Know-How Exchange : Strategy

Freddy,
Coming from 7 years (way long ago!) in the insurance industry and selling variable life ...when it was brand new:

1) I think you have to be in the yellow pages just in case, but the wrong ad will be a waste of time...even if it's to dispell the feeling that only farmers use Farmers Insurance.

2) Make sure you develop your own philosophy on insurance. I believe you buy insurance to pay for what you can't if you're not there. So, I sold it that way. A firm belief makes your story more credible and you're able to handle objections better (aka buy term and invest the difference et al)

3) Once you have that down, you know direct your efforts in that way. Example: Business continuation life insurance (whatever it's called now) makes sure the family business (often higher income prospects) continues on even paying for the cost of hiring a manager until the children are old enough to learn the business. Best prospecting for this is Business Licenses issued...usually listed free in the newspaper. Or your state's manufacturer's directory (free at public library)

4) Still believe nothing beats the old fashioned cold call. I used to keep track of sold houses and then when the sign was gone (remember, Al Gore hadn't invented the internet in early 1980's) I knocked on the door, asked if they were the new owners and if they'd considered mortgage insurance. Very successful, but too much work for my sales staff to continue after I moved on.

5) After you have your Series 6 or 7 license working the professional (medical) market is a good opportunity because they usually need regular business insurance and after you have their trust, you can focus on the investment side.

6) Start writing..even if it's a column in your church's bulletin. You want to be known as the expert.

A lot more ways to prospect, that's for sure.

Michael

From the "do as I say, not what I've done category." Put a small ad in the yellow pages and get a bold listing in the business section of the white pages (unless all the others are bold). People will have an awareness from your other communication but may need the phone number. If you're not listed, they go on to the next agent.

Hi fredj5,

Here is your 5 step plan:

1) Develop an Ideal Prospect Profile which will help you get really clear on who you want to attract to your new business. This is a CRITICAL step and takes a lot of effort, but it pays off big time in the long run. In order to do this, you must get face to face with as many people in your target market as possible. Buy lunch, buy dinner, buy 3.50 lattes at Starbucks... whatever you need to do to get to know your target prospect.

2) Develop a list of 10 things your prospect needs to know about the primary product you want so sell. If it is variable Life as an investment vehicle, then you need your list to be about investing. These can be common questions people have or (better yet) things they haven't even thought of but that you know based on your training.

3) Write a short but informative special report that gives high quality, valuable information about the 10 things you listed in step 2 and give it a provacative title like "10 Little-Known Investment Facts Your Stock Broker and Banker Wouldn't Want You to Know"

4) DON'T run ads that promote you as (yet another) insurance agent. Create some well written text ads for the Yellow pages and your other potential ad sources that promote the special report. Have people call, write, visit your website, or email to get the report for free. People are hungry for information -- give it to them!

5) Mail the report and build your database. Then send a new letter or postcard with more helpful hints, resources, tips, or insight on a monthly basis.

Before long, you will have a massive, targeted list of prospects and you will be the top new agent at Farmers.

That was a bit of a 'drive by' explanation, but I think you get the idea. Please, please, please don't run an ad just like the thousands of other ads you see in the yellow pages. Offer something of value for free and start a relationship with your prospects.

There are more resources on my website on this topic if you want to go deeper.

Good luck!

hi Fred

great response from experts. although i have never treaded the insurance path, i would like to add the following...

1. echoing Jo, Networking works simply great. First identify your various target markets/segments/profiles of prospects for each of insurance products. Then network with them in places they hang-out. Example, first, you enter into a network of people from various professions, like Chamber of Commerce, MBA Club etc. From there you take lead and get into various professional groups like Physicians/doctors gathering, etc. Also be visible there.

2. Counselling: organize free counselling to each of these professional as well as other groups that are your are currently associated with or have entered into.

3.路演:对于每一个目标市场,捡起一个occassion. Organize a Roadshow and highlight your products specially tailored for that segment. Do offer some benefits for availing your products/service during the RoadShow, which will have a positive WOM result and more crowd turnout in future Roadshows. also REPEAT these Roadshows.

4. Insurance Fair:- You can organize an Insurance Fair. in that fair you showcase all your products, give as much info possible on each one of the product. bring all your agents, merchants (like car dealers, Hospitals etc.) under one roof so that people from all segments can get their insurance needs in one go. Also do some discounting/offering during the Insurance Fair.

HSBC did the same thing here in Bangladesh, they organized a Loan Fair for their consumer loans and it was a tremedous success. They brought travel agents, household item sellers, furniture sellers, car dealers under one roof. people could buy anything from these retailers/vendors with appropriate loan from HSBC. HSBC also get some discount on thier interest rates and processing fees. It was a huge success and they have been repeating the program every year since.

hope this helps.

cheers!!