What is Expected of Producers?

[goffintoo]

Hi,

I am new to insurance. I started as a telemarketer for my agent, who then signed me up for an online licensing course. I passed my test, got my P&C license, and have been selling now for 4 months. Total time is 1 year in insurance in sept.

I get paid a base salary plus commission. She gave me 3 months to reach my numbers. I've never yet met my full number, though the 1st 2 months I did go past the starting numbers.

I get cold call lists, trigger lists and some requote lists. Most I sell is when I grab the phone and get incoming sales. Once in a while she'll pass me a transfer in. I also try to cross sell quite a bit, have had a little luck with it.

We also have a producer on salary who does much of the transfer ins, and larger deals, which I feel is fine for now, as they're often complicated and I don't feel knowledgeable enough yet.

My agent says I'm doing fine, but if I don't make the numbers, I don't get paid commission, so I'm not doing fine. Not getting paid commission started this month, she let me slide the first 3 months.

How do new producers manage to make those numbers? In the 4 months I've selling I did about 12,400 for 3 of the months, and under 9,000 one of them. All of these numbers were a fail in meeting my quota.

Do we need to buy our own leads? Are there better leads than cold calling and trigger lists?

I also find it very hard reaching people when I cold call. No answers means no sales, and so few answer.

I am very frustrated.

Any ideas that could help me? I am ambitious, but still have so much to learn, I still don't know the ins and out of all of our policies.

I'm willing to do whatever it takes to make my numbers.

Oh, and if it helps my numbers are 275 points each month.

rent/indem auto/landlord/condo/etc =5 points
standard auto =10 points
home =15 points

The highest I've done is 255, and that was last month.
It equaled a little over 12,000 in sales.

How long does it take to feel comfortable? How long before a producer can be called 'seasoned' enough to know what they're capable of?

I feel I could do well, but for now am very frustrated and stressed.

Thanks for any advice.

 

[Alston]

Whether or not you are officially in business for yourself, you are in business for yourself. That is the first thing and most important thing you need to understand.

I will give you some more tangible advice below, but let's start where it all starts. Your mindset.

What gets you motivated? Maybe it's motivational speakers, gospel music, rock music or the theme from Rocky. Whatever it is, create a play list and listen to it whenever you are alone in the car except when you are listening to sales tapes or something else that will move you forward.

I'm doing exactly this myself. I listen to Zig Ziglar's podcast, Les Brown, "Fearless Motivation" (sports-oriented motivation set to music) and others in my car and on my headphones when I'm doing household chores. I also try to read a few pages of a business book or something motivational just before bed.

There are a lot of great sales and/or motivational books and audio tapes (did I say tapes, I meant digital MP-whatchamacallits and i-things) that you can buy cheaply on audible.com or amazon.com. If that's outside your budget, try podcasts and your local library.

Find what works for you and immerse yourself in it when you can't work.

Start investing in your practice. My favorite thing is note cards. A close second is refrigerator magnets.

You should be able to get note cards (blank greeting cards) and matching envelopes for about 20 cents each at a local "dollar store."

I used the dollar store greeting cards for years. I use these notepads now:
Notepad Printing - Print Custom Memo Pads at UPrinting.com!

Whenever you make a sale, get a referral or make a connection with a prospect, send them a note card.

But don't use this as a time waster. Be quick about it.

For example: "Thanks for your time on Thursday. I look forward to serving as your agent. Let me know when you have any questions."

Another example: "Thanks for your time on the phone Tuesday. I'll call you about a month before your policy renews. As we discussed, you should qualify for a much lower rate."

If you can, throw in a sentence that proves that you actually remembered the conversation like "I hope little Johnny won that baseball game!"

Make sure to sign and date it. Throw in two business cards in the envelope. If you can afford it, put a business card sized refrigerator magnet in as well.

This will help build relationships. It won't create them. So reserve this tactic for clients and for the prospects who you have made connections with.

This works and it costs very little.

Should you buy leads? Maybe. Find someone who is working these type of leads successfully and ask them for their strategy.

Use a system to keep track of your leads and half sold cases. You can save money on recycled leads by recycling your own.

If you have a successful agent in your office ask him or her if you can shadow them for a day in exchange for taking something off their hands like stuffing envelopes.

A positive attitude, a strong work ethic and a mentor is a winning combination. If you can't find the latter, good books (including audio books) can be a good substitute.

Good luck.

