- 11,995
For commercial agents, do you find that worker's comp is a good way to open with a client or do you try to start off with their GL/commercial auto products?
Is Worker's Comp a Good Lead Product?
- Thread starter Josh
- Start date
We have several carriers who write stand alone comp but I don't think it would be a good lead for most. Many preferred carriers will only write competitive comp as an accommodation to the GL, CPP. We lead with the comp xdate only because it's the only insurance data we can buy here in Pa that gives us the current carrier, modifier, and x date.
wins4more
Expert
Depends on your carriers (if you've got a hot mono-line WC carrier, for example) and type of business you target. Mfr's tend to have 'cheap' GL rates but a lot of WC premium b/c of their payroll volume. Property driven accounts like apartment complexes might contract all their labor out and therefore have no WC premium to play with, it's all in the Prop and GL.
1Manshow - just curious, where are you buying your xdates?
1Manshow - just curious, where are you buying your xdates?
wins4more
Expert
Ha! That's what I'm using. Isn't perfect but better than anything else I've seen. I hired my cousin to do some telemarketing for me because he loves chatting people up and doesn't care about getting hung up on. It's been 2 weeks and in addition to a couple appointments he set, I've got over 100 notes and contact names he has added to the database over the course of his calling. So it's making the couple dollars I pay him for the appointments a lot more valuable in terms of the competitive information I'm acquiring for future use. The last guy I had would email me a PDF of short-hand chicken scratch that I never had time to decipher.
That's a remarkable service. Are you finding the Xdates are accurate? How do they get them?
wins4more
Expert
Xdates are very accurate, phone #'s are accurate too, but they don't have #'s for all their listings. No idea where they get it.
- 694
To answer your question Josh People lead with WC mainly because thats the only lead or X-date that they can buy. WC x-dates at least in some states are provided by the state its just a matter of getting them into csv format for use in a dialer.
From my experience it depends on the risk you are calling to determine what you lead with. If your talking to high risk WC like Roofers, Contractors lighting fixture installers, anything that works two stories or more or 4 ft underground for exmple youl want to probably lead with Comp.
If your calling office space or something less risky you typically lead with GL because covering their assets will be the bulk of their premium as compared to their WC exposure.
By the way I have know two telemarketing companies that provide X-dating and appointment setting services let me know if you want me to connect you.
They do most states extremely accurate Data and they care about their clients. I met the owners of both companies so I am comfortable referring people.
From my experience it depends on the risk you are calling to determine what you lead with. If your talking to high risk WC like Roofers, Contractors lighting fixture installers, anything that works two stories or more or 4 ft underground for exmple youl want to probably lead with Comp.
If your calling office space or something less risky you typically lead with GL because covering their assets will be the bulk of their premium as compared to their WC exposure.
By the way I have know two telemarketing companies that provide X-dating and appointment setting services let me know if you want me to connect you.
They do most states extremely accurate Data and they care about their clients. I met the owners of both companies so I am comfortable referring people.
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XdateNotSexDate
Expert
- 88
Thanks for sharing the link, 1manshow. I'm the founder of the site and have been noticing a bit of traffic directed from your post so it's very appreciated. I just joined the forum and look forward to contributing. I don't want to turn this into an advertisement but I want to mention that we've recently expanded into FL, GA, CT and TX. More states will be available soon.
With regard to the actual topic of discussion, everyone's responses offer good insight. If you specialize in labor intensive industries, WC is a great starting point since you know when the policy renews and more often than not the other coverages renew on the same date. Some people like calling off Xdate/mid-term but I think this tactic is best for specific opportunities, like when the business owner just got denied on a claim because the agent didn't do their job. Otherwise you're giving a quote to someone that doesn't have the motivation of expiring coverage to compel them to write a check...this is magnified if the quote has a 20% deposit and the insured faces short-rate penalties..now the incumbent can muddy up the water and knows what the competition has to offer come renewal time.
With regard to the actual topic of discussion, everyone's responses offer good insight. If you specialize in labor intensive industries, WC is a great starting point since you know when the policy renews and more often than not the other coverages renew on the same date. Some people like calling off Xdate/mid-term but I think this tactic is best for specific opportunities, like when the business owner just got denied on a claim because the agent didn't do their job. Otherwise you're giving a quote to someone that doesn't have the motivation of expiring coverage to compel them to write a check...this is magnified if the quote has a 20% deposit and the insured faces short-rate penalties..now the incumbent can muddy up the water and knows what the competition has to offer come renewal time.
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