TeleSales Life Insurance

[moretrax]

Just read another thread on this forum about selling life insurance over the phone. Started this thread to bring the topic back to reality.

I've been using dm. Contact the replies, set an appointment, make a sale. Works well enough but the cost per lead is high. To lower the cost, I am considering the following:

-Work aged internet leads, scrubbed cold call lists with targeted demographics.

-Dialers! Robo calls can get me in trouble.

-Get basic personal and health information from those interested. Provide quotes and discuss options. Submit information to a case manager. Pinney Insurance has a system like this and I've been studying it carefully.

I don't realistically think I'll make 30 quotes and 15 sales a day but I do think the idea has merit.

What do you say?

 

[NinjaNic]

Advice: make sure you have a thick skin, and prepare to dial.. a LOT. No, you will not do 30 quotes a day, or 15 sales with aged data unless you are buying tens of thousands of aged leads a month and have a telemarketing servicing doing the dialing, and even then you cannot physically accept 30 calls a day. Not sure what line of insurance that other poster is selling, but not likely life insurance. 30 calls x just 10 minute average is 5 hours of talk time, not including dialing time or admin work.

The phone is vastly different than in person sales. It is not "easier" to sell someone by phone--you just get to talk to more of them by phone, but your close rate will be lower than in person.

The data needs to be DNC scrubbed (if just data lists), and TCPA compliant (or scrubbed). You will need a 3 line dialer minimum.

The rejection level is incredibly high with this model, as is the agent turnover. most people cannot sit on a dialer and hear no 99 times to hear yes once.

Look at the ROI on time vs. just ROI on money. ROI on aged leads is super high, but if you look at your methods and see that it takes 8 hours to make a $500 sale, is that worth it?

There are other ways to earn good ROI on money, and great ROI on time. PPC is one of them--is it scary, yes--is it too scary not to start it? No. Plenty of good inbound lead sources out there too.

 

[moretrax]

Good points, Ninja.

I don't want to operate as a call center. I'm focusing on calling people who have an "intent" to buy insurance. At least they are shopping. Establishing KLT. Know. Like. Trust. is very important person-to-person or over the phone.

Regulatory compliance by maintaining scrubbed lists is the most important thing to me.

 

[BenJackson]

The reality is that even calling for a face to face is a form of a call center. If you figure that you drive 20 minutes to an appointment that would be 5 phone calls that you can make with an 80/20 ratio that's at least one more sales opportunity.
I know in our industry a call center has a bad reputation but in reality it is the most efficient business model

 

[marindependent]

I believe that selling life insurance over the phone is doable. More so for Term than the cash value options.

However, having to do all the selling of the product... may be too hard.

I would really encourage you to try and create a model where a higher percentage of people contact you looking for life insurance. I know that this sounds rather obvious, but in all honestly it most likely will define your ability to succeed at this.

Best of Luck

 

[Glen Shelton]

Just read another thread on this forum about selling life insurance over the phone. Started this thread to bring the topic back to reality. I've been using dm. Contact the replies, set an appointment, make a sale. Works well enough but the cost per lead is high. To lower the cost, I am considering the following: -Work aged internet leads, scrubbed cold call lists with targeted demographics. -Dialers! Robo calls can get me in trouble. -Get basic personal and health information from those interested. Provide quotes and discuss options. Submit information to a case manager. Pinney Insurance has a system like this and I've been studying it carefully. I don't realistically think I'll make 30 quotes and 15 sales a day but I do think the idea has merit. What do you say?

Jeff Root (owner of http://www.selltermlife.com) recently wrote a book about this, I would highly recommend reading it. I have not finished it yet, but what I have read so far has been great.

Here is a link to his book - https://www.amazon.com/gp/aw/d/0692...=jeff+root&dpPl=1&dpID=41OootHSfdL&ref=plSrch

 

[moretrax]

Jeff Root (owner of SellTermLife.com) recently wrote a book about this, I would highly recommend reading it. I have not finished it yet, but what I have read so far has been great.

Here is a link to his book - https://www.amazon.com/gp/aw/d/0692...=jeff+root&dpPl=1&dpID=41OootHSfdL&ref=plSrch

I've been to this site. Jeff Root does have the credentials and knows what he's doing. Thanks for the link for the book!

 

[thomasm]

Look at the ROI on time vs. just ROI on money. ROI on aged leads is super high, but if you look at your methods and see that it takes 8 hours to make a $500 sale, is that worth it?

$500 a day? I'd say that's worth it. At least in the beginning!

I've been weary about buying aged leads because once my dialer scrubs out all the DNC and Cell numbers, there would very little data left to call!

 

[MidcoastMaine]

Advice: make sure you have a thick skin, and prepare to dial.. a LOT. No, you will not do 30 quotes a day, or 15 sales with aged data unless you are buying tens of thousands of aged leads a month and have a telemarketing servicing doing the dialing, and even then you cannot physically accept 30 calls a day. Not sure what line of insurance that other poster is selling, but not likely life insurance. 30 calls x just 10 minute average is 5 hours of talk time, not including dialing time or admin work.

The phone is vastly different than in person sales. It is not "easier" to sell someone by phone--you just get to talk to more of them by phone, but your close rate will be lower than in person.

The data needs to be DNC scrubbed (if just data lists), and TCPA compliant (or scrubbed). You will need a 3 line dialer minimum.

The rejection level is incredibly high with this model, as is the agent turnover. most people cannot sit on a dialer and hear no 99 times to hear yes once.

Look at the ROI on time vs. just ROI on money. ROI on aged leads is super high, but if you look at your methods and see that it takes 8 hours to make a $500 sale, is that worth it?

There are other ways to earn good ROI on money, and great ROI on time. PPC is one of them--is it scary, yes--is it too scary not to start it? No. Plenty of good inbound lead sources out there too.

What is PPC, I have never heard of it.

 

[hockeyday]

What is PPC, I have never heard of it.

pay per click, PPC