Another "Rip Off" lead company

[TXINSURANCE]

In your experience, is selling life insurance over the phone, via internet leads, viable

Very short answer - NO.

Maybe as an UPSELL to Health Insurance but stand alone life over the phone? If you can pull it off you are a better man than I am. That is a rough gig.

 

[somarco]

Bluemarlin will probably disagree with you TX. He did very well in the mortgage life biz selling over the phone. Can't say if he used internet leads or mail in, but either way, that is a tough market.

My hat is off to him.

 

[ims01]

We sell only Life and only over the phone. However, we do not use a mortgage lead. The right combination of leads, products and training/support will allow you to be very succesful using this model.

At close to $4/gal, it would not suprise me if some agents are spending $200/$250 per month on gas. How many leads can you buy with that money?

 

[CHUMPS FROM OXFORD]

I have been selling term over the phone for years. But....most of the policies are to local business owners (within 60 mile radius) or existing clients (health, P&C etc...)

It can....within guidelines be sold over the phone. But don't buy a marketing system. Get some good free advice on this Forum.

 

[tom_ryan]

Appointment Settings/Direct Mail/Lists

 

[CHUMPS FROM OXFORD]

Appointment Settings/Direct Mail/Lists


My system is the best. Don't be fooled by imposters. Details coming.

Much lower in price than Tom's and better quality.

 

[mickeyma]

There are a lot of variables here.

Do you sell Internet or Face to Face?

Do you sell all demographics or do you cherry pick ages, areas, etc.,?

I work RAW leads from ALL areas, ALL walks of life, ALL ages and it shows. I can print out daily stats of our call logs and on any given day 89 to 92% of all outbound calls are indeed voice mails.

I owned a lead company long before we sold insurance, I know the business and I know the game.

There are essentially two types of leads:

1. User initiated - SEO, ORGANIC, i.e. someone proactively took the time to initiate a search or investigation relating to the purchase of insurance

or

2. Affiliate lead - Someone paid to sell leads to a lead company, banners, pop ups, spams, you name the tactic everything else pretty much falls into this category.

People track numbers differently - I know some agents that claim a 20% close ratio - well they back out all of their bad numbers, uninsurables, and people they actually talk with.

There are also some geographic issues with price, market competitiveness, underwriting, you name it. Also as your volume goes up and you have employees / sub agents it is only natural your close percentages go down - back to the old "no one will work as hard as you do bit..."

I have done extensive national testing when I owned a lead company and average RAW close ratios can range from 1% to about 12%, average being in the 5% to 8% range... i.e. buy 100 leads and get 5 to 8 application submissions.

There are variations and super stars, so many variables it just ultimately needs to financially make sense on your cost of acquisition.

If your COA is $100 or less - maybe even up to $150 you are just fine and likely making money - COA is $400 there is virtually no way to turn a profit long term.

Basic business principals like selling widgets - no different than any other business.

I spoke with a company several years ago which was doing $1 million in premium a year in life insurance from internet leads. They were honest enough to tell me I needed 100 leads a week to sell 5 policies. My closing rate has been better but I find it hard to believe that a good agent can close 33% from internet or direct mail leads. First of all, I can't contact (by phone) 35-45% of the leads. I call 5 times in the day, 5 times at night, Saturday morning and Sunday night. My # is blocked but then I unblock when I can't reach them. I leave 3 messages and, finally, with a direct mail lead, mail them a copy of the lead with a short statement. Nothing!!!!!

 

[insureagent]

What do you expect. Internet leads are you kidding me? Im a prospect, I get online, want some quotes, information etc about health insurance, fill out a form and the next thing that happens is I see a message that says thank you very much , your info has been rec'd. An agent will contact you shortly. It's shear trickery, no different than filling out one of those cards at the fair and dropping it in the box. YOU know your going to get a call if you do it, and lots of people dont do it, even if the prize is for a car.

So why would we expect an internet lead to be worth more than a couple of dollars at best. I imagine a lot of people get a little po'd after filling out 2 or three of these forms, then the phone starts ringing for the next 5 days non-stop. I use to buy mtg leads, I hated it. They sucked even more, and whats worst I paid up to $50 bucks a lead, till I realized who here was really making money on these leads. Of course the devil will have his revenge, most of these mtg lead companies, the few that are left around are sucking it big time.

 

[dmiller90]

What do you expect. Internet leads are you kidding me? Im a prospect, I get online, want some quotes, information etc about health insurance, fill out a form and the next thing that happens is I see a message that says thank you very much , your info has been rec'd. An agent will contact you shortly. It's shear trickery, no different than filling out one of those cards at the fair and dropping it in the box. YOU know your going to get a call if you do it, and lots of people dont do it, even if the prize is for a car.

So why would we expect an internet lead to be worth more than a couple of dollars at best. I imagine a lot of people get a little po'd after filling out 2 or three of these forms, then the phone starts ringing for the next 5 days non-stop. I use to buy mtg leads, I hated it. They sucked even more, and whats worst I paid up to $50 bucks a lead, till I realized who here was really making money on these leads. Of course the devil will have his revenge, most of these mtg lead companies, the few that are left around are sucking it big time.

Man, you must be right! what have I been thinking the last four years working nothing but internet leads, Talk to people on this forum that understand internet leads and make a good living doing so. Most never learn the techniques or sales cycle of a internet lead. I talk to people everyday, that thank me for calling them and helping them understand the maze of Health Insurance. Obviously you truly dont understand Internet leads and the sales cycle of these leads.

 

[moonlightandmargaritas]

I talk to people everyday, that thank me for calling them and helping them understand the maze of Health Insurance.

What a wonderful human being, thank God there are nice agents like this!