Insurance Agent Forum

[warnerins]

My Agency Contact Rep. (ACR) has been cold calling for 2 hours a day. This is a small part of her daily (5 hour day) goals. She also, schedules annual reviews, calls and welcomes new clients, maintains e-relations, etc....

Her goal for the call is to peak interest from new prospects for auto insurance quotes. Her calling ratio's after 3 days are as follows:

249 calls (41.5 per hour) 76 reached (1/3 or 12.6 per hour) 1 interested

Knowing that it is very early in the process to track results accurately, we have decided to continue the process for a month and tweak the activity then. Here is the language that she is using:

Hello Sir/Ma'am my name is __________ I am with Warner Insurance. Did I catch you at a good time?

[COLOR=red]No.[/COLOR] Alright, is there a better time for me to call you back? Mornings or afternoons.

[COLOR=blue]Yes.[/COLOR] Great, we currently represent 18 auto insurance companies. We know that the rates in NM are continuing to increase. We are just calling to see if we can give you a quote and see if we can save you some money.

[COLOR=red]No.[/COLOR] I appreciate your time have a great day.

[COLOR=blue]Yes.[/COLOR] I know that you weren’t expecting this call. Do you have time for me now or should we call you back at a more convenient time.

It will take about 5 minutes to gather your information and then I would like to schedule a time to have the agent call you back.

Your feedback is more than appreciated

[Ron Van D]

The best cold call I ever received (IMHO) went like this:

Hi, this is _____ from Warner Ins, over here on 5th Street. We insure preferred homes and autos in the area and we'd like to be your insurance agency.

What would it take to make that happen?

I like this approach because it gives them a chance to think about, and tell you, exactly what they want. I decided to quiz the TM a little bit and she told me that she called for 2 hours, two days a week and usually got 7-10 requests for a quote per session.

[Markingriffin]

Originally Posted by warnerins

My Agency Contact Rep. (ACR) has been cold calling for 2 hours a day. This is a small part of her daily (5 hour day) goals. She also, schedules annual reviews, calls and welcomes new clients, maintains e-relations, etc....

Her goal for the call is to peak interest from new prospects for auto insurance quotes. Her calling ratio's after 3 days are as follows:

249 calls (41.5 per hour) 76 reached (1/3 or 12.6 per hour) 1 interested

Knowing that it is very early in the process to track results accurately, we have decided to continue the process for a month and tweak the activity then. Here is the language that she is using:

Hello Sir/Ma'am my name is __________ I am with Warner Insurance. Did I catch you at a good time?

[COLOR=red]No.[/COLOR] Alright, is there a better time for me to call you back? Mornings or afternoons.

[COLOR=blue]Yes.[/COLOR] Great, we currently represent 18 auto insurance companies. We know that the rates in NM are continuing to increase. We are just calling to see if we can give you a quote and see if we can save you some money.

[COLOR=red]No.[/COLOR] I appreciate your time have a great day.

[COLOR=blue]Yes.[/COLOR] I know that you weren’t expecting this call. Do you have time for me now or should we call you back at a more convenient time.

It will take about 5 minutes to gather your information and then I would like to schedule a time to have the agent call you back.

Your feedback is more than appreciated

Wow!!! Good Stuff!!

[insuranceexec]

When I cold call somebody I never ask them if this is a good time or not. but then again I do not cold call P&C prospects, and do not know if that would make a difference. I will have my P&C guy get on here and write about what he does, he does very well.

In evaluating your script. I would say that the only thing I would change is the statement " is this a good time." It is always a good time to SAVE SOME MONEY BABY.

[warnerins]

Ron,

Nice approach (short and sweet) If your TM is dialing an average of 40 per hour and getting 7 to 10 interested, that would blow my expectations away.

With those kind of numbers I would increase the time spent on CC'ing to an 8 hour day. Will definitely spend more time tweaking current process.
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William,

I think I only ask that question because most TM's don't. I have spoke with our ACR and we decided to never to hard sell the call. and, always give the prospect a way out.

Not sure if that is a good approach. But, the one we are trying for now.

Thanks for the help (this is truly uncharted territory for me)

[Markingriffin]

Originally Posted by insuranceexec

When I cold call somebody I never ask them if this is a good time or not. but then again I do not cold call P&C prospects, and do not know if that would make a difference. I will have my P&C guy get on here and write about what he does, he does very well.

