offer free quote in exchange to enter drawing

Dec 17, 2018

  1. Lloyds of Lubbock
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    Lloyds of Lubbock Super Genius

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    Many years ago, I would approach neborn clothing stores.
    I would do a contest that you could win a 50 dollar gift certificate or second prize a NO Cost Financial Plan.
    I did give out the first prize and everybody came in second.
    It did generate some business, and it was fun.
     
  2. Allen Trent
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    Allen Trent Guru

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    Very similar language to many other states regulations in that you are very limited to give anything to a current customer or a new applicant. somewhat limited to what carriers can give to consumers or clients in terms of the advertising/promo items to avoid rebating laws.

    not as limited or no limitation on giving money or items of value to people to enter drawing or get a quote as long as purchase not tied to receiving the items. Same for paying others for referrals. can pay as much as you want for referrals to get a qutoe as long as it isn't tied to someone buying insurance. paying someone for a referral that buys insurance would require the person you pay to be licensed & appointed.
     
  3. martha ramirez
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    martha ramirez New Member

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    Good advice from the other posters. Check your state's laws, but this sort of thing should be fine. As long as anyone has the chance to enter for the prize, it's not an issue, and it can't be contingent on filling out an application. Back in the days when I worked for a big, giant insurance company who shall remain nameless, we used to set up a booth at fairs and had people fill out lead cards for giveaways like this. They could check boxes if they wanted more information on certain products.

    We found that dental insurance was a very non-threatening door opener that a lot people wanted to know about. It was also a good way to get email addresses to build an email marketing list.
     
  4. LGilmore
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    LGilmore Guru

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    Back as a younger new agent I used to work a women's show that drew about 35,000 over 3 days. I would work with 3-4 other agents and we would do great.

    Couple things to keep in mind. You are there to prospect not sell. For the one person you talk to for an hour, 10 other prospects walk by. This is why I used multiple agents, cause there would be times where you'd spend 5 minutes talking to one person. The idea should be this is prospecting to fill your plate with a couple months work.

    The people you spent those 5 minutes with you marked their card. The rest we had a entry form with basic information and then a list of insurance products they might be interested in. They did not have to check any box for the drawing.

    If you remember to split prospecting and selling apart you will come away with a lot of leads.

    At the end we would draw our winner. Then we would sort checked entries from unchecked. Then we threw away the unchecked entries. Why? We should always keep our word. Always.

    Then we would separate the marked leads of people we took extra time with and then we dealt out leads face down on each insurance product people had interest in like poker.

    Then we were off for a couple months calling and following up. It worked really well. What didn't were the other agents, some were broke and had trouble paying their share of costs. Others were too desperate and simply ended up out of the business.

    Could I have done this by myself? No. As it was I spent 14 hour days on my feet, prospecting my ass off. Took about 5 martinis to get feeling back in my feet.

    It was pretty successful for me for several years. I could have maybe used family and paid them, but the idea was to help agents new to the business. I did this in my first 5 years in the business. Then it just became too hard to find agents that could hold up their end of costs .

    The big thing is to remember this is prospecting. Selling comes later.
     
  5. somarco
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    somarco GA Medicare Expert

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    Personally I would not do this but it is good advice. A lot of people think they want/need dental insurance until they use it and discover the benefit rarely matches the expectation.

    Insurance is perceived as something you pay into yet see little in return. Over the years you will pay thousands for homeowners, health insurance, life insurance and more. Almost everyone will pay in more than they personally receive in claim reimbursement.

    With dental they perceive they are getting something for their money even if they are only swapping dollars.

    Back on topic.

    When I started in the business as a young guy and rousemark was old even then, the life insurance carriers where I worked offered a road atlas in exchange for an appointment. A road atlas is a manual form of GPS.

    The road atlas was free to those who sent the reply card.

    Cost to the agent was a few dollars. Maybe $3 or so.

    That was back when $3 was a lot of money.

    They were probably $0.50 when Louis started in the business.
     
    somarco, Jan 9, 2019
    #15
  6. martha ramirez
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    martha ramirez New Member

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    I agree with you that dental plans are not exactly the most beneficial product. In our state, we had a $15 plan through one of our affiliate companies at the time, that actually provided great benefits for the money (this was before my independent agent days). The goal wasn't really to sell a dental plan, it was just an easy way to open up a house in a way that wasn't as much of a turn-off as talking about life insurance or health insurance. All you need is a way to start talking to people about what their concerns are, and pretty soon you have the whole household, and all of their policies. In most cases, we never even sold the dental plan. It was just a conversation starter that led to bigger things.
     
  7. shonceman
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    shonceman Guru

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    It was so long ago, I'm not sure if my memory is correct. But it seemed like they were charging us $1 or so for those road atlases. But I assumed they were costing the company more than that.
     
  8. somarco
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    somarco GA Medicare Expert

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    You must be closer to Louis' age than mine.

    And what is a cajun doing in TX?
     
    somarco, Jan 9, 2019
    #18
  9. Allen Trent
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    Allen Trent Guru

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    I wasn't sure if this was a post about client prospecting or a boast about trolling for women.............

    I guess your advice is good enough to be used for both insurance marketing & for dating

    :D
     
  10. somarco
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    somarco GA Medicare Expert

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    Either way, someone has to initiate the conversation and learn how to ask.
     
    somarco, Jan 9, 2019
    #20
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