Accessing High End Customers

[insurance1822]

My average homeowner's policy is $550. So that's $82 commission to the agency which is split w/ my business partner. I have thousands of clients & it's not reasonable to think I'm at their mercy.

And to set the record straight for the green horn - I've worked 80 hours per week the last 4 years building up a very profitable operation so you better damn well believe I'm not answering my phone past 5:00 as my kids get my full attention at that point.

....now if it was a 20k package calling me after 5:00? Yep - I'd answer. That's exactly my point! When you have thousands of small-average sized policies built up you can afford to NOT CARE when you get those stupid calls or people leave. We enter this business to build a profitable book & then do other things with our time.

 

[Rick Deckard]

My average homeowner's policy is $550. So that's $82 commission to the agency which is split w/ my business partner. I have thousands of clients & it's not reasonable to think I'm at their mercy.

And to set the record straight for the green horn - I've worked 80 hours per week the last 4 years building up a very profitable operation so you better damn well believe I'm not answering my phone past 5:00 as my kids get my full attention at that point.

....now if it was a 20k package calling me after 5:00? Yep - I'd answer. That's exactly my point! When you have thousands of small-average sized policies built up you can afford to NOT CARE when you get those stupid calls or people leave. We enter this business to build a profitable book & then do other things with our time.

For what it's worth and coming from an old Lehman Bros Jockey, you are a top 1% type. It's not about how much money you actually make although I'm sure you are doing well. It has more to do with an attitude. I think you are in your early 30s.

You have a great source of steady income, a lot of people would give their eye teeth for it however they won't do what you did. You should be applauded and you're not the only person on here who has relied on themselves to go out and make it in this world. I bet you are the biggest success in your family, no knock on the rest of them sure they are all great folks.

You all are not hearing me so I will simply say we are not that far off. I don't want to have 15 phone calls on a Sat or Sun but if that happened maybe I would look at myself instead of the clients. What am I doing to warrant this kind of abuse?

I think everyone needs a good dose of John Maxwell's 21 Irrefutable Laws of Leadership. The man is going thru some work right now at the hospital I do philanthropy for, can't say much more than that. The book is terrific but I can sum it up as well.

-Let's say you practice 15 of those Rules inside and out, you likely will want to work with folks who are practicing at least 8-10 of them already. It's attracting success around you but also becoming a person of value for those who are ahead of you on the 21 Laws.

-You go in to small business or medium business, luxury homes, high value properties, these people tend to be success stories and they want to associate with winners and people who they enjoy forking out their money to. Why write a check for $7500 to an insurance agent you never see when I am a lot more entertaining for the same price or perhaps a little less. I move on from insurance lingo quickly to whatever field interests them. I pride myself on reading a wide variety of topics and staying on top of current events both local and National.

-The more valuable you are as a resource the more people will work with you, I feel it in my heart and mind. The more you value yourself the more people will value you as well. Believe you have something great to offer high end customers, even if it's simply your well rounded culture in arenas that interest them.

Simple example...the Fine Arts, they tend to flock to visual art and theater and the like. It's a good topic of conversation. Travel would also be way up there. These high end folks tend to go on big trips.

This is all for one revenue stream in addition to the bread and butter ye all speak of. I really appreciate you guys hammering home some great points. am going to work with middle class families but not solely.

----------

Top 5% control about 95% of the money. Less folks but a much larger pool of money to pay for your services. You cannot make an omelette without breaking eggs, every chef will tell you that.

 

[insurance1822]

Art is borinf unless it's of naked chicks.

The masses don't particularly value service/knowledge...and if they did at the time they took the policy out...they'll eventually forget when they're getting hammered with the allure of saving money with the competition. My agency retention is about 92% and those who do better are meeting with all their clients and going through the whole sales presentation etc. I write 5x what they do so I make more anyway. My position is volume oriented.

And to clarify - it is all about money.

I see it like this. You're the omniscient Sensai who trains his students in wisdom, culture, patience etc. Then they're in the real world & the bully laughs at them & punches them
In the mouth in 2 seconds.

That's selling p&c insurance. Scrapping & writing volume is what makes the money. Everything else you're referring to is not valued by the masses. If you can find a niche that this appeals to & make a lot of money doing it ... then by all means.

Dat sh*t don't matter in da real world brother. Chivalry is dead now shut up & write business

And I'm one of 24 cousins, many are engineers, two doctors etc. I outearn all but one who's a Goldman Sachs Exec. However adjusted for age and location I would argue I'm still in a better position. I appreciate the compliment

you ever see those huge whales that swim around with their mouths open just filtering small krill all day ? That's personal lines.

 

[todd02]

Art is borinf unless it's of naked chicks.

The masses don't particularly value service/knowledge...and if they did at the time they took the policy out...they'll eventually forget when they're getting hammered with the allure of saving money with the competition. My agency retention is about 92% and those who do better are meeting with all their clients and going through the whole sales presentation etc. I write 5x what they do so I make more anyway. My position is volume oriented.

And to clarify - it is all about money.

I see it like this. You're the omniscient Sensai who trains his students in wisdom, culture, patience etc. Then they're in the real world & the bully laughs at them & punches them
In the mouth in 2 seconds.