 

[todd02]

You need to study more about your competition and pick apart their policies on what/why yours are better. Sell on value, up sell coverage, sell yourself. A Producer should.... produce. Do whatever it takes, Talk to as many people as possible off the clock, carry business cards, join networking events, pound the pavement. Etc.

 

[Gulfman]

OP

You say you cold calling... who are you cold calling? Are you calling businesses, residential?

Whats your script?
Whats your target premium value?

Sounds like you were doing well before you got your license....what changed?

 

[goffintoo]

Alson thanks for the pep talk, I do need to keep my motivation up. Also thanks for the ideas. I have been trying to make my quotes personal, I send a short personal note with each one. I like you ideas.

Todd, everyone seems to be our competition! So many beat our prices and we are in a lower income area. Many many with bad credit ask for quotes. The down payment is obscene. :( They just can't do it, even when they want to. I get so excited when the credit report comes back good! I'm learning, I'm closing better, but know I still need improvement. I sometimes wish I could hear how the others talk with prospective clients. Once or twice I got lucky and heard a phone conversation. So smooth and controlled! I need to improve on my confidence level.

Gulfman, thanks for answering. I have a lead provider she bought that targets homes coming up for renewal. We do very little commercial, and I'm not allowed to touch it yet. So I'm doing homes/auto/rent/etc.. I'm still trying to develop a good scrip. I've browsed the forum and came up with some ideas from the agents here.

I pretty much say Hi, tell them who I am and with whom. I tell we have good rates in their area and if I can have a moment of their time would love to give them our prices on home insurance and see if we can help them save money while providing coverage that fits their needs. I do play around with what I say. I do not have a set script yet.

I'm not sure what a target premium value is...

As for doing well before my license, I have no idea. I dialed numbers, and about 1 out of every 6 that answered, allowed me to get their information. I gave it to a producer (no longer with us) and she sent them quotes. I seldom knew what happened after that. I have heard of one or two that bought, but don't know how many others, if any, bought.

I think for now maybe I'm too worried about making commission. Perhaps new producers just need to learn the ropes. I'm going to try and just think of it as a door that is opening. I can't get worse, I have to get better.

I'll keep reading this forum, I've read some stuff already that I'll try. I can be impatient and want to see results quickly.

I'm not used to failing, and this has been driving me crazy!

Thanks for taking the time to read and respond everyone.

 

[indienoise]

Sounds like you are in a captive agency...especially if this is the case, don't make your script about pricing.
I rarely cold call, but if I ever do, I never say I will get you a lower price. I tell them I specialize in creating better value for families/individuals in the area, and offer to conduct a review for them. Let them tell you in the course of conversation what "value" means to them. Sometimes, I propose a policy with superior coverage, even if it costs a bit more than the competition. Sometimes, I offer them a lower premium. Give them whatever it is they want.

And yes, there are other ways besides cold calling. Network. Visit centers of influence - car dealers,realtors, mortgage brokers. Just chat for a few minutes. Find someone you can carry conversation with effortlessly and just spend a few minutes chatting. Don't sell yourself or your company. Make a friend and leave business cards. Don't stop in once and forget them, make a habit of stopping by to chat briefly. Just be sure not to take up too much of their time or yours. Buy lunch or something with perceived value for their office. (custom printed pens are a great, inexpensive way to get valuable trinkets with your name and number floating around their office) if you can make an impression with whoever you talk with, you don't have to sell yourself to them, they will send you business. Whether they continue to depends on if you can deliver, so make sure you focus your efforts based on your competitive markets.

Good luck!

 

[thomasm]

I'm still trying to develop a good scrip. I've browsed the forum and came up with some ideas from the agents here.

I pretty much say Hi, tell them who I am and with whom. I tell we have good rates in their area and if I can have a moment of their time would love to give them our prices on home insurance and see if we can help them save money while providing coverage that fits their needs. I do play around with what I say. I do not have a set script yet.

You said you are willing to do whatever it takes right?

Here's a recipe for success;

Leave the office around 3pm every day. But don't go home.

Find a nice patch of cookie cutter homes in a subdivision. Bring a clipboard, lead data sheets, and business cards, and knock on doors until dusk.

All you doing here is letting people know that better rates are available on home and auto insurance, and that there's a very good chance you can get them a lower rate for the same if not better coverage.

You just need to gather some quick info and you'll get back in touch with them the next day or two.

And then look down at your clipboard and start asking the closing questions on your lead sheet, which in this case is,

"Who's your insurance with now?"

