Commercial Ins Broker Prospecting Methods

Genesis

New Member
3
Anybody have any idea on what percentage of commercial insurance brokers (P&C) prospect exclusively by phone, or exclusively in person, or some combination thereof?

Sometimes I think it would be wiser to just stick with one method. Is their value in just relying on one method of prospecting?

Thoughts?
 
Commercial Insurance prospecting should have a few approaches to be successful.

It you are just starting out, then you must rely on cold calling or walking in businesses. Most businesses that have employees and revenue of $1 million on up typically will not switch their insurance until renewal. So initially you want to get their renewal dates and build up a database of renewal dates throughout the year that you can call on. In some situations the business will let you quote mid-term.

In addition to cold calling you should have some type of mail program going out quarterly to businesses you are successful in writing. If you can carve out some niche commercial line you will be much more successful than if you go after any business with the open sign on.

Lastly you should have some kind of web presence. More and more business insurance is being sold online today. At least more business owners are searching for insurance online initially and you should at least show up in search engines locally.

Hope that helps. This is just what I do and it has worked so far!

Good luck....
 
Thank you for your reply Cranson!

I think I'm doing many of the things you suggested. Calling on the phone and calling in person seem to be yielding good results. I've been binding new accounts regulary. I can't really tell which one is more effective. They both seem to be working for me. Because I work on my own, I'm not really able to compare my method/system/madness with other agents. I guess I'm just curious about the top Commercial P&C producers? Do they get their book up into the $3M, and $5M and up range by working the phone more or working the street more?
 
Cranson
Any tips on cold calling. When I'm not dealing with my niche market, I spend some time cold calling local businesses but pretty unsuccessfully.
 

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