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Just got in this evening after eating and drinking way too much this last week on company convention in Dublin, Ireland, and wanted to share some surprising facts on what some of this company's top producers are doing, as it goes in the face of some of mine and other's personally-held beliefs about what is supposed to and isn't supposed to work in the final expense market.
1) Top Producer #1 - has worked final expense for nearly 20 years as a second career (he's in his mid-70s and is actually OLDER than Rouse!), and qualified for convention only by working his existing book of business. He did not purchase a single lead during the 18-month qualification, and had to hit 105k in AP to hit the first-level qualification stage.
2) Top Producer #2 - a Top 5 producer for this particular company, and runs what I believe to be the worst idea for a lead on the planet - the Wal-Mart Gift Card leads. He easily produces $15k-$20k plus each month, and swears the Wal-Mart cards are as much good as any lead that actually says life insurance. His response rates are averaging 3% and more in a heavily marketed Southeast state.
3) Top Producer #3 - Another Top 3 producer who virtually replicates what the guy above is doing - he's running Wal-Mart Gift Card leads with high returns in an even-heavier saturated Southeast State.
4) Top Producer #4 - This guy is interesting. He is on track to produce north of $500,000 in AP this year. But what's even more interesting is he hasn't left the home to do any of his production! This agent invests nearly $200,000 a year in direct mail leads to get the production he's on track for, and has a small team of "fronters" who qualify the leads and follow up on apps that are sent out to get inked (and if I understand it correctly, virtually ALL of his apps are paper apps, not tele-apps). Unlike the other agents above, he hates the generic leads and in his words, "wants the most expensive lead he can buy," to get the best quality lead available.
Last little note - All these guys are placing 80% or more with this one company, with the rest (if they have another) with another company. Persistency seems in line with what I'd expect from final expense (75% to 80% first-year).
1) Top Producer #1 - has worked final expense for nearly 20 years as a second career (he's in his mid-70s and is actually OLDER than Rouse!), and qualified for convention only by working his existing book of business. He did not purchase a single lead during the 18-month qualification, and had to hit 105k in AP to hit the first-level qualification stage.
2) Top Producer #2 - a Top 5 producer for this particular company, and runs what I believe to be the worst idea for a lead on the planet - the Wal-Mart Gift Card leads. He easily produces $15k-$20k plus each month, and swears the Wal-Mart cards are as much good as any lead that actually says life insurance. His response rates are averaging 3% and more in a heavily marketed Southeast state.
3) Top Producer #3 - Another Top 3 producer who virtually replicates what the guy above is doing - he's running Wal-Mart Gift Card leads with high returns in an even-heavier saturated Southeast State.
4) Top Producer #4 - This guy is interesting. He is on track to produce north of $500,000 in AP this year. But what's even more interesting is he hasn't left the home to do any of his production! This agent invests nearly $200,000 a year in direct mail leads to get the production he's on track for, and has a small team of "fronters" who qualify the leads and follow up on apps that are sent out to get inked (and if I understand it correctly, virtually ALL of his apps are paper apps, not tele-apps). Unlike the other agents above, he hates the generic leads and in his words, "wants the most expensive lead he can buy," to get the best quality lead available.
Last little note - All these guys are placing 80% or more with this one company, with the rest (if they have another) with another company. Persistency seems in line with what I'd expect from final expense (75% to 80% first-year).
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