New Agent - Generating Leads, Finding a Niche, Etc

[AfroPope]

Let me give you a script "formula" that you can adapt to your product line.

My overall objective and litmus test about a good script is this: "Do they really know what they are saying no to?" This has to deal with how well you communicate, and how well they are listening to you.

Your first objective is to make a quick deal. The deal is this: I'd like to tell you about what I do... and then you can decide if it makes sense for us to keep talking (set an appointment).

"Hello! My name is DHK. I'm just out and about introducing myself and the work I do. May I take a quick minute to tell you what I do and then you can decide if we should talk further?"

Most people won't object to you introducing yourself as a professional, knowing that they can say no to you afterwards. This is ultra-professional. You're not verbal spamming. You're simply asking for a quick minute of their time to listen to you. After your quick minute, they can decide whether to talk further, or state that they have no interest.

Planning mode: My name is DHK and I help homeowners to make educated financial decisions about their insurance that feel right to them - including doing nothing if that's what feels right.

Supplemental health coverage (this is from my Combined Insurance days): My name is DHK and in only 5 minutes, I show homeowners how they can have cash payable to them in the event of an emergency. It's fast, easy, and hassle-free.

Now, you can describe your work in more detail and throw in a couple of questions here and there to try to gauge interest.

Here's how you close for the appointment: Does that sound like something that would be worth sitting down and talking about?

That's where they say yes or no... and then you schedule the next appointment to talk in further detail.

Now, you'll still get some objections or questions. Answer the first one, but after that, it's a no. You can ask if it would be okay to follow up in a few months... or the next time you're in the neighborhood. Just move on to the next one. No problem.

This is great and shows me that I've got the right basic ideas - I've basically got a couple seconds to show that I'm a professional and able to help them, but ultimately the onus is on them once I've told them "I have the ability to help you make more informed financial decisions."
I imagine with Med Supps I can adapt this to involve recent state changes in Medicare, as well.

Thanks for all the help so far.

 

[Newby]

it had been purchased when interest rates were much higher and the cost of insurance was outpacing the rate at which it was generating cash. It lost cash for the first time this quarter and it would have had zero cash value in four years. Again, I'm in week two and working with a field trainer and I'm still trying to figure a lot of things out here so go easy on me if I drastically mess stuff up. This is what we advised them to do and this is what they did. ---------- DHK, regarding your question about the script, I had a whole nice response typed out but it seems to have vanished into the ether. I'm still working on having ANY sort of script and to that end I may have jumped the gun on even making this kind of thread - I'm mostly just trying to learn from the wealth of knowledge available here and talk to people who know more than I do. My sales last week were almost exclusively folks who had been "meaning to take care of" their insurance / Med Supps / etc and were glad I called. I didn't really even have to use a script or close or go through any sort of sales cycle, they asked ME to buy pretty much on the spot. Which is nice, but I know it's not a sustainable business model. So I guess really I need to start at square one with this thread before I even think about things like lead generation and so forth.

Interest rates have no effect on whole life policies. That's one reason that people buy whole-life. It's bullet proof unless someone quits paying the premium.

I think you are looking at a Universal Life policy.

 

[Tahoe Ray]

Interest rates have no effect on whole life policies. That's one reason that people buy whole-life. It's bullet proof unless someone quits paying the premium.

I think you are looking at a Universal Life policy.

You're right about what he's looking at but interest rates have a huge impact on participating policies.

And both types of WL policies are bullet proof...

 

[Iwillpay]

Right right, absolutely. I have scripts and visual aids to an extent but I am only in my second week as an agent. The purpose of this thread is more to help me make sure that I start building good work habits and devise good scripts, visual aids, and so forth early in my career so that
1. I lose as little business to "newbie mistakes" as possible and
2. I don't have to unlearn these bad habits later.

I don't want my age to be a factor (I helped some 79 year olds save a ton of money on an imploding whole life policy yesterday, for example) but I think it's a good idea to look at it as something that could give me an edge with potential customers for reasons described above.

If I'm totally off the mark then let me know

Thanks!

I am pissed and angry to see you coming here and talking about whole life policy "imploding", when you dont even know the different types of policies out there. To make matters worst you were with a trainer.
What the hell are they telling you. If this continues you will certainly be FUBAR.

 

[Newby]

You're right about what he's looking at but interest rates have a huge impact on participating policies.

And both types of WL policies are bullet proof...

You're right on the dividends. I was thinking about the base policy not "imploding" for any reason other than not paying the premium.

I've never fully understood how whole-life dividends are calculated. Seems like mystery math to me. But I guess interest rates greatly affect them since they are affected by company profits?

 

[DHK]

Whole life dividends are based on three major factors:
1) Mortality experience for the past year (death claims)
2) New sales & revenue
3) Performance of the general investment account

The company declares a dividend, but it is not distributed evenly, like on a "per share" basis of owning stocks. It is based on some metrics such as:
- Length of time policy is in-force
- Size of policy premiums
- Underwriting classification

In short, WL dividends operate very much like a ponzi scheme, but it's the most moral ponzi scheme around. Those that "got in first" get the bigger net dividends. Those that are favorable risks and have larger policies also get bigger net dividends.

 

[AfroPope]

I am pissed and angry to see you coming here and talking about whole life policy "imploding", when you dont even know the different types of policies out there. To make matters worst you were with a trainer. What the hell are they telling you. If this continues you will certainly be FUBAR.

You're right. I meant universal, not whole. If someone who's been in training for a week goofing up those two words (my trainer did not, this was entirely me, I just watched the transaction and asked questions after the fact) makes you so angry then I don't know what to tell you, man. Especially when there was no detriment to the client and I'm pretty freely admitting that I don't know much of anything and am still learning. Come on, I mean, I'm not rolling in here like King **** saying I know everything and trying to argue with people who tell me otherwise, so save your disdain for someone who isn't willing to learn and take advice from people who know more than them. Because that's what I'm here for - to learn.

 

[walthamny]

I wanted to jump in and comment on your initial point on minorities. Many white Americans think that minorities prefer to work with someone similar to them. I used to believe that too. Then I was referred to a Vietnamese store owner, and I was inexperienced at the time, I went in, he had issues with his sales tax return, I helped him translate over the phone with the tax department and we fixed a small problem. He trusted me, and after he became my client, I asked him straight why he worked with me instead of the other Vietnamese agents. What he said 10 years ago surprised me, he said he would not work with anyone from his culture. He was afraid they would not keep secret how much money he has and it would be gossiped by everyone in his small community. He told me 90% of his community would work with someone within and the other 10% would never work within their community. Now interestingly, once you find one in that 10% community, they all seem to know each other and they are open to referring to each other. The 2nd point is I live in Boston, I speak English with an accent and yes, I am a minority. My city is full of Irish insurance agents, I still have plenty of Irish clients. They all work with me, because they like me and they trust me.

 

[AboutThatLife]

Just go out there and be you. Some people will like it and some wont. Some people are naturally not into meeting people, that's ok. Be as pleasant and genuine as possible and they cant remember you for being anything else than "too friendly". That's not a bad thing.

I talked to a few women today who were planning a large event for college graduates at a well known school. They were immediately skeptical and asked WHY I was there. I didnt tell them because I didnt trust them.

Nobody had cards, nobody wanted to give a name(I introduced myself), and they said I was interrupting them. I am the same age as their sons, I have a message that's important for them to hear, but if I can't even get a name when I say it was nice meeting you, anything else is just bad blood.

 

[LKimball]

Do you guys feel that door to door has a better success rate than cold calling? When would be the best time to go Door to Door if you are doing P/C? Thank you!