What is the Average Persistency Rate for FE by Phone?

[Mark]

Sure, I will go hunt something I read and didn't keep right now. But I will look for them.


qualifications??? I have none. Hell, I don't know what insurance even is. I thought this was a porn site. I didn't know this had anything to do with insurance.

Let's see,,I talk with tons of agents everyday, and I know what works and what don't. Any method can work if you do it right. BUt the avg Persistency Rate for FE is not 80% in 13 months. Yours may be, but the avg agent is not. I know tons of call centers and IMO's that do this market and I've sold over the phone since you asked. Hell, I started this business with a phone book, cold calling prospects, but I didn't try to sell them over the phone. I just tried to get the appointment. I personal close better face to face then over the phone. I beleive in making relationships with my clients and seeing them face to face. I do have agents under me that only sell over the phone, and I can see their Persistency Rate for FE and it is no where near 80%. Selling life ins, is a lot harder to sell over the phone then health ins.

I once posted my qualifications and was attacked for doing so. Either you respect my opinion or you don't. If you don't think I'm correct or know what I'm talking about, then that is okay with me.

What did you stop using your link for selling leads to agents with using the phone??

If it works for you then keep doing it. Matter of fact, share with the rest of us what you are doing and hell, if it works, I will do it.

I've found many links like JLA FORUMS - Brand New! Sell Insurance Over The Phone At Your Home Or Of where you promise agents big money if they buy your leads and tell them they can make big money selling over the phone.

You don't have to sell me on this system. You have tons of links on google, on selling over the phone and your leads.

 

[theinsuranceman]

Sure, I will go hunt something I read and didn't keep right now. But I will look for them.


qualifications??? I have none. Hell, I don't know what insurance even is. I thought this was a porn site. I didn't know this had anything to do with insurance.

Let's see,,I talk with tons of agents everyday, and I know what works and what don't. Any method can work if you do it right. BUt the avg Persistency Rate for FE is not 80% in 13 months. Yours may be, but the avg agent is not. I know tons of call centers and IMO's that do this market and I've sold over the phone since you asked. Hell, I started this business with a phone book, cold calling prospects, but I didn't try to sell them over the phone. I just tried to get the appointment. I personal close better face to face then over the phone. I beleive in making relationships with my clients and seeing them face to face. I do have agents under me that only sell over the phone, and I can see their Persistency Rate for FE and it is no where near 80%. Selling life ins, is a lot harder to sell over the phone then health ins.

I once posted my qualifications and was attacked for doing so. Either you respect my opinion or you don't. If you don't think I'm correct or know what I'm talking about, then that is okay with me.

What did you stop using your link for selling leads to agents with using the phone??

If it works for you then keep doing it. Matter of fact, share with the rest of us what you are doing and hell, if it works, I will do it.

The link was for voice broadcasting pre 09/01.

Still waiting for the study you promised us on FE pers.

When I refer to selling over the phone I'm talking about calling leads, not cold calling out of a phone book! Calling out of a phone book is a recipe for failure.

 

[jdeasy]

The link was for voice broadcasting pre 09/01.

Still waiting for the study you promised us on FE pers.

When I refer to selling over the phone I'm talking about calling leads, not cold calling out of a phone book! Calling out of a phone book is a recipe for failure.

Yes, you say your numbers are good and everything is just peachy selling over the phone, hell, it many be? But, you never give tangible numbers. How many do you do per week? How much ap per week on average? How much do you spend per week in lead costs to get your numbers?

Those are pretty simple questions and every agent should know those numbers. How about for your top 2 or 3 agents, what are their numbers?

You may be onto something with this telesales bit. You may not. It may even be something I would want to try based on the numbers. I do OK face to face and I certainly know my numbers. What are your's?

 

[rags2riches]

Yeah I'm interested as well. Now I'm not taking any sides on this lil forum battle but I'd definitely love to see those numbers. If it's something decent, I may even pursue it.
To be honest, I can't say I've ever sold an FE over the phone... but, I can tell you I replace a couple a month that were bought over the phone.
The fact is; if I walk into a home where an agent has written a policy by phone, and I can beat the rate by $0.02, I'm getting that business. People love the fact that I'm right there in front of them, live right her in town, and am there to give them the service their family may need. That's just from my experience.
But hey, as the business evolves, so do we. So, I'll check back for your numbers. Thanks...

