Prospecting.......

[VaDwayne]

I know you've mentioned meeting your goals....But Prospecting should never end. Clients will get pissed off at the carrier about something and you will be able to do nothing right in thier eyes and you will need someone to replace them...Business will go out of business or be sold to someone else....Always be prospecting...You've seen what it can do over time. The first major hurdle is surviving year 1...Then I believe its year 5 as agents get comfortable and go back to existing clients until they have sold everything they can and no longer have a full pipeline.

I agree, one should always prospect. I haven't had an extra hour to set down over the last few months and cold-call, but I am in a great BNI group who feeds me great quality leads, 2 home builders associations, Kiwanis, and the referrals are definitely getting more frequent, especially among contractors.

 

[joshb]

Step 1: Cut a hole in the box...

2... Put your junk in that box!!

 

[DiegoInsGuy]

I have spent about 4 hrs the last week going B2B (small business) and have had decent success just in that time. I have 4 businesses that are going to allow mw a shot at quoting WC,GL and Comm Auto.

I have no fear of going into a business to start a conversation with whomever is at the desk:

I have been stapling my business card to little bags of chips that I buy from Costco and leaving them with some of the businesses that I walk into, I also walk into Mortgage and realestate offices and State Farm, Farmers and Allstate offices letting them know I can write policies that they can't.

If you cold call for Commercial lines though, (GL, WC, Comm. Auto) what is your pitch when you enter. Do you ask for the owner?

I have been a little to laid back with my approach, just speaking with the first person that greets me and saying:

My name is Eddie, i'm an insurance guy that works with GL, Workers Comp all that good stuff, if you guy's ever need my help with a quote I can usually save you about 30-40 percent on your current policies with better coverage. If they are not the owner or decision maker they tell me theywill give my card to whomever it is. ( I guess at that time I should be verifying who it is and ask for their business card)

If I know im speaking to the owner I will press a little and ask if they know when their policies are coming up for renewal and if they would consider having me give them a quote..Is their more to it than this?

I don't give off the shy vibe and know how to be personable, but I think I need a better game plan each time I enter a business.

 

[moonlightandmargaritas]

I have 4 businesses that are going to allow mw a shot at quoting WC,GL and Comm Auto.

There's no commitment in their agreeing to let you "give them a quote". Many are going to take it and use it as leverage with their current agent/broker. You'll spend a lot of time doing "quotes", but won't write much business.

I can usually save you about 30-40 percent on your current policies with better coverage.

Right. How many people do you think actually believe this proposterous claim? Get real man.

 

[DiegoInsGuy]

If I can't save you some cash then why are we even talking..? I know that maybe they don't like their agent, he doesn't get back to them in a timeley fashion, I can then tell them I promise to do so with the support of my staff.

However, in this economy #1 thing on most business owners minds is overhead..insurance being one of the most dreaded expenses.

If I tell them they can possibly get a 30-40 % savings by working with me and get better coverage, I think that helps in breaking down barriers..It's not a lie but instead a real possibility.

 

[moonlightandmargaritas]

If I can't save you some cash then why are we even talking..?

So what happens when the next person comes behind you promising them they can save them 30-40%?

I can then tell them I promise to do so with the support of my staff.

Right. How many times do yo think they've heard this? They will believe it after you do it, and they see it.

If I tell them they can possibly get a 30-40 % savings by working with me and get better coverage, I think that helps in breaking down barriers..

What it does is make them suspicious that in return for the savings, they'll get some kind of inferior coverage. Your claim isn't believable.

 

[DiegoInsGuy]

So what happens when the next person comes behind you promising them they can save them 30-40%?
Right. How many times do yo think they've heard this? They will believe it after you do it, and they see it.
What it does is make them suspicious that in return for the savings, they'll get some kind of inferior coverage. Your claim isn't believable.

So besides the your "pitch sucks" responses mr. margarita..do you have anything of value to add?

 

[nyc2phi]

With commercial I never really saw it as a pitch. I use to call just to ex-date, after I get the date I mail them some of my info, for bigger accounts I would sometimes drop in. By the time the ex-date is coming up your in a good position to quote and block the account.

You get enough ex-dates, talk to enough people, you will close business.

 

[alfie]

I think you have to spend time understanding what is important to the prospect. Its very important to understand the relationship they have with their current agent. I think its critical to know under what conditions you will earn the business. For instance, if you go around getting ex-dates and quoting business that you have no chance to get due to an impenatrable existing relationship with the incumbant agent ( family member, fraternity brother etc...), you are letting this propstect waster your time, you are wasting your underwriters time. I think its more important to develop a relationship prior to quoting, understand the terms of the quoting process, and be willing to walk away if the terms are not in your favor.