That's selling p&c insurance. Scrapping & writing volume is what makes the money. Everything else you're referring to is not valued by the masses. If you can find a niche that this appeals to & make a lot of money doing it ... then by all means.

Dat sh*t don't matter in da real world brother. Chivalry is dead now shut up & write business

And I'm one of 24 cousins, many are engineers, two doctors etc. I outearn all but one who's a Goldman Sachs Exec. However adjusted for age and location I would argue I'm still in a better position. I appreciate the compliment

you ever see those huge whales that swim around with their mouths open just filtering small krill all day ? That's personal lines.

Well he said it at the beginning. He's a Lehman bros jockey. I use to be a wealth management advisor rubbing shoulders with the wealthy and in that world what you're saying makes perfect sense.

Trust me when I say, that mentality will get you no where fast in the p&c market. It's a volume game. Fast paced. Your carriers dictate your market, not rubbing shoulders. Especially underwriting problems.

 

[Mike Siegal]

...
Dat sh*t don't matter in da real world brother. Chivalry is dead now shut up & write business
....

you ever see those huge whales that swim around with their mouths open just filtering small krill all day ? That's personal lines.

Well he said it at the beginning. He's a Lehman bros jockey. I use to be a wealth management advisor rubbing shoulders with the wealthy and in that world what you're saying makes perfect sense.

Trust me when I say, that mentality will get you no where fast in the p&c market. It's a volume game. Fast paced. Your carriers dictate your market, not rubbing shoulders. Especially underwriting problems.

Whoa...giving out the gospel!

 

[Rick Deckard]

Well he said it at the beginning. He's a Lehman bros jockey. I use to be a wealth management advisor rubbing shoulders with the wealthy and in that world what you're saying makes perfect sense.

Trust me when I say, that mentality will get you no where fast in the p&c market. It's a volume game. Fast paced. Your carriers dictate your market, not rubbing shoulders. Especially underwriting problems.

I appreciate that you at least understand what I'm saying. I can appreciate what you all are posting, I do.

Maybe I should re-think it all and pursue Real Estate or Financial Planning where I would feel more comfortable.

Or I could continue to penetrate this market, 1st month cold calling we wrote $30k in premium from 2-3 clients/customers. I doubt we hit that in December but I feel like we are on the right track. I also think maybe some of you believe I am in support of just writing high value properties. I am simply trying to quickly find a way to fill up say 1/4-1/3 of a decent sized book. An 18-24 month plan to build a $1MM Book or close to it.

I'll update how things are going in this sector periodically. It has some real challenges and it's not an end all be all for finding your niche. But when it takes how many $500 policies to equal a $10k policy? If you are writing them all yourself it sounds time consuming to me.

Is it possible we could all have some great ideas here and together we can all build a great feast? I'm working on dessert. you all seem to have the meat and potatoes figured out.

Let me also say this. I'm very lucky to have found all of you. You take great pride on finding folks to put under your I-Wings in here. Please do not be offended by my chivalrous ways. I am always perceived as eccentric or if most people have their clocks set to 12:00, mine is set to 11:47, catch my drift? I have been out of sales fro a little while and have been teaching math to poverty stricken middle school students in a public school system that nobody can get turned around. The message of go out there and make something of yourself has become a message of victimization I'm sad to report.

I carry a very strong belief system in hard work and determination mixed with a good moral compass and genuine passion and caring to help others will lead to great things. it always has for me. When I inherited the classroom I started in, the pass rate was 23%, the math teacher had a nervous breakdown in a class of 48. We managed to get that number up over 60% in about 6-8 weeks, I had no idea what I was doing but by God we had order in the classroom and I told the kids this story and it served them well, I'll share and then bounce the ball back to you all.

-Everyday on the African Serengheti the Lion wakes up knowing it has to catch the fastest of the fast in order to survive, animals like the innocent Gazelles.

-Everyday in that same place the Gazelle wakes up knowing it must out run the fastest of the lions in order to survive.

-Kids whether you think you are a lion or a gazelle, when you wake up in the morning and when you enter my classroom your ASS/Butt/Tush better be running. Is that CLEAR?!

I really have enjoyed teaching the last few years. Love the kids, it's the principals and other teachers that like to get in my way. Time to do something else that pays a lot better and will ensure that one day I can start my own Charter School if I desire.

-God Bless and Merry Christmas to all of you posting in this thread. You really help make an otherwise boring day of cold calling move a lot faster and also focus me on what I want to accomplish.

----------

Art is not BORING!

Go to NYC and go to the Frick Collection or the MET and tell me that art is boring. And guess what, wealthy folks all have been to NYC and many have been to the places I mention. If you have never traveled anywhere then you would come across as boring to the people who enjoy the art that you think is boring.

Since the Art folks have the money, it pays to know a little about what they know. It pays to know a little about a lot of things. I read a lot. Less than 3% of Americans own a library card.

Why do all Luxury and High Value homes typically have a Library in them?

 

[todd02]

I appreciate that you at least understand what I'm saying. I can appreciate what you all are posting, I do.

