Is this Idea Worthwhile?

Aug 10, 2015

  1. Tiger10s
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    Tiger10s New Member

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    I've read advice here regarding finding a niche and working on it. Is this something to bother with at a p&c captive agency? I have an idea of something that would be a good fit for me to pursue, but I'm not sure if that's what the advice was referring to.

    I live in a townhome complex and was thinking about promoting renters insurance, as a way to build up my experience level. Most of my neighbors are nurses or policemen or military, and there are quite a few older folks. We are all renters.

    Should I bother with this?
     
    Tiger10s, Aug 10, 2015
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  2. AlTheGud1sRtakn
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    AlTheGud1sRtakn Super Genius

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    Renter's insurance is about the lowest-paying thing you can sell, so I'd try to cross-sell other products as well.

    I wouldn't focus on this as a niche, but I'd certainly approach everyone you can about any service you sell that they might need as a general rule especially starting out so yes, go for it!
     
  3. Tiger10s
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    Tiger10s New Member

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    My plan was to attempt a cross sell to auto, so I'll try it. It will help me practice so I'll sound less "canned," and the worst they can say is no.
     
    Tiger10s, Aug 10, 2015
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  4. SmartWorker
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    SmartWorker Expert

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    I'm not sure if I read it correctly, but I would think you might want to start with auto and cross sell the renters (if at all).

    Most people who rent don't have renter's insurance because they don't see the need for it. To sell, you would need to overcome their objections to getting coverage of any type.

    As for auto, if they have a car they already need insurance. They're going to buy from someone, you just have to sell why they should buy from you. Much easier hill to climb, imo.
     
  5. xrac
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    xrac Guru

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    Sounds worthwhile to me. The more people you are in front of the better you will become
     
    xrac, Aug 11, 2015
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  6. kgamarketing
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    kgamarketing Expert

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    Practicing selling P&C with this type of model would not be bad - it just wouldn't pay you that well unless you are selling 1000 renters policies every single month. Cross selling would be good - IE - Auto, umbrella, toy...etc
     
  7. Waldo
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    Waldo New Member

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    Bring them in with the Renters then say, "one of the best discounts ( _____ insert company) offers their policyholders is a (_____%) discount for bundling their home and auto! That renters policy qualifies you for a great opportunity to save money and have all your insurance in one location for easy payments. At the end of the quote let them know that the savings from the renters bundle essentially makes it a great deal because the discount pays for the renters policy. PLUP the combo to solidify it.

    That's how I make use of all the referrals apartments send me.
     
    Waldo, Aug 12, 2015
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  8. Tiger10s
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    Tiger10s New Member

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    Thanks for the feedback! Every bit helps me. I'm feeling a little more confident about my presentation skills after some training critique I was given yesterday. But "on the fly" presenting makes me nervous, mainly hoping I don't forget something or sound like I'm giving a speech. I've never met a stranger and have been told my enthusiasm is contagious, but I can't get by on that without actual sales knowledge. Plus I just want to do a good job. I read this forum every night!
     
    Tiger10s, Aug 12, 2015
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  9. Waldo
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    Waldo New Member

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    What captive are you with?
     
    Waldo, Aug 12, 2015
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  10. Tiger10s
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    Tiger10s New Member

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    I'm at Allstate.
     
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