Is There Light at the End of the Tunnel?

[BNTRS]

Wow, surprisingly low number of people trying to become your mentor here



I used to think my problems where born out of my cerebral nature and shear dislike and discomfort in throwing myself out there in front of people. Maybe it's the offer, maybe it's the people? I know a guy who many considered a workhorse on the phone. When he first showed up in our office he pounded the phones every day and certainly pants me on appointments set and kept (ugh Granum language). He spent over a year trying to make it at this business--around six months with us. His biggest problem was his inability to get in front of people that mattered--yup I said it, mind you I'm a life and securities guy and so I'm very attuned to the NYlife model. Despite doing all the right things he placed maybe a quarter (and that's probably being generous) of the premium I did in the same time period--remember he's got me beat at least 2:1 on weekly appointments.

It is to a large degree your ability to hang on. But the surest way to ring the knell is to try and be a salesman in our corner of this industry. Some forms of brokeraging term insurance will work, but you won't be productive--and certainly not competitive--at NYLife with this approach.

What are you approaching prospects with? When you meet with them, what are you talking about? Often times, approach can be your killer.

I was once associated with an agency that handed it's new agents a binder that had a sort of flip chart presentation inside. The presentation was 20 some pages of financial mumbo jumbo that boiled down to a whole life insurance pitch at the end. I thought it was the most ridiculous thing I had ever seen. I never used it, and actually lost it only a few weeks after receiving it. Still no idea what happened to it.

Depending on your financial situation, there may be a couple of ideas you could employ that might bring better results.

 

[Josh]

Whenever I have trouble I always try to "go back to the basics." I am not sure this is going to help you out too much in this situation but it may be something that is worth at least considering...

I have always believed in hard work. More quotes equals more sales, etc etc... but sometimes I have to take a step back and just focus on what I set out to do, be the best agent I possible can for my customers. Anytime I switch to focusing on strong customer service, good follow up, and going the extra mile for every customer I seem to see success start to trickle in again.

That sounds way more like a p&c model then a life/securities model. By design life guys are always looking for their next sale and the quick fix that comes along with it. P&C agents along with some health agents are more creatures of methodical habit.

If you're going to be successful at selling life insurance you'll need a great way of prospecting. If it's internet leads, networking, telemarketing, direct-mail, newspaper ads, putting ads on diner menu's or whatever it is, you're going to need to do something aggressive and do it consistently. I mean do disrespect to CharityQuotes, but "focusing on customer service" won't do much for you in the life business. Prospecting is the way to being successful, it always has been, and it always will be.

 

[Full Throttle]

A couple of suggestions:

1. Make it easy for people to give you introductions. The way to make it easiest, make it low key and feed names. If you're in the business market, it's much easier, do a search for local businesses in town, put the list on your letterhead, and ask for help.

If working the personal market, you find names to feed in fact finder and casual conversation ("are you originally from this area? Is your family still around the area?, ect). Make a note after the meeting.

Another low key way, have them write a short note for you on the top of a letter or brochure that you will mail out first.

2. The approach to the referral source needs to be kept low key as well. I usually send a short note saying I have a few ideas I want to share with them, not sure if they'll be a fit, but wanted to see if we could grab breakfast before the work days gets crazy.

3. Introductions and referred leads are great, if you had enough of them you probably wouldn't be on here complaining. Good news, keep working on getting them, but you can make things work without them. The fastest way to sell life insurance in my opinion without a referred lead source is to go B2B. Since life insurance is essentially your only gig, keep it simple. Walk in the door: "I was around the corner and wanted to make a quick introduction. I sell life insurance for New York Life, I wanted to see if I could apply to be your life insurance agent?"

You are looking for the easy lay-downs. Do that 30 times a day, you'll start selling policies if you keep things simple.

 

[tarrasque]

Thanks again for more advice!

BNTRS: I approach prospects (personal and business) with NYLife's mailing list idea. I introduce myself, ask for permission to put them on my mailing list, then ask permission to meet with them "for five minutes". At the first meeting (really more of a factfinder), I do a short questionnaire, and if anything surfaces that I could address, I say as much and ask them for a hypothetical monthly commitment to address said issue. At that point I'll ask for another appointment to present a quote and after quoting of course try to do an app. And yes, they gave me a binder too... I've never used it.
What other ideas would you have to help? I'm grateful for what you've already contributed.

medicare: My prospecting consists of meeting/calling chamber of commerce members and also of knocking on doors. Two ways I do this: first, I do the walk n talk around town, especially in industrial areas with small shops. I use the mailing list approach (mentioned above) and sometimes just go out and tell them what I have to offer as far as a listbill with favorable UW (that they can offer as a benefit). I also hang door hangers in neighborhoods on Thursday afternoons, and follow up with a knock on Saturday morning to introduce myself and, again, use the mailing list idea. I don't have a way to guage whether these are good or bad prospecting methods, but they're what I do and I don't really know another way.

Full throttle: Insightful. I work both B2B and personal (however I feel that B2B is the way to go long term), and I do essentially what you describe walking into businesses, with the exception that I use the mailing list talk above instead of your line. I am going to try your line, though. It's more direct, and still low key. I'm also starting to see that maybe I should do less calling and more walking.
As far as 1. goes, you're saying to just send out a letter en masse to a list of businesses and basically just ask for their business, right? Then maybe I could follow up with a door call... Let me know if I have the right idea.
As to how I approach referred leads now: "Hey, this is me from NYLife, I was talking to Bob and he told me that you and I might benefit from talking to each other..." This hasn't had any success... Note certainly may be better.

Thanks for all of your help and suggestions, guys (gals)! You have really helped me!