 

[theinsuranceman]

Yes, you say your numbers are good and everything is just peachy selling over the phone, hell, it many be? But, you never give tangible numbers. How many do you do per week? How much ap per week on average? How much do you spend per week in lead costs to get your numbers?

Those are pretty simple questions and every agent should know those numbers. How about for your top 2 or 3 agents, what are their numbers?

You may be onto something with this telesales bit. You may not. It may even be something I would want to try based on the numbers. I do OK face to face and I certainly know my numbers. What are your's?

The numbers will vary from agent to agent on the phone, just like they vary in the field. You might get 3 sales from 20 leads and another agent might get 6 sales FROM THE SAME SET OF LEADS.

I'll usually write 2500-3000 per week off of 20 FRESH EXCLUSIVE leads. My top agents do about the same. New agents usually do $1200-$1800 first week or two.

Leads are either direct mail ($22), newspaper inserts ($25), or tv ($29). Leads are exclusive to that agent only, never is that same lead sold to other agents.

My upline generates the leads for us (they have the DEEP pockets). Never have to finance the leads ourself. Our agency writes about 1.5 million - 2 million ann. premium per month. (NOT mine, but my upline). I doubt hardly anyone on this forum can match this production. We sell Final Expense only. We don't need to dabble with other products. Stay focused on one thing and do it well. I've met a lot of agents who sell 3 or more products but they are BROKE.

Takes about 15-20 hours to work 20 leads on the phone. Some people have to be called more than 5 times to catch them. We use a script that has to be learned COLD so as to sound natural and conversational. When selling on the phone you do not want to sound like a telemarketer or a salesman. You don't even want to sound like an insurance man..you want to sound like their next door neighbor talking about the high cost of funerals and the burden that is placed on the children and family when death occurs...all while having a cup of coffee.

Objections on the phone same as in the field and persistency about the same. Some may disagree with me but I have 7 years experience in the field and 3 1/2 years on the phone, so I KNOW what I'm talking about. Opinions of others who have never done both ways don't carry any weight with me.

Charge backs NEVER deducted from advance comm.!! Adv. comm. based entirely on production. Charge backs deducted from unearned comm. That way if an agent has a few charge backs one month they can still feed their family. With other co.'s when an agent has a few charge backs they have to pay their charge backs out of next adv. comm. Then they leave that co. and go write for another co. The contract we have keeps an agent on board even if faced with charge backs. Keeps agents from hopping co. to co.

Comm. starts out at 70% (doesn't sound great but the way chargebacks are handled more than makes up for it). I trained a guy who had 105% contract with another co. and was broke. He came on board at 70% working 20 leads and was making just over $1k his first week. (Just in adv. comm., I'm not even counting unearned comm.) Of course he was trained for 3 days also on selling over the phone before he started working the leads. Training is very important whether you work in the field or over the phone.

After you write 10K comm. moves up to 75%. After you write 25K comm. moves up to 80%. To move above 80% requires production that you'll need a team to help you qualify for. We help agents build their own sales teams within this system, as soon as you reach 75% comm.

To be successful in this business you need a system that has been tested and used by 100's of other agents and WORKS! You also need plenty of FRESH EXCLUSIVE leads each week. (I think Hoosier would agree with that). Some of our agents will write $5K-10K in one week working 50-70 leads! You have to be an animal to do this though.

Just like in the field some days you can't give this stuff away and some days everyone is trying to take it from you.

If you are interested PM me. I only work with FULL TIMERS. I've found that part-timers turn into no-timers. My time is too valuable to work with part-timers. Sounds a little tough but that's just the way it is.

It's nice to be at home in Raleigh,NC wearing a pair of shorts and T shirt selling FE over the phone to someone in Birmingham, Ala.

Hope I answered your questions to your satisfaction. If not let me know.

 

[jdeasy]

The numbers will vary from agent to agent on the phone, just like they vary in the field. You might get 3 sales from 20 leads and another agent might get 6 sales FROM THE SAME SET OF LEADS.

