How do insurance agents/brokers get qualified leads?

Jun 17, 2019

  1. Shaun_P
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    Shaun_P New Member

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    I'm a student and completely new to the insurance world. Trying to wrap my head around the process.

    1) Would massively appreciate if someone could give a -brief rundown- of the typical process of:
    - getting qualified leads
    - follow-up
    - closing deals

    2) Is this process different for agents and brokers?

    3) Is this process different for brokers working for brokerages vs. independent/freelance brokers?



    Any insight would be a huge help.
    Also if you can point me to books/resources, also great.

    Thanks a tonne guys.
     
    Shaun_P, Jun 17, 2019
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  2. Markthebroker
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    Markthebroker Guru

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    What kind of insurance?
     
  3. Shaun_P
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    Shaun_P New Member

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    What about life insurance for example?
     
    Shaun_P, Jun 18, 2019
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  4. Newby
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    Newby Guru

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    Two ways.

    1. Buy them

    2. Self develop them

    Buying them through lead vendors is easy. But good leads are expensive. Direct mail is generally $30 per lead for example. Telemarketing is around $10 and purchased Facebook leads are around $15 or more.

    Self developing can be cold walking in to businesses. Creating your own Facebook campaigns. Cold calling from lists. Building web site traffic. Or just going door to door.

    How you want to work has a lot to do with it. For new agents just the old tried and true direct mail weekly and start making sales is a very proven and successful method. But if you are broke when you are starting out, that’s not a good time to start that way. You have to have some start up capitol or Murphy’s Law will come into play.

    The Upline that you go under will have a path to success that they use. Just follow their lead if it’s working for others.
     
    Newby, Jun 18, 2019
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  5. David Taylor Jr
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    David Taylor Jr Super Genius

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    Buy leads, Google Ads, Business visits.
     
  6. InsuranceGuy29
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    InsuranceGuy29 Expert

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    Make sure you go with an upline that provides leads. If you're giving them 25-40% of your commissions, there's absolutely no reason why they shouldn't be giving you warm-to-hot leads.

    I'm a broker. I do some events here and there, but the vast majority of my business is from my upline or from referrals of existing clients. Once you get the snowball big and rolling, it's smooth sailing.

    In my opinion, any upline that doesn't give you leads isn't a good upline, and they're just stealing your money.
     
  7. Shaun_P
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    Shaun_P New Member

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    What is a typical client for an insurance agent/broker worth? Range?
    How much do brokers/agents make in commissions and bonuses combined per closed deal?
     
    Shaun_P, Jun 29, 2019
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  8. Newby
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    Newby Guru

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    How much does a house cost?

    You are asking way too vague of a question. The answers would be all over the place
     
    Newby, Jun 29, 2019
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  9. goillini52
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    goillini52 MAGA...Eat More Bacon & BUILD THAT WALL!!!

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  10. Markthebroker
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    Markthebroker Guru

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    My smallest client makes me about $25 a year. My largest makes me somewhere around $10,000 a year.

    If you are trying to figure out whether or not to get into the industry, the answer you are looking for, is that most agents fail or go broke, and a small group do extremely well, and there are some in between. I have done very well selling commercial p&c insurance. I'm not even 40 yet and I retired last year, but am back working because I almost went bonkers from boredom.

    I have done very well in commercial p&c in my area. If I tried in a different area, I don't know how well I would do. Personal insurance? I'd be making much less. If I tried life insurance? I'd likely fail within 6 months.

    The only way you can know how well this will work for YOU is for you to get a job in the industry, and see how it fits you.

    If you want to continue asking vague meandering questions, give us some idea of what your situation is and what you are looking for, and perhaps we can be more helpful.
     
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