Insurance Agent Forum

[SportsNut]

Anyone out there having a decent success ratio of marketing individual health insurance using internet leads...?

If so, are you using quote products like Norvax or Quotit and/or Broker Office mgmt tools...?

And if so, how many carriers are you typically quoting (and selling)...?

Also, (I know this is asking for lots of info), how long have you been at it, and what are the keys to success, in your operation; or would be for a skilled newcomer to the field...?

Or, if you have tried this and abandoned the attempt, why didn't it work..?

Thanks in advance for the willingness to share such info.

SN

[healthagent]

Depends on your skill level, product knowledge and budget. You can work it backwards:

Agents are closing, on average, 1 out of 20 shared leads so if you want 3 deals for the week you need 60 X $7 average cost = $400+.

You'll earn, on average, $700 in commission X 3 = $2,100 - $400 in lead costs = $1,700. That's an "iffy" return however you can greatly improve your RIO on shared leads as you get more skilled.

Also, avoid any shared lead source that uses affiliates. There are many sources that do not use any affiliates and ROI is much better.

I wouldn't start out with less then a 2 month budget since you'll need a pipeline of 100 before you start getting consistent business - which is just over $3,000.

Telemarketing works if you work. I've been very successful with telemarketing now for over 2 years - it absolutely works. What doesn't work with telemarketing is making calls "here and there" then ditching it.

Telemarketing targets small business owners which takes more patience to work. If you're a "close it now" person you won't enjoy working with small biz owners.

You need to make calls every day as a business habit then as you build a pipeline of leads you'll start doing consistent business.

There's also no reason you can't integrate both. Buy 10 leads a day and supplement it with telemarketing.

If you can, build a local marketing campaign. It'll take about six months to kick into gear but then your phone starts ringing - which is the goal.

[CHUMPS FROM OXFORD]

Well...there is so much information on this subject, you may want to search the forum.

But...I don't use quote engines, although I think about getting one all of the time. I use about six carriers and I have been "at it" for 27 years. My key to success won't help you because everyone is different. I work pretty hard, and try to be thorough, but not pushy. I emphasize my location as well.

A "skilled newcomer"??? Some may say that's an oxymoron.

[healthagent]

Personally, I've done well without a quote engine and feel I'm doing better with one. I really enjoy stacking one carrier against another during a presentation. I feel it shows the client that they are truly getting the best deal.

Sometimes it's not about what you're making, it's about what you're not making.

Someone can say "I'm making $3,000 a week - leave me alone." However, what if:

1) With a tool that cost $100 they could make $4,000 a week
2) With a tool that cost $100 they could make live easier

[SportsNut]

Excellent info. Thanks.

A few questions...

How do you manage (organize) all the data...?
What kind of system do you use. It seems impossible (or impracticle) to attempt to do so without the use of a back office program geared to handle leads, appls, drip emails, etc.

What kind of communication tools do you use...?
Telephone system for long distance...? Dialer or manual..?

How many ins carriers do you contract with...?

Do you use quote software such as Norvax or Quotit...?
Something that you can easily email a quote from, then follow-up with a call, scheduled right in the manager program that you use...?

Thanks again for all the feedback. Great Info!!!!!!!!

SN

[healthagent]

Good Lord!

Ok:

1) Norvax has a broker office that functions as a modest CRM for basic management - but it's not a replacement for a fully functioning CRM

2) I use Gary's CRM auto-dialer for making telemarketing calls. Read up on it here: Marketing Campaign Solutions CRM

3) Contract with all the top carriers in your state

4) I use and enjoy Norvax - only took me a few years to get it. I, like most people, were on the "do I really need it" fence but I recently caved in and got it. Love it. Norvax is also coming out shortly with an upgraded engine.

I tried to demo Quotit. I called their number - no answer - just voice mail. I also filled out their online form for contact. No response for two days.

I tried again, called - no answer - left a message and again, another online quote form. Two days later, not a single response.

That maybe just an individual situation but if their sales department is too busy to get to me, just imagine if I had a concern.

[somarco]

A quote engine is a tool. I did fine without one but am much more productive with one.

(And I do get a few clients that fall in my lap as a result of the website/quote engine).

You will find folks on both sides of the fence, so it is a function of budget and how much time you want (and can afford) to put into generating proposals.

Nothing wrong with telemarketing if you know what you are donig. It is a low cost way to generate prospects.

I never cared much for that approach myself. It is interruption marketing at its' worst. If someone takes a call and later buys from me they might do the same when the next guy calls.

I don't use a CRM but rather rely on my Quotit database and Constant Contact. Probably should use one, but I haven't gone that route yet.

I am contracted with probably a dozen or so carriers for health but in reality only use 3 for the most part.

You need to decide what is comfortable and natural for you. Anyone can pound the phones, knock on doors or sell completely over the phone. But if you are moving too far out of your comfort zone you will not be as effective as you could be.

For me it is all about productivity. I hate cold calling of any kind but I have done enough of it in the past that I can get over it . . . and I am very good on the phone, even better F2F.

I would rather pay someone else to generate leads for me than spending my time going B2B or dialing for dollars. With gas approaching $3.50 (and rumored to go higher) I am fine with working from home, selling over the phone to folks who raise their hand and say they want to buy.

And FWIW, I taught Chumps all he knows about the business. He has done very well, but don't copy him.

