Need Advice or Maybe Just a Kick in the Backside

[AgentJP]

If you were a new P&C producer for a captive and you were new in town what would YOU do to get business. I do have a marketing budget so I can spend around $1,000 a month on whatever I see fit so long as my sales manager agrees.

Our market is multi-car home owners. We're very competitive in the right market. Outside of it we're not.

My background is auto sales and I was fairly successful there. We recently moved 400 miles so I have no warm market locally.

I'm about 7 weeks in and thus far I've been working local events, giving away a raffle prize, and calling on the leads. At the moment my closing ratio is abysmal even when we're lower cost. This is something I'm going to improve over time, I'm sure.

I've also been attending realtor meetings and attempting to build up some relationships.

I recently started buying internet leads but I am considering stopping this because it seems like a waste of time. Perhaps there is a better lead provider. Right now I'm using Agent Insider and most of the people I'm contacting are surprised to hear from me and have no interest in even being quoted.

I didn't think this was going to be easy but I also didn't think it was going to be so difficult. I figure if my production doesn't pick up I'll be let go within a month or so and then it is back to he car business for me.

Suggestions - advice - kick in the backside - sarcastic humor - I'm all ears right now.

 

[jmr30183]

I use online property records (available in most counties) to search for home sales within certain parameters. I try to look for sales that from 10-11 months ago, so they’re nearing their first renewal on their HO policy. I try to target nicer neighborhoods with homes still selling for $200k+.

I use the information from the property record (square footage, type of construction, year built, etc.) to run a quick Replacement Cost Estimate. I send the prospect a brief letter (on decent paper, not the copier quality) discussing how important it is for them to be insured to replacement value and a ballpark estimate of what I calculate that amount to be. I offer to run a detailed replacement estimate if they are interested. I also mention that I would appreciate the opportunity to quote their HO insurance, but I’ll happily provide an RCE report with no strings attached- even if they don’t allow me to give them a quote!

Of course, 99% of those who respond are interested in a quote. And I try to get their auto information so I can give them both quotes (Auto & HO) as a package. I sold 13 policies last week (5-HO, 7-Auto, and 1-boat) since last Monday! =) It takes a good bit of work on the front-end and you’ll be lucky to get a 15% response rate…but you will get some responses if you keep at it!

 

[Josh]

I ran an Allstate office for about a year some time ago and if I were to roll back the clock I would have hired a telemarketer and had them do nothing but cold call 20-30 hours/week. I spoke with an agent a week ago that took my advice and seemed to do well with it. I'm biased towards cold calling because that's most of what I've been doing for the last 4 years and I know sell lists and am an affiliate with SalesDialers.com, but for most low commission commodity type products (med supps, auto, homeowners, health, etc), cold calling works.

If you're cheaper and still losing business, there is definitely something else going on to. Are you using carriers they aren't comfortable with? Are the savings not enough to justify switching?

 

[Bertolinoins]

Find our what commercial lines your carrier does well and hire a telemarketer.

 

[Zimbo1980]

Would you be willing to share with me some of the sample letters you send out to the prospects? Thanks

I use online property records (available in most counties) to search for home sales within certain parameters. I try to look for sales that from 10-11 months ago, so they’re nearing their first renewal on their HO policy. I try to target nicer neighborhoods with homes still selling for $200k+.

I use the information from the property record (square footage, type of construction, year built, etc.) to run a quick Replacement Cost Estimate. I send the prospect a brief letter (on decent paper, not the copier quality) discussing how important it is for them to be insured to replacement value and a ballpark estimate of what I calculate that amount to be. I offer to run a detailed replacement estimate if they are interested. I also mention that I would appreciate the opportunity to quote their HO insurance, but I’ll happily provide an RCE report with no strings attached- even if they don’t allow me to give them a quote!

Of course, 99% of those who respond are interested in a quote. And I try to get their auto information so I can give them both quotes (Auto & HO) as a package. I sold 13 policies last week (5-HO, 7-Auto, and 1-boat) since last Monday! =) It takes a good bit of work on the front-end and you’ll be lucky to get a 15% response rate…but you will get some responses if you keep at it!

 

[AgentJP]

Would you be willing to share with me some of the sample letters you send out to the prospects? Thanks

I would love to see it as well.

 

[b61mack]

Join the civic clubs, Kawanis, elks, etc.