Agent Constraints?

[darnardo]

What are some constraints that an agent has when selling life insurance products? Example, Time etc.

On average how long does it take to fully explain each life insurance product?

Term Life
Whole Life
Endowment
Variable Life
Universal Life
VUL
Annuity (Fixed)
Annuity (Variable)

*If I have left out any major life insurance product please let me know

Thanks for answering all my bizarre questions on this forum
- - - - - - - - - - - - - - - - - -
I understand a lot would depend on both the client and agent's level of understanding but please bare with me; imagine average Joe the sales agent(With average years of experience and motivation) speaking with the average client from a certain age group eg.

18 to 24 years
25 to 44 years
45 to 64 years
65 years and over
85 years and over

I am attempting to find the optimal sales mix by using the solver program on excel and factoring a list of constraints...so far I have consumer demand(using aggrigated sales figures as a proxy for demand), time by age group and channel (telephone, internet, face-to-face)

 

[Newby]

What are some constraints that an agent has when selling life insurance products? Example, Time etc.

On average how long does it take to fully explain each life insurance product?

Term Life
Whole Life
Endowment
Variable Life
Universal Life
VUL
Annuity (Fixed)
Annuity (Variable)

*If I have left out any major life insurance product please let me know

Thanks for answering all my bizarre questions on this forum
- - - - - - - - - - - - - - - - - -
I understand a lot would depend on both the client and agent's level of understanding but please bare with me; imagine average Joe the sales agent(With average years of experience and motivation) speaking with the average client from a certain age group eg.

18 to 24 years
25 to 44 years
45 to 64 years
65 years and over
85 years and over

I am attempting to find the optimal sales mix by using the solver program on excel and factoring a list of constraints...so far I have consumer demand(using aggrigated sales figures as a proxy for demand), time by age group and channel (telephone, internet, face-to-face)

I think you're WAY over analizing this Darnaldo. While you're sitting there with your slide rule and spreadsheets, you could be making calls and producing. Then you could pay someone to gather that information you want IF you really want it.

That level of study is usually avoidance manuvers pure and simple. Just jump in the water and try it all out. You'll end up where you're supposed to be.

And if that is a picture of your mugg, I think you are perfect for radio...or telemarketing sales.

 

[djs]

Newby is definitely right.
Regardless of what you want to put on a spreadsheet, you can keep a clients interest for maybe 20 minutes, unless they engage you, then plan an hour.

You then have to work an overview into the 20 minutes and a full sale into the hour.

Doesn't matter the age group, what you are selling, etc. You might have to adjust these times a bit, depending on your style and your audience. For instance, you might not get more than 15 minutes before the prospects eyes glaze over.

Here is the other fallacy that you are working with.... that the client wants to know everything about everything. You are the expert, you need to quickly assess the client and make a proper recommendation. Don't get into all the details unless the client wants to. Yes, a quick overview of your recommendation, why you recommend it, answer questions, write the app.

Dan

 

[darnardo]

Thanks but I'm not an agent. I'm a market researcher for a major insurer. I get paid to over analyse things...

 

[Paradigm]

The simple answer 5 minutes - 5 hours depending on complexity of product, agent and client experience, amount and urgency of demand and age level of client.

You can't easilly characterize that into a spread sheet.