Insurance is Recession Proof?

[bill3173]

Wondered if anyone else out there is getting slammed with requests for all types of insurance lately?

I've had more in bound calls for life and health insurance in the last two weeks, than since getting started 6 years ago. I was told that this business was recession proof, but didn't work insurance in any prior recessions, so is this what happens?

I wish I knew a good p&c agent to send the auto and homeowner requests.

What's really funny, is I was going to mail out some stuff to current clients for life insurance, and I haven't had time to do it. They've been beating me to it.

I know about the January effect for health insurance, but this is beyond the norm for me. Anybody else experiencing this?

 

[moonlightandmargaritas]

Bill, I had my biggest individual month ever in December. More than I really wanted (not complaining though) cuz I had plans to take some holiday time off in Palm Beach (which I still did). January is right on pace with it.

I think people may be more amenable to seeking out more value when things are rocky versus when things are flush.

Tryin' to make hay 'til ObamaCare comes along...

 

[1manshow]

Same here, inbound calls are up drastically. Seems like darn near every piece of P & C we quote on we're writing. We're even seeing an increase in life insurance calls.

Our city went from 40 full time Pru agents to 1 full timer in a 7-10 year period. The home service guys are virtually gone. Is it like this in other areas ?

 

[warnerins]

Yes.

I haven't been on the forum for a week or so. Just trying to keep up. I thought it was results from some new marketing projects that I am testing and implementing.

 

[ABC]

On the individual health side I am seeing more people trying to reduce cost. Right now almost every sale is HSA.
Also with people losing their jobs and looking for alternatives than paying Cobra.

 

[bill3173]

Seems like darn near every piece of P & C we quote on we're writing. We're even seeing an increase in life insurance calls.

That's what really caught me off guard, quoting and writing in the same day or hour, and not just one but one right after another and have scheduled appts. from now thru next Thursday.

If this trend continues, I may be able to cut the lights back on.

 

[moonlightandmargaritas]

If this trend continues, I may be able to cut the lights back on.

We've actually been able to eat meat at our house...

 

[somarco]

Same here.

Went crazy starting around the 20th of Dec and hasn't let up. Not complaining. There were times in the past when I would pick my phone up every hour or so just to make sure I still had a dial tone.

Looks like it is starting to slack off a bit. Now maybe I can get my Christmas tree up and buy some presents.

 

[Aaron_4SIGHT]

Glad to hear business is booming for everyone! What about renewals? Are people seeing churn right now? Worksite sales suffer with layoffs, but those people have to replace their coverage.

 

[Alston]

January is always the best month of the year for health insurance.

I may have a little better perspective on this than most. This is partly based on the gray hair and the years I had to live to deserve it. It is also partly based on the fact that do lead generation nationally as well as sell insurance locally.

I think I had the best month of my career as an insurance agent in December. However that is because I worked around the clock and doubled my advertising budget. With equal effort and investment, December will usually be the worst month and January will usually be the best month.

This is always true for my lead generation business where effort and expectations have little immediate impact. My conversion percentages stay relatively constant from month to month as do my PPC bids. My websites simply get more visitors in January than any other month.

You may have noticed that the Internet lead sellers are more aggressive this time of year. They have excess inventory. (It is a good time to bargain with them.)