[CHUMPS FROM OXFORD]

"And FWIW, I taught Chumps all he knows about the business. He has done very well, but don't copy him."

Somarco is correct. In 1980, I was personally trained (actually, myself and another broker) by him. Very intensive three month program. Worth every penny of it.

I have done all right. The other broker didn't last in the business very long, but went into the broadcasting business. I think his name was Chris Hanson. I don't know what he's up to these days.

[SportsNut]

[quote=CHUMPS FROM OXFORD;62843]"And FWIW, I taught Chumps all he knows about the business. He has done very well, but don't copy him."

Somarco is correct. In 1980, I was personally trained (actually, myself and another broker) by him. Very intensive three month program. Worth every penny of it.

I have done all right. The other broker didn't last in the business very long, but went into the broadcasting business. I think his name was Chris Hanson. I don't know what he's up to these days.[/quote]

ROFLMAO

One out two ain't bad... Or one could say that is 50% peristency...

[SportsNut]

[quote=somarco;62838]
You need to decide what is comfortable and natural for you. Anyone can pound the phones, knock on doors or sell completely over the phone. But if you are moving too far out of your comfort zone you will not be as effective as you could be.

Agreed

I would rather pay someone else to generate leads for me than spending my time going B2B or dialing for dollars. With gas approaching $3.50 (and rumored to go higher) I am fine with working from home, selling over the phone to folks who raise their hand and say they want to buy.quote]

So you are buying internet or other type of leads that you work...?

Thanks again for the valued feedback. And... thanks for taking Chumps under your wing, all so many years ago.

SN

[CHUMPS FROM OXFORD]

WAIT A SECOND! WAIT A SECOND! ALL BETS ARE OFF!

I just noticed that cradle of criminals avatar...the dreaded Cincinnati Bearkittens.

May ex-Coach Bob Huggins drive you to the airport in a drunken stupor.

[somarco]

Chumps would have been more successful had he not dropped out of my association. But, he said he could not afford the $2 per month fee I was charging so he dropped out.

Imagine my surprise when he showed up here on the forum.

He is a little heavier, and doesn't have as much hair, but he has survived (just barely). Of course he is a kept man, working for Snoopy and all that.

Man, I forgot all about Chris. Someone told me he was working with pedophiles but I guess that is not the case.

I do buy internet leads, and do volunteer work that brings me in contact with folks who need advice on insurance matters, have a web presence and a newsletter and, from time to time, get referrals from satisfied clients.

The internet lead market isn't for everyone. It is not that same as it was a few years ago but I have found ways to make it work for me.

Whatever you do, set a benchmark ROI. If I can't get 5:1 then I move on to something else. Last year my ROI was 8:1 which is sweet. I have not checked it for YTD but I imagine it is running the same as last year, or maybe a bit better.

[healthagent]

Bob does a lot of work getting his internet lead clients section 8 housing. It's good work he's doing.

[somarco]

That's right John.

And one day I hope to help you get out from under the bridge and into some of that Section 8 housing.

Hang in there. Eventually you will kick that affinity you have for Thunderbird and will be able to hold a real job.

Isn't your computer time at the Union Rescue mission limited?

[healthagent]

If I log off and log back on I get another hour of computer time. You have to know how to play the system.

[SportsNut]

Originally Posted by CHUMPS FROM OXFORD

WAIT A SECOND! WAIT A SECOND! ALL BETS ARE OFF!

I just noticed that cradle of criminals avatar...the dreaded Cincinnati Bearkittens.

May ex-Coach Bob Huggins drive you to the airport in a drunken stupor.

Chumps:

Being one of the loyal boosters that readily drank the Bobby Huggins koolaide, back in the day, I would accept the ride with Huggs... He is a lot better guy than the media gives him credit or being. So the guy likes a glass of his favorite wine (or three) with a skirt here and there...

R U in Lebanon... as in OH...? The Golden Lamb, et al...? Nice little town, albeit not so little anymore.

SN

[InsuranceBenefitsGroup]

1. Yes
2. Norvax with autoresponder, pretty worthless and not necessary
3. The autoresponder shows 5 carriers, 3 plans each -altogether not important
4. 10 years, keys to success? Be the 1st to call, build rapport, sell the sizzle, then sell the steak.

[Delta76]

Personally, I've done well without a quote engine and feel I'm doing better with one. I really enjoy stacking one carrier against another during a presentation. I feel it shows the client that they are truly getting the best deal.

Help me understand, I have never used a quote engine besides the ehealth website. What would be the advantage for me to buy Norvax compared to just running a couple deductible options from each carrier on a MS Word sheet and going over it with the prospect?

[CO Planner]

Healthagent,

I just read your blog regarding the CRM tool from CMS, in addition to reading through some of your other material. How many agents do you know of that are using it? Are the results positive acroos the board? Thank you for your ongoing input.

[CHUMPS FROM OXFORD]

Originally Posted by SportsNut

Chumps:

R U in Lebanon... as in OH...? The Golden Lamb, et al...? Nice little town, albeit not so little anymore.

SN

Actually, Lebanon, as in Beirut, Lebanon.

But...I do maintain an office in the Springboro area...not too far from the other Lebanon.

As a Miami grad, you can understand my disdain for some aspects of the UC program.

Re Hugs...actually, he was a hell of a coach (still is) and a great recruiter. But I guess Nancy got the last word.