 

[Full Throttle]

Full throttle: Insightful. I work both B2B and personal (however I feel that B2B is the way to go long term), and I do essentially what you describe walking into businesses, with the exception that I use the mailing list talk above instead of your line. I am going to try your line, though. It's more direct, and still low key. I'm also starting to see that maybe I should do less calling and more walking.

I don't know if it should be one or the other. Here is how I'm doing it: introduced suspect: I call. Cold approach: B2B. The line is direct, they know why you are there within 10 seconds, take it or leave it. If they leave it, by all means go the mailing list approach if you still want them in your system and keep in front of them. But going in mailing list first is avoidence activity in my opinion, you need sales today to survive. The mailing list is longer term fruit to be plucked, do both.

As far as 1. goes, you're saying to just send out a letter en masse to a list of businesses and basically just ask for their business, right? Then maybe I could follow up with a door call... Let me know if I have the right idea.

This isn't what I said. Mailing to a cold list you have not gained permission from is a waste of money for the products you sell. Simply walk in cold, no letter needed. Build your future mailing lists from the people you have already met F2F and have given you permission to put them on your list.

As to how I approach referred leads now: "Hey, this is me from NYLife, I was talking to Bob and he told me that you and I might benefit from talking to each other..." This hasn't had any success... Note certainly may be better.

That's essentially what I say. Just because you have a referred lead, doesn't mean they are a lay-down for an appointment. You need to process large numbers, I believe Granum figured it was around 1,000 to 1,200 "referred leads" per year to write 100 lives. At a minimum, make sure you are asking for an appointment on your script. If not, you won't get nearly as many.

Second, if calling business owners, if they don't agree to a 20 to 30 minute meeting, don't be afraid to go for a 5 minute introduction. Many who won't agree to 30 minutes upfront will agree to 5 minutes and after some rapport is built, will agree to a breakfast meeting.

 

[atlantainsguy]

tarrasque -- I recently partnered-up with a stockbroker who has written a book called "What all stock & mutual fund investors should know!" It sells at Barnes&Noble for $19.95, but there is an e-book version available that's no charge. You can give away the book without having a Securities license. You just can't give investment advice, of course, if you're only Insurance licensed.

I think this book give-away is a great way to get referrals. E-mail a copy to a customer or someone you know -- and then ask them who they know who would also benefit from getting a copy of this book. It has a strong section on Annuities, by the way.

If you would like to pursue this, please PM me to avoid spamming rules, and I will put you directly in touch with the author.

This might help things turn-around for you rather quickly -- at least I believe it sure won't hurt.

atlantainsguy

 

[BNTRS]

Thanks again for more advice!

BNTRS: I approach prospects (personal and business) with NYLife's mailing list idea. I introduce myself, ask for permission to put them on my mailing list, then ask permission to meet with them "for five minutes". At the first meeting (really more of a factfinder), I do a short questionnaire, and if anything surfaces that I could address, I say as much and ask them for a hypothetical monthly commitment to address said issue. At that point I'll ask for another appointment to present a quote and after quoting of course try to do an app. And yes, they gave me a binder too... I've never used it.
What other ideas would you have to help? I'm grateful for what you've already contributed.

I've never been good at working any angle that teetered on gimicky. I'm much more of a lets get down to business type--yup this probably hurts more than it helps.

My general approach is to look at one specific need sift through people until I've found someone who's looking for what I've got. I'd tell you 99% of the time the default I'm all set response is either a lie or denial, but you have two issues to contend with. One, trying to approach them as a financial guy is very vague and difficult to do--I don't know if NYLife tries to work an agnle where you are more a financial professional (whatever that means) while shying away from being an insurance agent. Two, life insurance is so incredibly misunderstood and underappreciated that leading with life insurance can be very difficult.

Once you get in you'd be amazed at what's hanging there for the taking. Contrary to popular belief, you don't really need lots of clients or even to write lots of policies to make a lot of money, even in your first years. You just need to do a good job addressing all of your clients' needs. I think NML spends a lot of time teaching it's agents about time/tension. They talk about it more in the sense of how you deal with people on the phone when you first contact them. I'd tell you, the longer you spend getting to know your clients the more money you make. Someone mentioned being more referrable, you accomplish this by turning your prospects into friends and advocates of what you do.

You are with NYLife so disability insurance isn't really an option. And you said you are in the more blue collar part of town so long term care insurance will likely proove difficult.

I can give you a referral to someone who might be able to help you find life sales, if you'd like.

 

[jcito]

Buy internet leads.

 

[tarrasque]

Full Throttle: Thanks for letting me know what seems to be more effective and what's not, so that I can tweak my approach!

Atlanta: I will PM you. Thanks!

Edit: I cannot PM yet, apparently. I can, however, receive them. Thanks and sorry.

BNTRS: I'm a lot like you in that I bristle at the gimmicky lines and scripts. They're mildly misleading and people can see through that crap easily once a pivot is made. It's a waste of time anyway when you could just cut to the chase.

You're saying what we all know: it's hard to get an audience labeling oneself as life insurance guy or as finance guy. I'm hearing (again) what I've really been trying to implement: less time on this forum and more talking to/sifting through large numbers of people. In other words, it's not really an office job?

And if you're still willing to connect me with said person, I'd love to follow every avenue available to me. Shall I PM you?

Edit: I cannot initiate PM yet, I have to have 4x the posts I have now.

Thanks so much to all. You've given me some really thoughtful and insightful practical advice!

 

[atlantainsguy]

tarrasque -- here's one thing I've posted before, but a re-post seems in order, and may conceptually help you:

The insurance industry believes,
and trains its agents to believe,
that you're going to die tomorrow,
and that somebody else needs the money.

On the other hand...

I believe you are probably going to die of old age,
and that you'd just like to live better in the meantime,
while still taking care of your beneficiaries.

Which strategy would you like your finances to follow?

atlantainsguy