New Producer. Seeking Tips To Reach My Goals!

[rebekah74]

Hi everyone!

My name is Rebekah and I am a new producer in South Carolina. Just completed 2nd month with a brand new Allstate agent and agency and love this field!
Hoping to pick your brains a bit. I love serving my local community through protecting all they have worked hard for. I am also a new ambassador at my local Chamber of Commerce.
I have a small salary and a minimum sales goal of 15k that must be hit month 3. First 2 months we were getting our feet wet and learning. I know i have so much to learn and am excited.
My first month premium was $6,700 and 2nd month ended at $10,300.
I want to develop a solid success strategy! Our first month the focus was calling 100-200 a day, second month we started going out in the community more as we are brand new and learning as we go. I am new to this area and the policies i wrote were the people i knew primarily and a few from calls. Also, the Chamber seems like great opportunity. Sold to one man I met there with a good premium and met several area business owners I am planning to cultivate relationships with.
I want to develop a blue print to be a 25k month producer and grow with the sky being the limit. So I would love guidance from some professionals. I want to work smart, know what times and days are best for certain activities, and how to drum up the business. I am eager to learn and very hard-working. Im a one income home, so this is where the rubber hits the road.
Thanks in advance for all who share advice. I am in it to win it!
RebekahThanks

 

[Warrior]

I'm surprised that Allstate did not teach you how to market yourself. When your not selling, you need to be prospecting and marketing. Here are some cheep and best ways to build your book of business.

1. Referral Partners
> Real Estate Agents
> Mortgage Loan Officers
> BNI Groups

2. Events
> Local town events like bike rodeo or farmers markets, food drives

3. Door to Door
> Get a list of addresses with names
> Do a mailer of 50 of those names
> Then go to their home and ask them if they got your mailer, leave them with some info and try to get an appointment set.
> Businesses go in person and ask them if you can run a quote on their business. Make sure the business is in the Allstate appetite.

4. Email Marketing
> Send out an educational newsletter to a group of people you have email addresses to. Do this weekly. Make sure you bcc all of the email contacts or use mail chimp.

5. After you call 200 - 500 people..
> Cold calling is getting harder with the DNC
> Live transfer calls are better through data lot. Buy the cheep ones.
> Did you sell anything? Get referrals from them. Go to their house with muffins or fruit basket to thank them for their business and then ask them for 5 referrals. Offer them a referral bonus of $10 per referral if they arn't willing to give you them. Have them fill out a referral card that reads:
"I just changed insurance to Allstate and I saved money on my auto and home. Agent xxxxxx is someone I really trust. I would appreciate you giving her/him an opportunity to talk to you too.

Sincerely,
Customer xxxxx"

These things worked for me. But now I'm an Independent Insurance Agent and I'm doing even better.

Best of luck to you.

 

[rebekah74]

Thank you so much for your thougtfull reply. We do have morning meeetings, and a couple of those things were mentioned. We did 4,000 mailers for homeowners just last month and received 3 calls from them and closed 2. I will ask my agent for some of those addresses and try to get the green light for that idea
I love the event idea and am going to a fall festival this coming Saturday. Also, I am going to classic car shows as thats a passion I have and we can write them. I have been two a small one (10 cars and did make a contact who wants a proposal. Was planning to go to one today however rain is in the forecast. No worries..theres several more this week. The goal is to start with the collector car and work towards getting all of their business.
I am going to take notes from this reply and add it to my marketing plan.
Thank you!

 

[Warrior]

It's best to make your niche, something you know alot about and make it your passion. If you can talk shop with folks, your in the "IN" with them.

Never be pushy, be educational and always find what their need is and fulfill their need.

 

[LostDollar]

I'm surprised that Allstate did not teach you how to market yourself. When your not selling, you need to be prospecting and marketing. Here are some cheep and best ways to build your book of business.

1. Referral Partners

Op started her post with another category that should be in your list of referral partners (for developing long term awarness of you and your business) for both this and your other thread.

Fraternal (or the right term for a women's organization) or community service organizations.

Like the Chamber, Lions club, Rotary, Kiwanis or whatever.

I recently saw a local business paper article about a local professional woman who had sold her business. When I knew her 40 years ago, she was at the beginning of her career. I would see her downtown each year at the Downtown Lions Club annual breakfast, slinging eggs and sausage with all the "old farts". I am quite confident that the Lions Club association brought her business community awareness and referrals over a period of years.

 

[rebekah74]

My thoughts exactly Warrior. I can talk about chrome and 57 Chevy’s all day long Thank again for the great advice.

 

[rebekah74]

I have another question. What are your thoughts on going 1099 with higher commisions versus $11.50 hourly salary with 5% commission for 15-20 and slightly higher every additional 5k I write? Im thinking I may need more flexibility to attend events and come and go freely to do what I need to do to make it happen.

 

[Warrior]