In evaluating your script. I would say that the only thing I would change is the statement " is this a good time." It is always a good time to SAVE SOME MONEY BABY.

Amazon.com: Secrets of Question Based Selling:... <---
"Freese has uncovered a new twist on an old adage. If you walk in your customer's shoes, you'll be better able to sell to him or her. Using that philosophy, he wields the power of questions, from introductory telephone gambits to the final presentation, inserting a query into virtually every contact with the prospect. Instead of the same old blah, blah, blah at the beginning of a conversation, he recommends a simple "credentialing"--name, company, product, service--that ends with "Did I catch you at a bad time?" The process gets better. There's a detailed description of every stage--curiosity, credibility, needs development, present solutions, and commitment. There are sample dialogues, what-ifs, and rules to remember. Most of all, his "revolutionary" approach is, as he himself will admit, based on great common sense; why not engage prospects by asking them about themselves first? "

Someone recommended this book to me and I'm buying it. But from what I saw on the website about the book, this guru says that you should ask them if you caught them at a good time or not and that you should put yourself in your clients shoes. This makes sense to me. A lot of time you will catch a client off guard if they are busying doing something important. A lot of time if they are too busy to talk, they will tell you when to call them back and that gives you a reason to call them back. If they want you to call them back, that is a good sign. Cold Calling is a numbers game.

[Russ]

Originally Posted by Markingriffin

Amazon.com: Secrets of Question Based Selling: How the Most Powerful Tool in Business Can Double Your Sales Results: Thomas Freese: Books <---
"Freese has uncovered a new twist on an old adage. If you walk in your customer's shoes, you'll be better able to sell to him or her. Using that philosophy, he wields the power of questions, from introductory telephone gambits to the final presentation, inserting a query into virtually every contact with the prospect. Instead of the same old blah, blah, blah at the beginning of a conversation, he recommends a simple "credentialing"--name, company, product, service--that ends with "Did I catch you at a bad time?" The process gets better. There's a detailed description of every stage--curiosity, credibility, needs development, present solutions, and commitment. There are sample dialogues, what-ifs, and rules to remember. Most of all, his "revolutionary" approach is, as he himself will admit, based on great common sense; why not engage prospects by asking them about themselves first? "

Someone recommended this book to me and I'm buying it. But from what I saw on the website about the book, this guru says that you should ask them if you caught them at a good time or not and that you should put yourself in your clients shoes. This makes sense to me. A lot of time you will catch a client off guard if they are busying doing something important. A lot of time if they are too busy to talk, they will tell you when to call them back and that gives you a reason to call them back. If they want you to call them back, that is a good sign. Cold Calling is a numbers game.

Heck...I even ask existing clients if I called at a bad time? Just seems like the respectful thing to do.

[Ron Van D]

Originally Posted by warnerins

Ron,

Nice approach (short and sweet) If your TM is dialing an average of 40 per hour and getting 7 to 10 interested, that would blow my expectations away.

A little "truth in advertising" here. It's not my TM. This was a call I got from a TM and those were her stats. I tried it with my own TM with so-so results (which is because the TM was sporadic in her calling). I think someone who is dedicated and has more than one company to offer would do better.

[insuranceexec]

There is a chance that I am wrong. There have been times when I call and the client wil say something like "hey can I call you back." So maybe it is something I shoud incorporate. Thanks for sharing, nobody is beyond learning; so says the scolded puppy.........LOL

After watching Marley and Me yesterday with my wife, I am a little more emotionally unstable..........LOL. Great Movie!

[warnerins]

I know how this cold calling/telemarketing thing can be beat to death on the forum. So, I did the research before posting and discovered that it mostly applied to the life and health side.

You guys are truly out pacing me, when it comes to reaching outside of my comfort levels to prospects. In fact, I probably would not have even thought to cold calling until hitting this forum.

Thanks for beating the dead horse one time.

[indmedins]

"Hello Sir/Ma'am"

I don't cold call these days, but when I was buying data, I would import the data into a dialer. When the dialer connected, I had the owners name populate into the software so I'd just ask for the person by name. This way I didn't have to call saying hello Sir or Ma'am. I'd just say, Hi am am trying to reach whomever by their first name. Usual response, "You got him/her." Great. Onward with the conversation.

