will get the hint or he won't, but you better already be looking for someone else to partner with.

 

[insuranceconceptscindy]

Have a niche. Do something they don't do and the leads will come.
Usually the big agencies have their own financial specialists to do life and health, but the smaller, independents might not.
Don't expect a photo copy of their book, but they may toss you a couple to prove your worth before committing. Sell the agent first.

 

[MarkForte]

Have a niche. Do something they don't do and the leads will come.
Usually the big agencies have their own financial specialists to do life and health, but the smaller, independents might not.
Don't expect a photo copy of their book, but they may toss you a couple to prove your worth before committing. Sell the agent first.

Good answer. Help them protect their book by offering a service that they currently do not.

 

[TwiLight]

You need to realize that they (P&C Agents) are not referring to you because they don't ask for life sales or know anything about Life Insurance.

What you need to do is partner with an IMO to get a slightly higher contract than Street and offer the Street contract to the P&C Agent so they get a nice pay day.

Second thing is to work on a split relationship with the agent where you make 60/40 or 70/30.

The trick here is that the lower percentage P&C Agent (30 or 40) is the first agent and signs the application and you are the second agent. You process and issue and the agent gets paid.

Also, he is first because you have an agreement with the Agency that the agent owns the client basically and you will not compete in anyway outside the agency with that client. Also for being first agent, means that all statements go to the agency and not you.....further perpetuating that the Agency Owns the Client.

Agencies always look to OWNERSHIP of the client as a way of valuing their business and to get operating loans. Without the ownership of the client, the Banks don't recognize projected revenue.

Once you get this concept, you may have an easier time talking with P&C Agencies and get their business.

 

[lovin the job]

I do a large amount of IUL and WL plans to tax diversify retirement income. That's something they don't offer, that can be my in. Thanks for the advice.

 

[bluemarlin08]

I have a great relationship with an independent P&C lady. I let her shop my insurance and now I send clients to her. She sends me health, disability and LTC referrals that I don't split commissions , on life we split 50/50.