Final Expense Telesales | The Good & The Bad

[theinsuranceman]

Disagree with everything you said.

But pimp on!!

Where was I pimping? I see why Massi said what he said above. Quite often you seem to want to argue. And I could care less if you agree or disagree. Your FE telesales experience is no where near mine...or others.

 

[DayTimer]

From @JRoot

Final Expense TELESALES Persistency Data & Benchmarks - YouTube

 

[Jccwell]

Here's my 2 cents: I've been selling FE face 2 face since 1999 and doing FE telesales since 2004. 10 years ago I was sharing info up here that FE telesales worked, but everyone else up here said it was a failed business model, persistency was bad, yada, yada.

Some of the naysayers 10 years ago (who had zero experience with FE telesales at the time) are now promoting FE telesales. Imagine that!

Telesales has evolved quite a bit the last 10 years. Outbound telesales has been dying a slow quiet death the last few years. Closing % on outbound telesales was always slightly lower than face 2 face but could be made up because you could give many more presentations per 40 hour week. In other words, even though your closing % was less, which required more leads, you could overcome that hurdle because you could give many more presentations via telesales. 6 sales with 20 leads doesn't make you as much $$$ as 9 sales with 40 leads...in the same 40 hours. Profit per hour is the true metric.

People are now a little more comfortable doing things over the phone including giving their soc # and bank info over the phone. But because the pick up the phone rate has plummeted telesales has evolved to where inbound telesales is the new kid in town. Inbound calls from prospects started with the overseas call centers, along with the associated DNC risks.

Now inbound calls are being generated by TV commercials, not from some overseas call center. Live transfers from TV commercials that are only about 45 sec old when an agent starts their conversation with the lead are closing about 6-10 out of 20 live TV transfers. I'd also say persistency with live TV transfers is higher that it was with outbound dialing a few years ago.

With people not answeing their phone (caller ID) and now we see more and more people becoming less likely to answer their door (smart door bells) the inbound transfer will be the best way to talk to lots of leads. And the best inbound transfer is a live TV transfer. It's the best FE lead I've ever seen since 1999.

I see the occasional Ring doorbell. But basically none of them work.

I'm sure live transfers are a solid lead, but they cost $50+. For agents in areas with high response rates, DM is still the best FE lead. For a decent face-to-face agent, 9 apps can be done consistently on 25 DM leads that are closer to $35 per lead.

 

[DayTimer]

And the best inbound transfer is a live TV transfer. It's the best FE lead I've ever seen since 1999.

I would imagine that that is a pretty good lead to work if you can get them.

 

[theinsuranceman]

I would imagine that that is a pretty good lead to work if you can get them.

Sr Life provides that opportunity for their agents. And yes it's the best FE lead I've ever seen.

 

[Jccwell]

From @JRoot

Final Expense TELESALES Persistency Data & Benchmarks - YouTube

I was waiting for J Root's claims to enter the conversation. He has one of the best telesales agencies. Maybe his numbers are accurate. But he's got a setup that's a little different

On the whole, face-to-face agents will have higher persistency, as long as they sell properly. I had 90+ percent two-year persistency with my main carrier, and the only follow up I do is send a Thank You card.

 

[DonP]

Greg the way around a ring bell is to leave a delivery receipt . 75% will call you back. But i never leave a delivery reciept on first knock . With the ring bell sometimes they'll s answer the second time as they're curious why I'm back . The only places you see ring bells are the suburbs of big citys . You rarely see in rural areas .

 

[theinsuranceman]

Greg the way around a ring bell is to leave a delivery receipt . 75% will call you back. But i never leave a delivery reciept on first knock . With the ring bell sometimes they'll s answer the second time as they're curious why I'm back . The only places you see ring bells are the suburbs of big citys . You rarely see in rural areas .

Good advice. But it's more like 50%, not 75%, will call you back. I tell agents if they see the smart doorbells don't push them, just knock on the door instead.

Some agents are seeing less call backs on their delivery notices as the FE crowd has learned to associate the notices with the insurance man. This makes their curiosity disappear which makes them less likely to call back. For this I tell agents to use those yellow post it notes and write a message that puts the curiosity factor back into the equation. Something like" Hey Betty, call me when you get back at 252-292-3350". Don't leave your name nor say it's about burial info they mailed off for.

 

[theinsuranceman]

I was waiting for J Root's claims to enter the conversation. He has one of the best telesales agencies. Maybe his numbers are accurate. But he's got a setup that's a little different

On the whole, face-to-face agents will have higher persistency, as long as they sell properly. I had 90+ percent two-year persistency with my main carrier, and the only follow up I do is send a Thank You card.

Here's the reason FE telesales from live TV transfers have a higher persistency. It's all about disposable income. DM responders almost always will have an income of 50K or less because that's one of the parameters used in the mailing. On the other hand Ms Betty may have an annual income of $60k so she will never receive a FE DM piece. But she can see that TV commercial, respond, and now have a FE policy. That's why the premiums from TV live transfers are bigger than the usual FE DM premium, and will also have better 13 month persistency.

 

[Jccwell]

Here's the reason FE telesales from live TV transfers have a higher persistency. It's all about disposable income. DM responders almost always will have an income of 50K or less because that's one of the parameters used in the mailing. On the other hand Ms Betty may have an annual income of $60k so she will never receive a FE DM piece. But she can see that TV commercial, respond, and now have a FE policy. That's why the premiums from TV live transfers are bigger than the usual FE DM premium, and will also have better 13 month persistency.

Better persistency? All the numbers I've seen thrown around are 80-90%