I'll usually write 2500-3000 per week off of 20 FRESH EXCLUSIVE leads. My top agents do about the same. New agents usually do $1200-$1800 first week or two.

Leads are either direct mail ($22), newspaper inserts ($25), or tv ($29). Leads are exclusive to that agent only, never is that same lead sold to other agents.

My upline generates the leads for us (they have the DEEP pockets). Never have to finance the leads ourself. Our agency writes about 1.5 million - 2 million ann. premium per month. (NOT mine, but my upline). I doubt hardly anyone on this forum can match this production. We sell Final Expense only. We don't need to dabble with other products. Stay focused on one thing and do it well. I've met a lot of agents who sell 3 or more products but they are BROKE.

Takes about 15-20 hours to work 20 leads on the phone. Some people have to be called more than 5 times to catch them. We use a script that has to be learned COLD so as to sound natural and conversational. When selling on the phone you do not want to sound like a telemarketer or a salesman. You don't even want to sound like an insurance man..you want to sound like their next door neighbor talking about the high cost of funerals and the burden that is placed on the children and family when death occurs...all while having a cup of coffee.

Objections on the phone same as in the field and persistency about the same. Some may disagree with me but I have 7 years experience in the field and 3 1/2 years on the phone, so I KNOW what I'm talking about. Opinions of others who have never done both ways don't carry any weight with me.

Charge backs NEVER deducted from advance comm.!! Adv. comm. based entirely on production. Charge backs deducted from unearned comm. That way if an agent has a few charge backs one month they can still feed their family. With other co.'s when an agent has a few charge backs they have to pay their charge backs out of next adv. comm. Then they leave that co. and go write for another co. The contract we have keeps an agent on board even if faced with charge backs. Keeps agents from hopping co. to co.

Comm. starts out at 70% (doesn't sound great but the way chargebacks are handled more than makes up for it). I trained a guy who had 105% contract with another co. and was broke. He came on board at 70% working 20 leads and was making just over $1k his first week. (Just in adv. comm., I'm not even counting unearned comm.) Of course he was trained for 3 days also on selling over the phone before he started working the leads. Training is very important whether you work in the field or over the phone.

After you write 10K comm. moves up to 75%. After you write 25K comm. moves up to 80%. To move above 80% requires production that you'll need a team to help you qualify for. We help agents build their own sales teams within this system, as soon as you reach 75% comm.

To be successful in this business you need a system that has been tested and used by 100's of other agents and WORKS! You also need plenty of FRESH EXCLUSIVE leads each week. (I think Hoosier would agree with that). Some of our agents will write $5K-10K in one week working 50-70 leads! You have to be an animal to do this though.

Just like in the field some days you can't give this stuff away and some days everyone is trying to take it from you.

If you are interested PM me. I only work with FULL TIMERS. I've found that part-timers turn into no-timers. My time is too valuable to work with part-timers. Sounds a little tough but that's just the way it is.

It's nice to be at home in Raleigh,NC wearing a pair of shorts and T shirt selling FE over the phone to someone in Birmingham, Ala.

Hope I answered your questions to your satisfaction. If not let me know.

So, you personally write about $2500 ap per week. I'm sure you lose 20% of that, so, you are getting commissioned on $2000. It's costing you $500 per week in lead costs. You are making $1500 per week if you are at a 100% contract. $900 per week if you were at 70%. And, you are one of the best?

Am I reading this correctly?

 

[theinsuranceman]

So, you personally write about $2500 ap per week. I'm sure you lose 20% of that, so, you are getting commissioned on $2000. It's costing you $500 per week in lead costs. You are making $1500 per week if you are at a 100% contract. $900 per week if you were at 70%. And, you are one of the best?

Am I reading this correctly?

You are correct AND you make this in 15-20 hours per week. This means you would make (clear profit after paying for leads and charge backs) about $1800 per 30-40 hours worked. And this is at ONLY 70%! Of course at 75% comm. you would even make more, as well as 80%, etc. When at 75% you can also start to train agents and build yourself a team where you would ALSO earn over-writes and push your comm. higher than 80%.

The key is a PROVEN SYSTEM with PLENTY of FRESH, EXCLUSIVE leads!

