Door Knocking for Commercial Ins

[Mobileins]

I am new to the commercial market and need a little help. Right now I am just walking in asking to talk to whoever handles the ins and asking them if they would like for me to review there policy and see if I can better the coverage and maybe reduce the price. I seem to be getting a lot of "we are happy with what we have" or "our owner would never give you the time of day or switch"
Does anyone have any advice, tricks or tips?
I work for a independent agency so I have plenty of markets just need the customer.

Thanks for the help!

 

[XdateNotSexDate]

I am new to the commercial market and need a little help. Right now I am just walking in asking to talk to whoever handles the ins and asking them if they would like for me to review there policy and see if I can better the coverage and maybe reduce the price. I seem to be getting a lot of "we are happy with what we have" or "our owner would never give you the time of day or switch" Does anyone have any advice, tricks or tips? I work for a independent agency so I have plenty of markets just need the customer. Thanks for the help!

Lots of stuff you can do -

I'd start with some level of identifying your target market. Since you are new, start with looking at the industries your agency has been most successful with internally, as well as what your markets are interested in writing, by chatting with underwriters or reps. They tend to give 'fluff' answers but if you can get some candid dialogue going you might get some good insight. It seems the most successful agents, from my observations, pick a couple specific classes (i.e. Roofers and landscapers as opposed to contractors) and run with them. It'll help you become more of a specialist than generalist...buyers tend to be more comfortable with a specialist, than a generalist.

Next, your approach is a step in the right direction, but (in my opinion) walking in and asking for a meet isn't very effective, and a little intrusive. It is much more effective when used in conjunction with calling though. For example, instead of asking for the decision maker and asking to do a policy review, I'd say something like "my name is (you) with abc agency. I was in the area and wanted to drop off my card/brochure/etc for whomever handles the business insurance. Can you tell me a good time to reach this person?" Lots of changes you can make (I specialize in xyz industry...do you know when the policies renew, etc) but it has a less invasive feel to it. You won't always get a name, but if the receptionist is a nice person, you'll get a response like 'oh, Doug handles that, he's in early so try calling before 8am.' Asking for 'help' tends to have a good effect to. "I'm hoping you can help me out. I'd like to pass my contact info on to the person that handles the insurance. Can you pass this along to them please?" Then follow up with a couple calls.

There are resources available for finding when businesses' WC coverage renews, obviously helpful considering no one wants to talk insurance the month after they renew. My company currently offers this service in 7 states. Obviously you have to pay for it. Some states have a basic level of this info (business name, address, xdate) available for free, with varying degrees - some states do, some don't; some let you search by location and xdate, others by company name only - that sort of thing. If your fortunate enough to be in a state that does, check it out.

The reasons you'd pay for a service like mine are enhanced search capabilities, contact info appending, base rate info, carrier of record, LCM filings, demographic info, etc. It's the combination of these little things that add up to more ammo in your arsenal for setting an appointment - like knowing the business's current carrier and their LCM. Now you can target businesses with weaker carriers and lead off with a statement like "I see you are with abc insurance. We've had great success using xyz insurance co in your industry and I'd like to provide you with this option. Their standard rates are 15% lower and my underwriters have a lot of pricing flexibility to apply scheduled credits."

Additionally, you can better target your efforts by narrowing the size and location of businesses, when they renew, industries they're in and save the time it takes to look up their contact info, which adds up when you're trying to make 50-100 calls in a day.

A lot of people (mostly carrier side) will tell you it's not all about price...but it is. At least when you're working accounts in the small to middle market. Very rarely would I uncover a prospect that had a big gap in coverage. And when it comes to service, the carrier isn't stepping in with the exception of an inspection (for their own benefit) and claims handling. The service aspect will come down to you, the agent, and vary by type of account (contractors tend to be needy - lots of COI's and swapping vehicles out; retail stores and apartments, not so much).

Plenty more in's, outs and angles to work but hopefully you'll get something out of this. Feel free to contact me if you'd like to chat more. Best of luck.

