Punishments for Not Hitting Sales Goals

[indienoise]

KISS

Tell them to simply ask or maybe not even ask and just include a life and umbrella quote with every quote or policy.

They should sell some life policies that way. Probably not umbrellas. Especially if they tell people a life policy will get them a discount, assuming it does.

This. If they are a good candidate, I simply provide a multi line quote right up front.

Did you clearly spell out that this was an expectation before hiring? If so, then it's a job requirement. Warning and termination if its important to you. If they are worth keeping, adjust compensation and move on.

 

[Schwetty]

A wise old agent once told me " You can only sell what you quote"

How many life quotes are your producers doing a month?

Make it mandatory that every P&C quote also gets a term life quote.

If your producers are hitting their P&C goals each month I would still keep them and hire a life specialist for the agency. Let the producers know that if they don't sell life that their pay will need to be reduced to afford the life specialist.


(I know I need to step up my life game and will try to quote every P&C prospect a life policy in 2017)

 

[KenP]

As a producer in a multi-line independent P&C office, I can add a little insight from this side of the desk.

Quick background for perspective: $30/20 for newbiz/retention re-writes is the same structure I have. Note that I'm actually a servicer in my official role, but have a solid sales background and actually joined this office with a sales mentality. Even in this role, the soft expectation is $15,000 in newbiz premiums every cycle (2 weeks), which I generally stay on target for and haven't had to make a single cold call.

All of that while still doing your other menial service bullshit: mortgagee changes, contacting insureds about underwriting suspenses, etc.


My queue is rarely empty and I'd prefer to be that level of busy over bored, any day. But here's my big point:
If you bumped me up to 40/30 to add on something else I'm struggling to execute, while already being borderline inundated, it wouldn't be enough to tip that scale alone. That incentive + feeling like I'm skilled at the sale of those policies and now we're talking.


I'm curious: Are you aiming for takeaway policies or fresh policies? The former is straightforward: You need to actually fact-find, understand the client, and provide good service, but ultimately the takeaway is easiest when you offer same or better coverage for a lower price. Price is impulsive. As a captive, I can see that being problematic if you aren't competitive on those quotes and are limited to that one carrier.

For fresh policies, your team will probably find it easier to cross-sell clients on a policy that's new to them (and they may not understand or even heard of before) that are already in-house, trust you, have had some legacy with you, and have experienced the service you provide; and of course are satisfied with their experience with you so far.

Getting them at the new-to-agency stage can be tougher because they may already have their own concerns and apprehensions on the policy they specifically called you for. That said, because you're already taking the time to quote them, I absolutely agree with the previous recommendations to quote and include rather than ask, "Want me to quote you up on Umbrella real quick while I have you?" The answer will always be no because they would've asked if they wanted it.

The last thing I'll do is tell you how to sell because if you're an agency head you've probably forgotten more about selling than I've learned, but a large portion of my sales are account rounds, so I will add this: The largest success I've had - by a ridiculously large margin - is when I start by asking, genuinely, "Oh and I noticed something - Who do you have for [Line of business]?"

I ask that pure as snow about umbrella on someone I know has never even heard of an umbrella policy. Because when they answer, "Uhhh.. what's that?", they feel authentically out of the loop. Now they're open to hearing about what it is, and you show legitimate surprise (the tone in your voice is like how have you never heard of this great thing?!?!), then can give them a powerful elevator pitch on its value.

From there, in line with the include and quote mentality, is the assumptive approach of just quoting them and telling them how much it is and asking what method they'll be using to pay for it. If they outright don't want it after all that, close out the original sale, leave them with a great experience, and move on.


Forgive me: I feel I'm rambling at this point. But if you want more perspective from the producer's side about anything else, don't hesitate to ask. I'd be happy to share mine.

 

[InsCommentary]

https://www.youtube.com/watch?v=cVLAvix-dX0

 

[Justin Bilyj]

I know I am kinda different, but if I can't hit my sales goal...well I feel I should be hit back.
http://i.imgur.com/ALfQY1J.gifv

 

[goillini52]

I know I am kinda different, but if I can't hit my sales goal...well I feel I should be hit back.
Let me practice my hammer swings, WCGW?

OUCHIE!!!!!!!!!!!!!!!