"How much are you paying roughly.

"How many cars and what are they?" etc. etc. etc.

Don't ask them about the house insurance, because they won't know if it's part of the mortgage, and your office knows how to find that info anyway.

But you do want to get in into the habit of glancing at the roof to see what shape it's in before knocking.

Just get everything you need to build a proposal and get on to the next house.

I do this every night and on Saturdays and never come back with less than 5 leads a day.

Take those leads back to the office in the morning, and get someone in the office to teach you how to CLUE and quote those leads.

Then call them back, email them, text them, even drop back by with proposal in hand, several times a day if you have to, until you get a hold of them again to set that appointment. You need a good follow up system because you're going to be adding 5-10 leads a day to this pipeline.

Then when it 3pm, go back out there and do it all over again.

That's is if you're really willing to do "whatever it takes"!

Learn how to generate leads consistently, and even if you fail at selling insurance, you can always find someone willing to buy your leads from you for $12-$15 bucks a pop!

 

[FL P&C Broker]

You said you are willing to do whatever it takes right? Here's a recipe for success; Leave the office around 3pm every day. But don't go home. Find a nice patch of cookie cutter homes in a subdivision. Bring a clipboard, lead data sheets, and business cards, and knock on doors until dusk. All you doing here is letting people know that better rates are available on home and auto insurance, and that there's a very good chance you can get them a lower rate for the same if not better coverage. You just need to gather some quick info and you'll get back in touch with them the next day or two. And then look down at your clipboard and start asking the closing questions on your lead sheet, which in this case is, "Who's your insurance with now?" "How much are you paying roughly. "How many cars and what are they?" etc. etc. etc. Don't ask them about the house insurance, because they won't know if it's part of the mortgage, and your office knows how to find that info anyway. But you do want to get in into the habit of glancing at the roof to see what shape it's in before knocking. Just get everything you need to build a proposal and get on to the next house. I do this every night and on Saturdays and never come back with less than 5 leads a day. Take those leads back to the office in the morning, and get someone in the office to teach you how to CLUE and quote those leads. Then call them back, email them, text them, even drop back by with proposal in hand, several times a day if you have to, until you get a hold of them again to set that appointment. You need a good follow up system because you're going to be adding 5-10 leads a day to this pipeline. Then when it 3pm, go back out there and do it all over again. That's is if you're really willing to do "whatever it takes"! Learn how to generate leads consistently, and even if you fail at selling insurance, you can always find someone willing to buy your leads from you for $12-$15 bucks a pop!

I have seen you bring this up in a lot of threads but I think door knocking can be very regional for p&c products. This won't work everywhere.

 

[KOC Agent]

You said you are willing to do whatever it takes right?

Here's a recipe for success;

Leave the office around 3pm every day. But don't go home.

Find a nice patch of cookie cutter homes in a subdivision. Bring a clipboard, lead data sheets, and business cards, and knock on doors until dusk.

All you doing here is letting people know that better rates are available on home and auto insurance, and that there's a very good chance you can get them a lower rate for the same if not better coverage.

You just need to gather some quick info and you'll get back in touch with them the next day or two.

And then look down at your clipboard and start asking the closing questions on your lead sheet, which in this case is,

"Who's your insurance with now?"

"How much are you paying roughly.

"How many cars and what are they?" etc. etc. etc.

Don't ask them about the house insurance, because they won't know if it's part of the mortgage, and your office knows how to find that info anyway.

But you do want to get in into the habit of glancing at the roof to see what shape it's in before knocking.

Just get everything you need to build a proposal and get on to the next house.

I do this every night and on Saturdays and never come back with less than 5 leads a day.

Take those leads back to the office in the morning, and get someone in the office to teach you how to CLUE and quote those leads.

Then call them back, email them, text them, even drop back by with proposal in hand, several times a day if you have to, until you get a hold of them again to set that appointment. You need a good follow up system because you're going to be adding 5-10 leads a day to this pipeline.

Then when it 3pm, go back out there and do it all over again.

That's is if you're really willing to do "whatever it takes"!

Learn how to generate leads consistently, and even if you fail at selling insurance, you can always find someone willing to buy your leads from you for $12-$15 bucks a pop!

Another helpful post... thanks!

 

[insurance1822]

I knew a guy who knocked on doors all day selling security systems & making over $100,000 per year so I guess w/ the right presentation....why not?