 

[AverageJoe]

Lots of stuff you can do - I'd start with some level of identifying your target market. Since you are new, start with looking at the industries your agency has been most successful with internally, as well as what your markets are interested in writing, by chatting with underwriters or reps. They tend to give 'fluff' answers but if you can get some candid dialogue going you might get some good insight. It seems the most successful agents, from my observations, pick a couple specific classes (i.e. Roofers and landscapers as opposed to contractors) and run with them. It'll help you become more of a specialist than generalist...buyers tend to be more comfortable with a specialist, than a generalist. Next, your approach is a step in the right direction, but (in my opinion) walking in and asking for a meet isn't very effective, and a little intrusive. It is much more effective when used in conjunction with calling though. For example, instead of asking for the decision maker and asking to do a policy review, I'd say something like "my name is (you) with abc agency. I was in the area and wanted to drop off my card/brochure/etc for whomever handles the business insurance. Can you tell me a good time to reach this person?" Lots of changes you can make (I specialize in xyz industry...do you know when the policies renew, etc) but it has a less invasive feel to it. You won't always get a name, but if the receptionist is a nice person, you'll get a response like 'oh, Doug handles that, he's in early so try calling before 8am.' Asking for 'help' tends to have a good effect to. "I'm hoping you can help me out. I'd like to pass my contact info on to the person that handles the insurance. Can you pass this along to them please?" Then follow up with a couple calls. There are resources available for finding when businesses' WC coverage renews, obviously helpful considering no one wants to talk insurance the month after they renew. My company currently offers this service in 7 states. Obviously you have to pay for it. Some states have a basic level of this info (business name, address, xdate) available for free, with varying degrees - some states do, some don't; some let you search by location and xdate, others by company name only - that sort of thing. If your fortunate enough to be in a state that does, check it out. The reasons you'd pay for a service like mine are enhanced search capabilities, contact info appending, base rate info, carrier of record, LCM filings, demographic info, etc. It's the combination of these little things that add up to more ammo in your arsenal for setting an appointment - like knowing the business's current carrier and their LCM. Now you can target businesses with weaker carriers and lead off with a statement like "I see you are with abc insurance. We've had great success using xyz insurance co in your industry and I'd like to provide you with this option. Their standard rates are 15% lower and my underwriters have a lot of pricing flexibility to apply scheduled credits." Additionally, you can better target your efforts by narrowing the size and location of businesses, when they renew, industries they're in and save the time it takes to look up their contact info, which adds up when you're trying to make 50-100 calls in a day. A lot of people (mostly carrier side) will tell you it's not all about price...but it is. At least when you're working accounts in the small to middle market. Very rarely would I uncover a prospect that had a big gap in coverage. And when it comes to service, the carrier isn't stepping in with the exception of an inspection (for their own benefit) and claims handling. The service aspect will come down to you, the agent, and vary by type of account (contractors tend to be needy - lots of COI's and swapping vehicles out; retail stores and apartments, not so much). Plenty more in's, outs and angles to work but hopefully you'll get something out of this. Feel free to contact me if you'd like to chat more. Best of luck.

That was extremely helpful. I'm sure the OP thinks so too. Thank you. This helped me out a lot too.

 

[INSUREGEEK]

If you are pounding the pavement as they say, make your first visit more of an introduction like Xdate outlined. Make sure to ask when they renew (Xdate!) and if it's OK to call back as that date approaches.

I'm retired from selling and now run a small business. You have NO idea how many sales calls we get on a given day. When it comes to our shop policy, we are rather bound by what our landlord wants us to do.....and that is fine with us. Just keep in mind that there are all sorts of reasons you'll get the shove-off. It's not personal. It's just business.

When you hit a hot market and have a few successes, be sure to pitch that and ask for referrals, and always hand at least 2 business cards. Hopefully one goes into the proverbial rolodex and the 2nd gets passed along to the business owner's industry contacts.

Good Luck!

 

[Mobileins]

Thanks for all the help guys. I will give some of this a try and see whats happens.

 

[WDEagent]

I've been looking for a thread about this since I joined. Thank you for posting and thank you for the responses. Very helpful.

 

[RFMaurone]

I have a spoke in a wheel sales and marketing program and D2D is part of what I do. It works plain and simple. In the towns I work, I get a permit and wear it around my neck. It becomes part of the conversation.

Go for it.

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