[Markingriffin]

Originally Posted by warnerins

I know how this cold calling/telemarketing thing can be beat to death on the forum. So, I did the research before posting and discovered that it mostly applied to the life and health side.

You guys are truly out pacing me, when it comes to reaching outside of my comfort levels to prospects. In fact, I probably would not have even thought to cold calling until hitting this forum.

Thanks for beating the dead horse one time.

I did cold calling for a long time. I believe in cold calling. Cold calling is a numbers game. Use your script and if they don't like it, go to the next client. Don't slow down and keep going.

I think you have a good idea and you should try it. The more you try it, the more you will learn from it and fine tune it.

Trying something is better then trying nothing at all.

It does not hurt to practice on cold calling. Call a friend and warm up on them, if you have never done any cold calling. Go ahead and try to think of the answers that you know they are going to ask you.

[warnerins]

Thanks Mark,

We are definitely going to give it a shot. I have never been cold called by a P&C agency for an auto quote (there must be a reason why not).

I realize that it will take a solid 3 months of numbers to evaluate the ROI.

[Markingriffin]

Originally Posted by warnerins

Thanks Mark,

We are definitely going to give it a shot. I have never been cold called by a P&C agency for an auto quote (there must be a reason why not).

I realize that it will take a solid 3 months of numbers to evaluate the ROI.

I do a lot of things that other agents do not do or try. Most good systems or ideas start off by someone trying it and making it their own.

Everytime you see one good idea from me, what you don't see is the other 10 times I fail at an idea to find that one good system. Don't be afraid of failure or to try something.

I think you will quickly learn what works on cold calling for p and c clients and you will fine tune it until it works.

You said that you have never been cold called about P and C and there must be a reason why. HMM. I've never had someone approach me about buying life insurance. Does that mean that people don't do it or that it does not work? Just look at my free living will system. I can say no one every called me or offered to do a free living will with me. But the systems does work very well.

Just because other agents are not doing something does not mean that it does not work. Some idea have not been thought of yet.

I can sit here and tell you a millions reason why ideas that work well, should not work at all. I could say, no one buys p and c from an agent anymore. They just go direct with the companies. But I would not be correct. But I know of people that don't buy from agents. Does that mean anything? Nope.

I know of a lot of p and c agents that do not cold call. Does that mean it can't work? Nope!! Maybe they just don't know what to say to clients and they are afraid to try it.

[CHUMPS FROM OXFORD]

Warner...I think you're on the road to success. Your best bet is to talk with those agents that are actively involved in precisely the type of calling you make. Pick their brain and the best ideas will soon be yours.

There are some terrific experienced P&C brokers on this Forum.

[Russ]

I always viewed cold-calling as, a shotgun approach....it's now or never and...what's the worst thing they can do? Tell me to F off...hang up on me? I like cold-calling and really should do it more often...and have that as one of my resolutions in 2009....to call more often. Just make sure their not on the no-sales-solicitation list.

[warnerins]

The list that we are calling from is generated from Cole - Official Cole Directory - Coles Reverse Criss+Cross Directory - XDates - Marketing Tool

I paid 200.00 for unlimited use (for a year) with a range of 60 miles outside of my home town. The list is scrubbed and compared to the DNC every month. Shopped this for awhile before deciding to go with Coles.
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Chumps did you spell check that post.... Looks good!!

[moonlightandmargaritas]

In my career, I have been involved with the two largest P&C companies in the country.

Experience shows that an auto and/or ho phone campaign's results and ROI will improve greatly if you buy x-dates and call those.

[warnerins]

Moonlight,

We are planning on implementing that marketing strategy. With the list provider (coles), they provide home owner x-dates and am currently working on the list and language with my contact rep.

Thanks for the input

[padthaiforlunch]

[COLOR=blue]Yes.[/COLOR] Great, we currently represent 18 auto insurance companies. We know that the rates in NM are continuing to increase. We are just calling to see if we can give you a quote and see if we can save you some money.

Based upon you numbers it's time to play around with your value proposition. Remember 10/3/1-- every 10 contacts results in 3 interested and 1 buyer. Yeah, yeah, rule of thumb, but a good one.

Just come out and ask me if I would like to lower my rates and keep the same coverage. If yes, gather the info you need to run your quotes.