Information on "cold Calling"
- Thread starter ronsmith
- Start date
- 407
You're in the right place! Feel free to look around. Just ask someone if you have any questions.
- 11,995
Not really sure what you mean by your question. Could you be more specific?
- Thread starter
- #4
Hi,
Thanks for your reply.
what I'm looking for is information on how the leading insurance companies approach prospective customers via cold calls. for instance: do they first send an email and then call? do they press for a face-to-face meeting or for closing a deal on the phone? what are their models of operation?
I am also looking to get an idea on the rate of success (closing ratio) for cold calling. ie: how many sales are reached thru lets say 100 cold calls?
any idea anybody?
Many thanks,
Ron
Thanks for your reply.
what I'm looking for is information on how the leading insurance companies approach prospective customers via cold calls. for instance: do they first send an email and then call? do they press for a face-to-face meeting or for closing a deal on the phone? what are their models of operation?
I am also looking to get an idea on the rate of success (closing ratio) for cold calling. ie: how many sales are reached thru lets say 100 cold calls?
any idea anybody?
Many thanks,
Ron
Few, if any insurance companies do any of that. It is up to the individual agent or agency to decide how they will prospect.
- 11,995
Very few will email then call unless it's an internet lead, but then usually it's call, email, then call again.
Some agencies try to sell over the phone, others push for a face to face appointment.
You're probably lucky to do 1 sale per 100 cold calls, but there are a great deal of moving parts to that. If you got one 1 annuity sale out of 500 calls I'd be surprised, but it could happen. By contrast, out of every 100 calls you should get 2-3 folks interested in a Medicare product and 1-2 interested in FE. All of that can depend on your area, for example, I would never cold call in CT for FE, but Missouri can work really well. In fact, even going a county or two over in different areas can get you wildly different responses. Then there is the actual conversion, you can pretty consistently generate warm Medicare leads across the country, but between retiree benefits, MA plans, and underwriting, it can be tough to get a good ROI because even if you get 10 warm prospects, you might only be able to get one to buy, then you're getting 1 sale out of 500-1,000 calls, but have 10 people interested in your product.
Small business health is a bit easier in terms of generating leads, but it's also tougher to get them to move.
Term/mortgage protection is somewhere in the middle. Depending on the area and pitch it can work pretty decent and the first year commissions are good so it can make it pretty profitable, but no matter what you're doing it's a lot of cold calling and a lot of rejection in exchange for the warm prospects.
You can either
1. only cold call
2. only cold walk
3. call then walk in
4. walk in then follow up call
5. Krumroy Method: Send a preapproach letter, call, then walk in
ANY of these will work, as long as YOU work...
1. only cold call
2. only cold walk
3. call then walk in
4. walk in then follow up call
5. Krumroy Method: Send a preapproach letter, call, then walk in
ANY of these will work, as long as YOU work...
Go rent the movie "Pursuit of Happyness"....or go to youtube and watch the "cold calling" part of the movie for free. There really is no secret......it's a numbers game. The more you call the better you become...thats it. I've made hundreds of cold calls...I'm prob not as good as I was 20 years ago when i first started-sound strange? I really think you are at your best when you are full of that "new salesman" piss and vinegar.....good luck.
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Another typical day of cold calling
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Another typical day of cold calling
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- 396
This is a recording that Chris Westfall had done and I took it and have applied these techniques to cold calling.
http://youtu.be/cm7PUpw9m28
Hi Mrs. Jones my name is Joe Smith and I am calling because Mutual of Omaha has recently mailed those 65 and older in (whatever town) information about medicare. It is my job to be SURE that you understand the information, what questions can I answer for you?
http://youtu.be/cm7PUpw9m28
Hi Mrs. Jones my name is Joe Smith and I am calling because Mutual of Omaha has recently mailed those 65 and older in (whatever town) information about medicare. It is my job to be SURE that you understand the information, what questions can I answer for you?
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