Hitting 1MM In Business

[ovidiubolun]

Thank you very much for your reply. I target Contractors for now. Appointed with couple MGA( BTIS , SIS,) but noticed they all have access to the same Carriers-Am Trust and United Specialty. I tried to get a quote for one of my clients from competitor and they all are giving me same policies from same carriers. I'm ready for tough competition but in this case I need high volumes in order to at least get the money I spend on Marketing back. When I decided to start this I dropped a F&B director position , I'm ready to reinvest everything I make for next couple years . That was my idea when I started. But what I struggle with is what works? I tried mailers received 2 calls , one closed. Cold calling it's hard to close, I'll try buying leads from Netquote. I don't know if that works. What works for you guys there on the East coast? Where should I start ? Mailers? Cold Calling? Buying Leads? I noticed with insurance push marketing doesn't really work , buyers don't like to be bothered so much , if it's a good deal for them they will contact you back. Any advise will help.
Thanks again for your time.

 

[ovidiubolun]

Agree, Victory certified is problematic , You got to be careful with that. I don't understand the meaning of it. For example plumbers policy- with certified program they don't cover water damage.

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Thanks for your reply.
I know there's something I do wrong. I have a list of 17k contractors with workers comp expiration . I send mailers couple months before expiration ,out of 1500 mailer I got 2 calls. I think is hard to switch workers comp , it's a need for loss run and a lot of cooperation there. It seemed that I picked the harder way to start. I learned a lot but also high level of frustration. I'll try to hang in there. I don't mind to work for free but I would like to see progress. It's not much progress so far...

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@insurance1822

I know it's a struggle at the beginning. I work on weekends to be able to work on insurance on weekdays. I'm not considering to give up even I have a 4 year and a 7 mont old daughter and wife babysitting. It's a lot of pressure but I'm still hanging in there. I looking for progress . I dropped a F&B Director job to do this looking to work for myself . Not patient to see no progres. Hope things will change. Thanks for your support.

 

[AZDave]

BTIS's designated work endorsement worries me a bit. Their policies are super cheap but I think there are some holes in them


Agree. Plus limitations for subcontractors and prior work exclusions and they do not direct bill. I only use BTIS for new licensed small artisans, and the rate gets their attention.

I send mailers couple months before expiration ,out of 1500 mailer I got 2 calls. I think is hard to switch workers comp

I think work comp would be a harder line to start with, unless your targeting the assigned risk pool. I do well with new licensed artisans. Out of every 100 mailers, I will get 1 - 5 phone calls. They are currently shopping for gl and are more receptive to getting quotes. Maybe take a look at that new license posting...just a thought.

Hang in there ovi, and good selling.

 

[GXR2]

mailers couple months before expiration ,out of 1500 mailer I got 2 calls.

The average response rate for DM is very low. Open rate is more like .5-1%. If you're selling yachts and you mail out 1000 and get 2 sales you won't complain but with P&C, DM is a waste of money.

 

[ovidiubolun]

The average response rate for DM is very low. Open rate is more like .5-1%. If you're selling yachts and you mail out 1000 and get 2 sales you won't complain but with P&C, DM is a waste of money.

Agree , response rate is too low unless closing one client will bring your investment back which is unlikely

 

[robtmccarthy]

Agree , response rate is too low unless closing one client will bring your investment back which is unlikely

Don't waste your money on netquote leads.
IF you are focusing on commercial I would suggest the following, Figure out what your companies are great at. Don't listen to the marketing reps, but what you personally have written or your underwriter says they are giving away. Then start playing with keywords related to that on google adwords.

It's not cheap, and it's not easy, But its a way better gamble then netquote.

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Thanks and to be honest I wish I did hire someone at the 850K mark. Now that it's much busier I would of rather had someone trained in here then now hiring and training while its busy.

Ins1822 I think my book is a bit different then yours, since mine is more city/standard business opposed to preferred which I assume you are. Basically my clientele can be needy little pricks.

NY-ers well described!

My two cents, if you can afford it hire a WHAVE they run about $25 an hour but they are trained and capable. Then work to drop those needy clients. Gets you out of the hole you are in and not stuck with training an employee when you are in frantic mode. You can eventually replace the whave or keep them if you think they are worth the cost.

PS no two agencies are the same, depending on client size etc... but if you feel like your working on the service 24/7 and can afford an employee do it.

 

[Gulfman]

Good thread, thanks for the info!