Critic my Marketing

[GoForBroker]

Been sending out personalized letters to my book of business who do not have a life policy with me. I am including educational flyers with some of them. Hand addressed and signed. I have sold two policies off about 50 letters. I have 2800 clients and send roughly 20-25 out a week. They are tailored to their situation and always include a quote. Usually a ten year term thats affordable.

What are the chances it produces me 2-4 sales a month consistently. Just trying to make sure I am not wasting my time with this one.

Thanks

 

[pcbinsurance]

I know these 2800 folks are your clients, but since they don't already have a Life policy with you, how can you "tailor" something to "their situation" and include a quote? That's a lot of situations and situations change!

Yeah, 10 year term can be affordable, but do you really think it's the best solution for most of them as you alluded to?

To answer your question, you should be able to produce 2-4 sales simply by contacting these folks. I would send the letter a few months before their next birthday and do this (at least) annually.

 

[Josh]

I can't verify it, but I've heard rumors from what I believe were reliable sources that they found success by quoting life insurance at renewal for their other lines.

One of the biggest hurdles you're facing is that your clients (I presume) are P&C clients. You're not their insurance agent. You're a guy that takes care of their car and homeowners insurance. A MetLife or NYL guy might be their financial guy, but what you sell just a commodity in their eyes. When I was an office manager at an Allstate Office there was a HUGE push for answering the phone "Allstate Insurance and Financial Services" just to create the branding of it being a financial services company as well. Their products were at best competitive, but rarely the best available product on the market. Their portfolio was extremely limited (NY) and creating demand for them was rough.

Really it breaks down to how do YOU want to be positioning yourself:

-The guy that sends them letters they throw out because a 10 year term is almost never a good solution for someone
-The insurance agent that provides a quote for life insurance (even if it's a 10 year term) at every renewal/quote of another product
-The insurance agent that calls them up to remind them that not only can he handle their auto and home, but can help them with life insurance coverage
-The guy that does nothing but auto and home

Clearly you don't want to be the last guy I mentioned, but you are probably NEVER going to get much action on 20 letters a week, even at 25 that's BARELY 100/month. No one does bulk mail in less than 1,000.

Any reason to not mail your entire book? If you have 2,800 clients you have a good customer base. Even at $0.50/piece you'd be in less than $1,500. If you can't at least triple that back from your responses you probably need to really sit down at how your agency is creating loyalty (or isn't).

 

[GoForBroker]

Thanks for the good feedback. I am lucky to be in an area where my company is very respected and we are the big dog. I do not have to worry to much about the big life companies but more the work insurance. Most of them have insurance with their job. Money has been the hold back on mailing the entire book but I am going to start doing that at the start of the year. Also I am paid as earned so that makes a difference on my advertising budget.

On the 10 year quote thing, I have just stared to do that because people want lower prices and that is the lowest price. It is basically saying did you know you can get a life policy with me starting at only this amount. Call me to see what options are available to you. If they call then I can do my sales thing and show them what makes the most sense for them after a policy review. It also states they get a combo discount for having a life policy with me. I am trying multiple ideas to see what sticks. I did really well with final expense quotes for the older people in my book but I have ran out of people to mail to now.

My goal is to write 4k AP a month and right now I am at 2-2500 so I dont need much of a kick to get there.