Where else can a FE agent make $1800 profit (leads and charge backs already deducted) at ONLY 70% comm. without burning one drop of gas in only 30-40 hours? If there is a better opportunity ANYWHERE with ANYONE let them speak up right here.

I CHALLENGE ANYONE on this forum to show a better opportunity for FINAL EXPENSE agents. Any IMO's out there wish to respond?

 

[Newby]

So, you personally write about $2500 ap per week. I'm sure you lose 20% of that, so, you are getting commissioned on $2000. It's costing you $500 per week in lead costs. You are making $1500 per week if you are at a 100% contract. $900 per week if you were at 70%. And, you are one of the best?

Am I reading this correctly?

JD, you are forgetting one KEY income. When you have agents selling at 70% and a product with the HIGHEST premium in the industry, and charge $25 per lead...there is a LOT of room to make a great living off your downline.

That $900 per week could turn into 10X that much with those kind of margins to play with.

 

[jdeasy]

JD, you are forgetting one KEY income. When you have agents selling at 70% and a product with the HIGHEST premium in the industry, and charge $25 per lead...there is a LOT of room to make a great living off your downline.

That $900 per week could turn into 10X that much with those kind of margins to play with.

I'm looking at it from a producers standpoint, not an IMO, FMO or GA. I don't have a downline and don't want one. I'm not seeing the value in his system for me. He claims to be one of the best at this, and maybe he is the FE phone saleman in the world?, those numbers don't work magic for me. I can do much, much better than that face to face and, just as importantly, I enjoy my two days a week out in the field meeting with people. If I didn't, I would take a hard look at his system.

 

[theinsuranceman]

JD, you are forgetting one KEY income. When you have agents selling at 70% and a product with the HIGHEST premium in the industry, and charge $25 per lead...there is a LOT of room to make a great living off your downline.

That $900 per week could turn into 10X that much with those kind of margins to play with.

$25 per lead.....You sound as if you don't know even know the true cost to generate a FE lead. $375 to mail 1000 pieces with 1.5% return....$375 divided by 15 = $25 per lead. Most return rates are closer to 1 % (or less), which would make the lead cost = $37.50 or higher! Anyone who has generated direct mail FE leads knows this. Why didn't you know this?

I believe some of the FE co.'s with the cheap premiums have been exiting the FE business this year, at least that's what I've read on THIS forum. Probably not charging what they should charge in order to stay in this business. A good FE agent knows that people buy NOT on price (like people do when gas is over $4/gallon). They buy based on likeability of the agent, believabilty and sincereness of the agent, confidence of the agent, a good presentation, EMOTION that is stirred up in the presentation, etc., etc.

Successful FE agents don't really have to worry about price.
If prospects saw a FE agent everyday then that would be different.

"$900 could be 10x that much with those margins".....show us the math, not the mouth.

The whole upline has less comm. % because of the charge backs NEVER being deducted from advance comm.
The co. pays a pretty penny for this type of system. I mean they just advanced you say $500 and the business lapses the next month and it STILL does not come out of your next advance comm.! What a beautiful system!

I've crunched the numbers in the post above for all to see. Where can a FE agent go make approx. $1800 (PROFIT) at ONLY 70% comm. in 30-40 hours without even cranking the car up?! Don't have to go to the hood, don't have to work in bad weather, don't have to worry about "no shows" on appointments, and don't have to worry about generating enough leads to make enough $$$ to provide for their family? Shucks if we have 2 feet of snow to fall one night I can still CALL the leads and make sales from the comfort of my home, instead of being trapped at home and not being able to get out and drive to see the leads. And our agents can order much more than 20 FRESH EXCLUSIVE leads each week! And the leads can be sent to the agent on credit, with no upfront cash outlay. Lead costs would be deducted from business submitted.

I know that you are an IMO/recruiter and don't feel comfortable with what I've laid off for everyone to see. Heck, I can't blame you. Like I stated earlier...show us your "BETTER opportunity" for FE agents. If something is better I would be interested myself. The truth is this is the BEST opportunity, at least at the present moment, for FE agents.

If anyone can prove me wrong then show it right here where everyone can see!