Newly Licensed P&C, L&H...making the Next Step

[GCguy]

I'm brand new to this site (approx. 10 mins ago)...I've searched for a site much like this one to converse with the insurance professionals and hear how they made their mark in the business.

I'm a newly licensed producer (P&C, L&H) that has accepted a position with Farmers Insurance. It seems each company has their own way starting their agents off, which is to be expected. Regardless of the company, I've already come to the realization that gaining enough leads to start writing business is one of the biggest challenges. I made a quick list of friends and family that I could call on first, but this is nowhere near enough people to get the start I need.

I will ask the $1 million question, how did you begin your search for leads? More so, how did you present yourself to the people you approached about their insurance needs?

I am confident I will do well with this business, but it's often making that initial step that is the most difficult thing to do.

I am open for any and all pieces of advice and words of wisdom.

 

[HomeService]

I actually worked in upstate NY with a large captive and we mailed out leads and waited for the return. Then I moved to TX and learned to go door to door. In PA I would say it depends upon the area, like say, the rural areas I may go door to door, but not so much in Philly. I would also say you may want Farmers to teach you the ropes, but eventually you may want to go indy.

 

[moneymaker1]

I am also a Farmers agent. I have been with them for 2 1/2 years as an Agency Producer and just went career as of June 1. The biggest thing you can do for yourself is to take your online course to become eligible for your 21 Century leads! When are you scheduled to go to Farmers University? I just got back yesterday - it was awesome!

 

[Guest]

The best thing you can do is get away from Farmers.....PERIOD

 

[djs]

Good prospecting skills are the biggest challenge in this business. Doing the 'paperwork' on the sale is simple, getting a prospect to work on the close is always the issue.

There is no secret to prospecting success. By that, I mean everyone is different and works this differently. What works for one person may fail for someone else, and what fails for someone may work for a different person. Life is funny that way.

Some basic ways to develop a prospect list:
- Telemarket. Painful, slow, but effective and inexpensive.
- Internet leads. Not highly recommended for someone new. They get expensive till you have an idea of how to work them. Then, they are still expensive but can pay for themselves.
- Networking functions. Join a BNI group (LeTip, whatever). Mixed reviews on how successful they are, but, the right group can be a good launchpad!!!
- Centers of Influence. Start talking to realtors (go to open houses, realtor marketing meetings, etc), car dealers, mortgage brokers, cpas, whoever for referrals. This can take a while to develop for any real flow of leads.
- Direct mail. Expensive and perhaps of diminishing value, but done properly, can still be very effective.


If I was starting over again, I would probably buy a couple of hundred aged internet leads a month (for one source of many, go to stellarprospects.com) and build up my referral network.

You may not get far with the aged leads, but hopefully, you'll get enough to pay for them. You can use them to build a decent x-date book of prospects, so after a while, you'll have a constant source of people to prospect to.

Fill in any spare time with cold calling and perhaps visiting local business owners.

The first few months can be pretty brutal. If you need a decent paycheck, it will be even more brutal.

Keep in mind, your first few months, you should be learning the ropes, so production may be a bit slow. Just work a solid 8 hour day, focus on productive work, not trying to fix the unfixable. Try to meet with at least 1 agent in your area a week, buy him (or her) lunch and see what they do. Keep in mind though, a seasoned agent works way, way different from a new agent, but the conversations will help provide perspective for you.

Dan

 

[b61mack]

Now, now Red blood, don't you remember, how you were when you came back from F.U. rah rah, the gangs all here. Money maker what kind of numbers did you have as a agency producer?.

 

[GCguy]

Thanks for info...very helpful. The only thing I know about the insurance business is the material included on the state exams, so everything is so new right now.

@Moneymaker- There are no immediate plans for me to visit the University (or, at least no plans that I know of). Thanks for the 21 Century advice. Did you have any trouble meeting the quarterly quotas?

@djs- Excellent insight. Thank you. The scariest part for me now is leaving a very secure job (that also pays fair) to pursue the insurance business, so I am digging for any advice I can get get.

 

[b61mack]

They have a system that works. Just listen and learn.