P&C Cold Calling to Businesses - Shot Gun Approach?

[Central Coast Agent]

I would have posted this in the cold calling section, but its more directly related to P&C...so here goes:

100% of my business is derived from either making calls to businesses or knocking on their doors. Target market is small businesses with 1-20 employees.

When I make telephone calls, I just call whatever business is next on the list that has 1-20 employees...my focus is size specific not industry specific.

Do you think it is better for P&C (WC, BOP's) to call only on certain industries or to use the shot gun approach and call ALL businesses in an area? I know some businesses are better than others to call on...but my feeling is that those are the ones having 5 agents a day call into them.

Just curious on what other agents have success with...focused industry approach or shot gun approach?

 

[Air Jer]

I focus on nitches but I do so because I try to use specific programs that one of my carriers has that might give me an edge. This also has a side benefit of letting you become relatively good in any one industry group in a short period of time. With that said, however, I like your approach and might give it a go. Where do you get your lists?

 

[Bertolinoins]

You need to be sure the carriers you are appointed with for P&C are competitive in the industries you are targeting. Insurance buyers within that industry tend to know the players and if you don't... you do not come across as very competitive.

Example... if it is a small mfg/job shop and you don't represent Travelers, Golden Eagle, Hartford, etc and you don't know that Sentry is a strong player in that arena... the owner is going to know that you are throwing mud against the wall and are not knowledgeable about his niche.

 

[Central Coast Agent]

Thanks for your replies...just the information I was looking for.

Regarding the question on where I get my lists from - my local library. They have reference databases for businesses that are searchable by industry or employee size. Check with your library reference section to see if they allow online access from your home.

 

[the mayor]

My experience in the last year and a 1/2 has been:

Pick some niches....you will quickly find out if you are competitive or not.

You will quickly find out what carriers are competitive ( even though they all tell you how great they are)

After quickly finding out that my niches were not a good fit...and the carriers niches weren't great, I did the shot gun and found some markets. You may also find a niche/niche...one that is "a round peg that fits in a square hole".

I have found that 50% of biz owners don't know what carriers are competitive...nor do they care.

And some carriers are looking for new markets and their appetite changes.

 

[flsupraguy]

My experience in the last year and a 1/2 has been:

Pick some niches....you will quickly find out if you are competitive or not.

You will quickly find out what carriers are competitive ( even though they all tell you how great they are)

After quickly finding out that my niches were not a good fit...and the carriers niches weren't great, I did the shot gun and found some markets. You may also find a niche/niche...one that is "a round peg that fits in a square hole".

I have found that 50% of biz owners don't know what carriers are competitive...nor do they care.

And some carriers are looking for new markets and their appetite changes.

Agree with the above. Find a niche and stick to it.

 

[FLInsa]

The shotgun approach has never worked, doesn't work, neither will ever work.

 

[Bertolinoins]

My experience in the last year and a 1/2 has been:

Pick some niches....you will quickly find out if you are competitive or not.

You will quickly find out what carriers are competitive ( even though they all tell you how great they are)

After quickly finding out that my niches were not a good fit...and the carriers niches weren't great, I did the shot gun and found some markets. You may also find a niche/niche...one that is "a round peg that fits in a square hole".

I have found that 50% of biz owners don't know what carriers are competitive...nor do they care.

And some carriers are looking for new markets and their appetite changes.

If you are working on accounts where insurance is a significant cost... they do know and care a lot about insurance. Guys that are paying $50K or more per year tend to know and understand more about insurance than the typical agent does in their first 3 years as they have been dealing with it forever. They either know it inside and out or they hire a in house or outside risk manager that does.

 

[RobLevin]

We work successfully with agencies and producer accross the country and have used various methods.
below is something which i posted in the calling forum which you may find interesting...
We have recently secured several meetings using "work-site" marketing for long term care and would be open so sharing our experience as we develop best practices.
We would consider teaming up with brokers and agencies - who may be interested in trying this approach.
Some of the Genworth products have interesting features -that make them great for this methodology

 

[Full Throttle]

We work successfully with agencies and producer accross the country and have used various methods.
below is something which i posted in the calling forum which you may find interesting...
We have recently secured several meetings using "work-site" marketing for long term care and would be open so sharing our experience as we develop best practices.
We would consider teaming up with brokers and agencies - who may be interested in trying this approach.
Some of the Genworth products have interesting features -that make them great for this methodology

I just listened to the employee benefits phone recording on your home page. The guy got the appointment, but it was in spite of the hard sell and award puke, not because of it. Not someone I would want calling and representing my business.