Critique My P&C Cold Call Script Please

[kman]

todd02, As I said earlier I was a 20 year Farmers agent with over 2,500 pif. During your career at Farmers you will realize that you will eventually hit a wall that no matter how much business you write at Farmers, Zarmers will have a way to ruin your growth with high run off (low retention). I had a 94% retention for years, but then the price increases took over about 6 or 7 years ago. Your too new to realize that 95% of Farmers GWP comes from their in force, overpriced older auto and home policies. Todd, do some research, its your career we are talking about. Next Gen is a sub standard home contract in the industry, Farmers older Protector Plus was a much better contract. You are writing new business away from other insurance companies, and your customers most likely had a better written contract. I hope you don't open your agency up to a potential E&O claim. Todd, I wasn't lazy, just niave for staying too long. If you're the professional that you think you are, then learn about the industry. The whole point of becoming a Farmers agent is to learn the business and build a book so that you can cut ties with your master (Farmers) and become your own boss. Just so you clearly understand, you own NOTHING at Zarmers, not your book, certainly not your business. You are a puppet on a string. Your an *** if you think that all your giving up by not being an independent is 4-6% commish! That 4-6% commission represents a 50% increase in commissions in annual income. How much bonus money have you earned so far at Farmers? Their profit bonus program is a joke! 4% of your "combined profitability report", IF you write all of life insurance quota and the other 20 hoops Farmers requires. Independent agents typically recieve 2% of GWP not profit. Todd, I suppose to you, 4% from Farmers is more than 2% of GWP. To me 2% of $2,000,000 is $40,000 and 4% of "combined profitability" of $350,000 (my yearly average for 20 years) is $14,000. I don't know about you but my annual income of 15% of $2,000,000 plus bonus equals an extra $126,000 of income each year! How's your math Todd?
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Popeye, those of us that have the gold get to make the rules. You need a book of business in order to get the good contracts on your own. If you don't have a book, try writing with companies like insurance noodle which offer a reduced commission of around 10% (instead of 15%) and no profit bonus, but offer many companies to choose from, then build that book until you can go on your own or join a cluster like SIAA. Learn your mistakes now with State Farm, make sure you love the business and then venture out on your own and build your own business where you make the rules and sell what YOU want to. I actually can offer many companies and the rates are all better than my old clients at Farmers had. It really boils down to better coverage on auto and home insurance. How about offering your client a true HO-5 or an HO-3 with an HO-15 rider with GUARRANTEED building replacement, 50 to 100% building ordinance and POLICY LIMITS on sewer back up, not to mention guaranteed renewal (no drop), first accident forgiveness, declining deductibles, use of OEM parts and on and on..... all while saving customers over a $1000 a year on insurance!!!

 

[todd02]

My math tells me you worked 20 years and only had 2,500 policies. That's horrible. I've been with farmers 8 months and I have over 300. I'll surpass your 2500 in a few years. Won't take me 20.

 

[kman]

Todd, good luck with Farmers and be sure to come back here and let us all know just how big your PIF is in 19 years. I'll patiently wait to hear that you'll have 20,000 policies, which, by the way, would be more than any other agent in Farmers history! I am sure with all of your 8 months of experience you would know that the average Farmers agent has something like 750 PIF. But, of course, you're a much better agent than "average". How many agents in your district have over 2500 PIF, and more improtantly do you hear what they have to say? Also Todd, my 2500 PIF included some very large commercial accounts ($75,000+). You think because you have 300 policies in 8 months that you are better than I had with 2,500 in 20 years? You are a moron! I also started out quickly, but if you read what I had to say, Farmers will screw up your retention rate eventually. It is also very easy to sell when there is zero service work. Just wait Todd, just wait. I left Farmers because, I too, felt that I could do alot better on my own. And I have, I just wanted to help save you from years of frustration selling Farmers overpriced life insurance. On second thought you are made for Farmers. Good luck grossing your $30k a year Todd, your the man!!!
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Todd, here is a tip for you. The reason you go to a website like this is to gain VALUABLE information from more experienced agents. Not to come here and piss on a long term agent who has seen too many derogatory changes to a once great insurance company. Since you already have 300 policies I wonder if you should write a book explaining what an outstanding agent you are. I'll be the first to buy it...not!!!

 

[1manshow]

another potential book buyer checking in.....only 3440 clients in 24 years here...

