FE Persistency

[theinsuranceman]

Do you think there is a difference in persistency between an easy lay down sale compared to a sale where you spent a little extra time with the prospect overcoming some objections and then finally making the sale? Assume this sale was a little more difficult than most sales you make.If so which has better persistency? And why?

 

[JustinUpright]

I would think the one with objections would have better persistency as the lay down doesn't have anything involved in the deal so the next thing that comes along he will probably lay down on that one as well.

 

[Frank Stastny]

Do you think there is a difference in persistency between an easy lay down sale compared to a sale where you spent a little extra time with the prospect overcoming some objections and then finally making the sale?

NO! That is what you are expected to do.

Persistency is based on service and how good a job you do of staying in touch with your new client. Also on whether or not you simply sell insurance or if you sell yourself.

My goal is for them to think of me as a person first and an insurance agent second. If they feel that they "know me" and I am a "friend" they will be a whole less inclined to cancel my policy and take one with the next agent they talk to.

I sell ME, I don't sell INSURANCE!

 

[theinsuranceman]

Any other opinions?

 

[senior-advisor-indiana]

Any other opinions?

I find it to be about the same persistency. Really pisses you off when you spend an hour or 2 handling objections and then they buy some bs of of tv because of some celebrity. FE is pretty much in and out. They either see the need and want it or they don't. Most stay on the books though. Newby and Tubbs would know more about it than me though.

 

[Newby]

I find it to be about the same persistency. Really pisses you off when you spend an hour or 2 handling objections and then they buy some bs of of tv because of some celebrity. FE is pretty much in and out. They either see the need and want it or they don't. Most stay on the books though. Newby and Tubbs would know more about it than me though.

I don't have too many fall off the books but I'm not a real hard closer. I probably walk away from some deals that others would close...but those MAY be the ones that fall off.

One thing I feel makes a difference is if the policy itself looks like a POS it doesn't help. Some companies have a very nice looking police and when you deliver it the policy looks valuable.

Other companies have policies that look like junk-mail.

I think little things like that make a difference.

I also deliver all my policies and I know that makes a difference. It's also when I get the most referals.

 

[Mark]

The trick is to stay in contact with your client and do policy reviews. THis prevents a lot of the lapses.

 

[Frank Stastny]

The trick is to stay in contact with your client and do policy reviews. THis prevents a lot of the lapses.

I don't think one even needs to do a "policy review". Simply staying in contact with them seems to do the trick for me.

I send them a letter on the anniversary of their policy telling them that it is, in my opinion, still the best policy for them. I also send birthday letters as opposed to cards. Much more personal.

Around the first of the year I send a "news letter". Nothing to do with insurance, the word "insurance" is not even mentioned. It only contains things going on in Jacqueline's and my life. It is important that they think of me as a person first and the guy who sold them insurance second.

My seniors love it.

 

[Tampa Teddy]

Do you think there is a difference in persistency between an easy lay down sale compared to a sale where you spent a little extra time with the prospect overcoming some objections and then finally making the sale? Assume this sale was a little more difficult than most sales you make.If so which has better persistency? And why?

It depends on whether you created the lay down or if they were born that way. Yes, believe it or not, some people are. There are several schools of thought concerning lay-downs and granted a few people will purchase anything, from anyone, at any time. Most however, will not.

On the other hand, a professional that makes it a point to cover all the bases and answer the objections before they arise, creates their own lay-downs. In other words, if you are passionate about what you do and have answered all their questions in your THOROUGH presentation... what is left to object to?

I was fortunate enough to be trained by what I consider to be one of the best closers, to ever live. When most were teaching 10% presentation and 90% closing, he was teaching 90% presentation and 10% closing. This guy was closing $10,000 contracts with rarely an objection.

It actually wasn't even 10% closing when you did a great presentation... they were all lay-downs! As an added benefit, buyers remorse was nearly non-existent.

 

[Frank Stastny]

On the other hand, a professional that makes it a point to cover all the bases and answer the objections before they arise, creates their own lay-downs. In other words, if you are passionate about what you do and have answered all their questions in your THOROUGH presentation... what is left to object to?

If agents would only learn that. I tell agents I do not "sell" insurance. I would probably be a miserable failure if all I did is try to "sell" insurance.

I know what the objections are going to be and build the answers in to my "dog and pony" show. Using factual information presented in a logical manner dispels most any objection.

As you say, if it is done correctly they do not have any objections. It is all very logical to them. When I finish I simply say "I just need to see your Medicare card to get this started". When they hand it to me I begin filling out the app.

When it works, and it almost always does, it is like having a license to steal.