P&C Agents Sell More Life Insurance

[Bertolinoins]

What do you think your close ratio is for every life quote you send? Do you just send it and let them bring it up if they want to talk about it?

Afraid to admit I don't track those numbers. My best guess would be just over 10%. Mostly new home purchases as an alternative to mortgage protection insurance.

 

[Sales71]

Afraid to admit I don't track those numbers. My best guess would be just over 10%. Mostly new home purchases as an alternative to mortgage protection insurance.

I think term ins is much better than mortgage life ins. Since mortgage life ins is a decreasing term policy.

 

[ims01]

Sorry I didn't answer the first time you asked. My agents just quote preferred for $500K. Most of these folks are not shopping for life so it is just to start the conversation. We are not lighting the world on fire this way but we did close $5900 in premium this month and $5100 last month.

Thats awesome. Good job! Bet that covers a lot if not all your overhead.

 

[arnguy]

IMHO P&C agents should butt out from Life and Health Insurance! We have enough damn competition as it is.

 

[Guest]

IMHO P&C agents should butt out from Life and Health Insurance! We have enough damn competition as it is.

Why you say that?

To be 100% honest, I think life insurance only should be sold by a financial planner, LIfe insurance should be much more involved in financial planning, that health or auto/home insurance.

 

[Sales71]

Why you say that?

To be 100% honest, I think life insurance only should be sold by a financial planner, LIfe insurance should be much more involved in financial planning, that health or auto/home insurance.

If it was up to me I would not bother with life ins. But captive companies bush hard to sell it. They can fire u for not selling a certain amount per year.

 

[ims01]

If it was up to me I would not bother with life ins. But captive companies bush hard to sell it. They can fire u for not selling a certain amount per year.

There's good reason to push life insurance. It provides great initial commissions and it is defensive to keep your current clients from going elsewhere for it. But, it should be designed so it is easy for you to sell without having to learn an entirely new product.

 

[djs]

Interesting thread. Typical conversaton.

P&C agents work hard to protect their book. They won't let any off the street life agent work their book for life insurance.

Life agents think its a goldmine, thinking the hard part is putting numbers in front of a client.

Truth is, most P&C agents (agencies) that have an interest in selling life simply sell it (not that complicated). Some (a small percentage) will refer it out. Some don't want to have that conversation with their clients.

There is no single answer.

Dan

 

[ims01]

Interesting thread. Typical conversaton.

P&C agents work hard to protect their book. They won't let any off the street life agent work their book for life insurance.

Life agents think its a goldmine, thinking the hard part is putting numbers in front of a client.

Truth is, most P&C agents (agencies) that have an interest in selling life simply sell it (not that complicated). Some (a small percentage) will refer it out. Some don't want to have that conversation with their clients.

There is no single answer.

Dan

You are right, to a degree. P&C agents would prefer to make the initial contact with their clients. But, the challenge is in creating an accurate quote based on proper field underwriting. Then they need to have enough carriers to match the right product to the situation. Most P&C agents dont have the time to learn all the UW guidelines, etc. So a simple system of make the initial contact, establish interest then let a specialist take it from there. It's important to have a system that is flexible enough that the P&C agent can take to process as far as they want on their own before the hand off.

 

[djs]

But at that point, why would they hand it off? The work is done.

I'm missing something here.
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Hmmm, in looking this over, maybe I'm being a bit harsh. Are you cutting commissions due to doing the policy tracking? Or is this just a value add service you provide?

Dan