Rebekah, I would 1st learn more about marketing and prospecting until you can safely sell 30 policies a week. Once you can consistently still that much volume, then go full commissions.
Your new into this insurance career. You need more training. I'm shocked they have not trained you. There are many things that you need to understand such as how to close a client who says no. How to make no into a yes. How to keep a client for life. When to sell more to your client. Monthly contacts. I call them monthly touches. With letters and hand written cards and phone calls. Getting referrals. Each sale should net you 5 or more referrals.
Apartments are good to get rental policies. These folks are great to refer to your realtors because renters become home owners. And home owners need insurance and they already have a relationship with you.
Quarterly tenant appreciation lunches at their clubhouse with firefighters or police to teach them safety and you giving them a raffle to fill out forms with their info are your leads.
So much to learn before you go fully commission only.
Think about how much money you need each month to pay your monthly household bills. X2. That's how much you need to sell every month.
1 car + 1 home sale = $250 net income for you with commission only. Sometimes a bit more sometimes a bit less. Depending on the credit and driving record and home quality.
You still have an umbrella and life policy on the table to sell.
You need to learn why you need those 2 extra policies and how to blend that discussion while your writing the home and auto into the conversation.
Learn as much now as your making an hourly. Because once your commissions only, it is now your show. You will be responsible for you kicking it or starving.
$250 = 1 auto + 1 home means you need to sell 16-20 policies a month to make $2000.00 in commission. I round that to 30 policies a month minimum.
1-2 policies a day. Don't go home until you make 1 sell a day. Discipline yourself that you not allowed to go home until that sell is made.
You have over a million people around your state. You can find at least 1 person to sell to.
Work for today only. Make goals for the day/week/month but only look at your today needs.
Get 6 months to a year to detailed training before going full commissions. That way you won't slow yourself up by needing training when your needing to pay rent and utilities.

 

[rebekah74]

warrior, thank you so much for this guidance!! Its great! Last month I sold 12 policies. I am working the referral program already We have a good one they chose either $20 to a local charity or they can receive a visa gift card. Limit is 5. Mom already maxed out!
The only thing is we are limited on how much outside prospecting we can do during office hours, he said M-W early morning we can prospect as its the best time and rest of the time should be in offie.. So Ive been doing it on my weekends and we all need to rest and restore even if one day right?
Years ago I did car sales and finance management for the dealership but its a different animal as there is a lot of walk-in traffic. I also spend a couple hours a week helping families with caregiving needs so a little extra cushion. I love the senior community and have tapped into that as well.
And because im a producer and not the agent, i have to ask before moving forward we th certain activities such as my chamber duties which after one meetin closed my largest multi-policy. Amd this is his first agency, now 2 months in.
Ive also started with soliciting apartment communities and did get a yes from a 800 unit owner. But he said know to me coming in for a seminar.
How long have you been doing this and what line are you in?

 

[InsCommentary]

Here's an article i wrote some time ago. I've attached the sample doorknob hanger.


Doorknob Marketing

Author: Bill Wilson

According to a recent study, about 67% of apartment dwellers and house renters do not have an HO-4 (renters insurance) policy. What does this mean to you? Given the number of renters in the U.S., this is a vast untapped market. Admittedly, the commissions aren't great, but what better place to start a newly licensed producer or a CSR. In addition, if you explain it convincingly, it could be an opportunity to sell additional coverages even homeowners are reticent to buy, along with commercial lines now or in the future.



Our "Ask an Expert" service got an inquiry some time ago that asked, "I was wondering if there were any specific marketing techniques that other insurance agents have used that could help a young agent (less than one year in the business) get more of a grip or hold in the market. Is there a tried and true method utilized to get a young agent's name more readily recognized in a saturated market?" The following article includes responses from our faculty to this inquiry:

• "Marketing for New Producers"
  

One of the responses involved what I'll refer to as "Doorknob Marketing" which involves identifying a market that is not saturated and initiating a one-on-one marketing campaign. One such market is apartment dwellers. According to a Trusted Choice® study, almost 70% of renters have no homeowners insurance. (It's not beyond the realm of possibility that many of the 30% that said they do have coverage only think they do or, out of embarrassment, were unwilling to admit they lacked coverage.)

When asked why they have no insurance, the most common responses are typically that renters think the landlord would be responsible for damage to their property, they think the coverage is too expensive, or they don't understand the need for it. More likely than not, most renters don't even realize that "renters insurance" (or as we know it, an HO-4) includes liability coverage, nor are they aware of why this policy feature is so important...perhaps even more so than the direct property coverage.

According to the National Multi Housing Council (www.nmhc.org), almost a third of all households occupy rentals. Given that about two-thirds of all renters are uninsured, this means that perhaps one-fifth of all U.S. households have no personal property and liability insurance (for more demographics, click here). That is a HUGE untapped market. For example, according to NMHC, there are over 358,000 rental units in Dallas, Texas. If two-thirds of them are uninsured, that's a potential of about 240,000 renter policies without considering vacancy rates.

One way to tap into this market efficiently is by using a doorknob hanger with a short message and offer to quote. Click here for a sample that I threw together:

• Sample Doorknob Hanger
  

No doubt you, your carriers, or a professional marketer can come up with something much better. If so and you're willing to share, please email examples to [email protected] and we'll post them here.

Another efficient means to market is to contact the apartment manager and offer to put on a free 30-45 minute presentation on renters and auto insurance. Be sure to stress the importance of liability coverage with vivid examples such as the renter whose unattended charcoal grill burned down a $600,000 apartment building and destroyed the contents of 15 other tenants. This format will also allow you to provide more substantive handout materials.

In doing so, stress the value of an umbrella policy to a renter, which may be greater than its value to the owner of a single-family dwelling. Point out HO policy options of interest to renters...e.g., a personal injury coverage endorsement (typically very inexpensive) would extend coverage for claims like invasion of privacy, slander, and wrongful entry. For some technical considerations, check out this article:

• "The REAL Value of a Renters Policy (and EXPERT Advice)"
  

The good thing about this market from the producer''s standpoint is that there is ZERO competition for a renter's account (unless the consumer seeks a quote from his or her auto insurer...so be sure when you quote the HO-4 that you offer to quote the auto for a package discount). Admittedly, the commissions on this type of business are not great. However, most renters have autos and present the opportunity to quote on their entire package. In addition, many renters become homeowners and business owners. Too, getting a foothold with a significant number of renters in an apartment complex might lead to inroads for an agency commercial lines producer to quote the commercial account.

More information:

• from Trusted Choice®
  
  
• from the Insurance Information Institute
  
  
• agent discussion at Insurance Forums