Maybe I should re-think it all and pursue Real Estate or Financial Planning where I would feel more comfortable.

Or I could continue to penetrate this market, 1st month cold calling we wrote $30k in premium from 2-3 clients/customers. I doubt we hit that in December but I feel like we are on the right track. I also think maybe some of you believe I am in support of just writing high value properties. I am simply trying to quickly find a way to fill up say 1/4-1/3 of a decent sized book. An 18-24 month plan to build a $1MM Book or close to it.

I'll update how things are going in this sector periodically. It has some real challenges and it's not an end all be all for finding your niche. But when it takes how many $500 policies to equal a $10k policy? If you are writing them all yourself it sounds time consuming to me.

Is it possible we could all have some great ideas here and together we can all build a great feast? I'm working on dessert. you all seem to have the meat and potatoes figured out.

Let me also say this. I'm very lucky to have found all of you. You take great pride on finding folks to put under your I-Wings in here. Please do not be offended by my chivalrous ways. I am always perceived as eccentric or if most people have their clocks set to 12:00, mine is set to 11:47, catch my drift? I have been out of sales fro a little while and have been teaching math to poverty stricken middle school students in a public school system that nobody can get turned around. The message of go out there and make something of yourself has become a message of victimization I'm sad to report.

I carry a very strong belief system in hard work and determination mixed with a good moral compass and genuine passion and caring to help others will lead to great things. it always has for me. When I inherited the classroom I started in, the pass rate was 23%, the math teacher had a nervous breakdown in a class of 48. We managed to get that number up over 60% in about 6-8 weeks, I had no idea what I was doing but by God we had order in the classroom and I told the kids this story and it served them well, I'll share and then bounce the ball back to you all.

-Everyday on the African Serengheti the Lion wakes up knowing it has to catch the fastest of the fast in order to survive, animals like the innocent Gazelles.

-Everyday in that same place the Gazelle wakes up knowing it must out run the fastest of the lions in order to survive.

-Kids whether you think you are a lion or a gazelle, when you wake up in the morning and when you enter my classroom your ASS/Butt/Tush better be running. Is that CLEAR?!

I really have enjoyed teaching the last few years. Love the kids, it's the principals and other teachers that like to get in my way. Time to do something else that pays a lot better and will ensure that one day I can start my own Charter School if I desire.

-God Bless and Merry Christmas to all of you posting in this thread. You really help make an otherwise boring day of cold calling move a lot faster and also focus me on what I want to accomplish.

----------

Art is not BORING!

Go to NYC and go to the Frick Collection or the MET and tell me that art is boring. And guess what, wealthy folks all have been to NYC and many have been to the places I mention. If you have never traveled anywhere then you would come across as boring to the people who enjoy the art that you think is boring.

Since the Art folks have the money, it pays to know a little about what they know. It pays to know a little about a lot of things. I read a lot. Less than 3% of Americans own a library card.

Why do all Luxury and High Value homes typically have a Library in them?

Yeah I'd rethink your strategy. P&C is all about marketing and hustleing. Financial planning and real-estate is all about rubbing shoulders and big one off deals.

 

[Rick Deckard]

Yeah I'd rethink your strategy. P&C is all about marketing and hustleing. Financial planning and real-estate is all about rubbing shoulders and big one off deals.

Hey Friend,

Since it's a volume game, let's go with that. I have a question if you will indulge me.

-How does one position thyself to acquire VOLUME? What is the best strategy to capture VOLUME? What is the best way to start to acquire VOLUME?

Thanks!

 

[insurance1822]

Art is gay. Libraries are gay. I'll go to art museums & beat up everybody & take their lunch money.

Volume for the IA is achieved by rubbing shoulders & schmoozing over centers of influence (realtors, mortgage offices, financial advisers, accountants, attorneys etc..) and building a large referral network. Realtors & mortgage people are typically not sophisticated & happy hour works. Get drunk w/ em. Avoid car dealer business.

Accountants & attorney's hold their nose higher so your approach may work better w/ them. Financial guys are a healthy balance. Initially, have a method to ask for referrals at the time of sale to help get more people to quote. Once you build relationships with the right centers of influence (and you have the carrier representation to deliver 100% of the time..) the volume will follow.

Volume for the EA is more heavy on quote volume, buying leads etc as you'll have a much lower close rate. You'll find it tough to really grow a referral network as COI's drop off when you can't help their clients few times

 

[todd02]

Hey Friend,

Since it's a volume game, let's go with that. I have a question if you will indulge me.

-How does one position thyself to acquire VOLUME? What is the best strategy to capture VOLUME? What is the best way to start to acquire VOLUME?

Thanks!

At first I started with telemarketers generating interest and gathering info for me. I'd get between 3-5 new business quotes a day. Stay until 8pm calling and chasing my pipeline.

Then I incorporated buying internet leads. Using every filter that my carrier wanted and I was competitive with.

Then once my renewals kicked in nicely I switched to mailers and now it is on auto pilot.

It's all about managing your pipeline in a smart way (my software), tracking your ROI and getting between 100-150% and the hardest part of all.... finding great staff to duplicate yourself.