 

[todd02]

That's too funny.. I never said anything about 20,000 policies. And my mentor has 6,000 p&c. Makes over a million a year but of course this is gross. If you felt walking away from a 2,500 book was worth it more power to ya. I on the other hand will take my 5,000 a 7,000 pif goal with farmers and my 500,000 paycheck and smile all the way to the bank. It's call hard work and no there won't be a book. You have to have a niche to survive captured agent. My auto quote/ mailer system is that. But of course I'm just a "moron" and no one could be smarter than the great one. By the way my 3.75 million dollar mutual fund trade Friday didn't hurt either. I was ranked 2nd in the nation at compass bank as a banking officer, but ehh because I'm only 8 months in what do I know. Lol... Lol

 

[1manshow]

Oh yeah, on the script thing...we had our best success with something similar to what Frank suggested. Lead in with full name, name of agency and address

Hi mr ___ this is Dan Williams calling with Williams Agency over on e main st here in town. Wondered if you'd mind if I sent you out some information on getting better car insurance rates ? I've been saving a lot of folks in town a good deal of money.. and it would give you a chance to look over what some of your neighbors think of my agency. I have you down at ____st is that right? Who insures your cars now, yada,yada

call back 1 week...did you get the info? gather xdate or info to quote


actually, my best success was when the telemarketer called and said basically the same script but that Mr Williams asked him/her to call and see....

 

[kman]

Todd02, nice trade on Friday! Where did you put the client? My points are very clear. The average Farmers agent has only 750 policies, and all agents start out with vigor, but eventually become disalusioned due to never ending Farmers problems. Do you agree that Farmers has some of the worst auto and home insurance contracts in the marketplace? Do you feel that you are giving your customer the best contract at the best price? What does your "mentor" say about his auto and home book that is stuck at the older "legacy" products and prices. Did your mentor move his old Protector Plus policies over to Next Gen to save his customers from leaving? Older, experienced agents don't have the same issues that newbies have. Just wait!

 

[popeye35]

todd02, As I said earlier I was a 20 year Farmers agent with over 2,500 pif. During your career at Farmers you will realize that you will eventually hit a wall that no matter how much business you write at Farmers, Zarmers will have a way to ruin your growth with high run off (low retention). I had a 94% retention for years, but then the price increases took over about 6 or 7 years ago. Your too new to realize that 95% of Farmers GWP comes from their in force, overpriced older auto and home policies. Todd, do some research, its your career we are talking about. Next Gen is a sub standard home contract in the industry, Farmers older Protector Plus was a much better contract. You are writing new business away from other insurance companies, and your customers most likely had a better written contract. I hope you don't open your agency up to a potential E&O claim. Todd, I wasn't lazy, just niave for staying too long. If you're the professional that you think you are, then learn about the industry. The whole point of becoming a Farmers agent is to learn the business and build a book so that you can cut ties with your master (Farmers) and become your own boss. Just so you clearly understand, you own NOTHING at Zarmers, not your book, certainly not your business. You are a puppet on a string. Your an *** if you think that all your giving up by not being an independent is 4-6% commish! That 4-6% commission represents a 50% increase in commissions in annual income. How much bonus money have you earned so far at Farmers? Their profit bonus program is a joke! 4% of your "combined profitability report", IF you write all of life insurance quota and the other 20 hoops Farmers requires. Independent agents typically recieve 2% of GWP not profit. Todd, I suppose to you, 4% from Farmers is more than 2% of GWP. To me 2% of $2,000,000 is $40,000 and 4% of "combined profitability" of $350,000 (my yearly average for 20 years) is $14,000. I don't know about you but my annual income of 15% of $2,000,000 plus bonus equals an extra $126,000 of income each year! How's your math Todd?
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Popeye, those of us that have the gold get to make the rules. You need a book of business in order to get the good contracts on your own. If you don't have a book, try writing with companies like insurance noodle which offer a reduced commission of around 10% (instead of 15%) and no profit bonus, but offer many companies to choose from, then build that book until you can go on your own or join a cluster like SIAA. Learn your mistakes now with State Farm, make sure you love the business and then venture out on your own and build your own business where you make the rules and sell what YOU want to. I actually can offer many companies and the rates are all better than my old clients at Farmers had. It really boils down to better coverage on auto and home insurance. How about offering your client a true HO-5 or an HO-3 with an HO-15 rider with GUARRANTEED building replacement, 50 to 100% building ordinance and POLICY LIMITS on sewer back up, not to mention guaranteed renewal (no drop), first accident forgiveness, declining deductibles, use of OEM parts and on and on..... all while saving customers over a $1000 a year on insurance!!!

That sounds like good advice K. I have actually contacted the Independent Insurance Agents of Oklahoma association, and they have put me in touch with some independents who are looking for producers. What I would like to do is convince them to pay me straight commission with no salary (which means no risk for them) with the possibility of buying out my book at a future date when it is big enough to get my own appointments.

It sound like you and Todd are really going at it! I am thinking that there is probably some kind of middle ground. I am sure that some Farmers agents make it and make good money while I'm sure that some don't. There are always pros and cons to captive vs. independent. My boss at State Farm has only been an agent for about 3 years and I know he's netting six figures already (although, he received a partial book to start with, and he has 2 pretty good sales guys, me and another guy here). I personally like the idea of being independent better, but I'm sure captive works for some people. I would like to go independent but i'm having trouble finding a GA in Oklahoma, which is forcing me to consider captive (possibly with Farmers or someone else)

 

[kman]

So Todd02, if you were the second best at Compass Bank, why did you leave? Did it go under? Why didn't you stay in the banking field? I know that the insurance industry is very healthy and offers better diversity for earning potential. I am not here to argue, but I am here to mentor the newbies to learn that being on the outside of Farmers and looking in, I wish I had left years ago as I would be making alot more now. The independent side isn't easy, but is alot easier and more gratifying than Zarmers. My average household easily saves over a $1000 when I switch them away from Farmers, and I let them know just how much better their insurance contracts are. Keep your eyes open!

 

[popeye35]

todd02, As I said earlier I was a 20 year Farmers agent with over 2,500 pif. During your career at Farmers you will realize that you will eventually hit a wall that no matter how much business you write at Farmers, Zarmers will have a way to ruin your growth with high run off (low retention). I had a 94% retention for years, but then the price increases took over about 6 or 7 years ago. Your too new to realize that 95% of Farmers GWP comes from their in force, overpriced older auto and home policies. Todd, do some research, its your career we are talking about. Next Gen is a sub standard home contract in the industry, Farmers older Protector Plus was a much better contract. You are writing new business away from other insurance companies, and your customers most likely had a better written contract. I hope you don't open your agency up to a potential E&O claim. Todd, I wasn't lazy, just niave for staying too long. If you're the professional that you think you are, then learn about the industry. The whole point of becoming a Farmers agent is to learn the business and build a book so that you can cut ties with your master (Farmers) and become your own boss. Just so you clearly understand, you own NOTHING at Zarmers, not your book, certainly not your business. You are a puppet on a string. Your an *** if you think that all your giving up by not being an independent is 4-6% commish! That 4-6% commission represents a 50% increase in commissions in annual income. How much bonus money have you earned so far at Farmers? Their profit bonus program is a joke! 4% of your "combined profitability report", IF you write all of life insurance quota and the other 20 hoops Farmers requires. Independent agents typically recieve 2% of GWP not profit. Todd, I suppose to you, 4% from Farmers is more than 2% of GWP. To me 2% of $2,000,000 is $40,000 and 4% of "combined profitability" of $350,000 (my yearly average for 20 years) is $14,000. I don't know about you but my annual income of 15% of $2,000,000 plus bonus equals an extra $126,000 of income each year! How's your math Todd?
- - - - - - - - - - - - - - - - - -
Popeye, those of us that have the gold get to make the rules. You need a book of business in order to get the good contracts on your own. If you don't have a book, try writing with companies like insurance noodle which offer a reduced commission of around 10% (instead of 15%) and no profit bonus, but offer many companies to choose from, then build that book until you can go on your own or join a cluster like SIAA. Learn your mistakes now with State Farm, make sure you love the business and then venture out on your own and build your own business where you make the rules and sell what YOU want to. I actually can offer many companies and the rates are all better than my old clients at Farmers had. It really boils down to better coverage on auto and home insurance. How about offering your client a true HO-5 or an HO-3 with an HO-15 rider with GUARRANTEED building replacement, 50 to 100% building ordinance and POLICY LIMITS on sewer back up, not to mention guaranteed renewal (no drop), first accident forgiveness, declining deductibles, use of OEM parts and on and on..... all while saving customers over a $1000 a year on insurance!!!

That sounds like good advice K. I have actually contacted the Independent Insurance Agents of Oklahoma association, and they have put me in touch with some independents who are looking for producers. What I would like to do is convince them to pay me straight commission with no salary (which means no risk for them) with the possibility of buying out my book at a future date when it is big enough to get my own appointments.

It sounds like you and Todd are really going at it! I am thinking that there is probably some kind of middle ground. I am sure that some Farmers agents make it and make good money while I'm sure that some don't. There are always pros and cons to captive vs. independent. My boss at State Farm has only been an agent for about 3 years and I know he's netting six figures already (although, he received a partial book to start with, and he has 2 pretty good sales guys, me and another guy here). I personally like the idea of being independent better, but I'm sure captive works for some people. I would like to go independent but i'm having trouble finding a GA in Oklahoma, which is forcing me to consider captive (possibly with Farmers or someone else)