What is the Average Persistency Rate for FE by Phone?

[jdeasy]

$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!

You are using your numbers for an average. I don't believe for a second that your average agent makes anywhere close to what you are showing here. If they did, they would be here telling us about it and you could verify it somehow.

As far as people not buying FE on price, that's just baloney. You may be able to speak about telephone sales, but, I can speak to real sales experience on that. I sold one yesterday that was $1 less from the competitor that had been there the day before. People buy garbage term policies from AARP because they are cheaper.

 

[theinsuranceman]

You are using your numbers for an average. I don't believe for a second that your average agent makes anywhere close to what you are showing here. If they did, they would be here telling us about it and you could verify it somehow.

As far as people not buying FE on price, that's just baloney. You may be able to speak about telephone sales, but, I can speak to real sales experience on that. I sold one yesterday that was $1 less from the competitor that had been there the day before. People buy garbage term policies from AARP because they are cheaper.

I'm not trying to convince you. I'm only sharing info because I was asked. Yes my agents do pretty well with this. I'm speaking from 7 years experience in the field and 3 1/2 years on the phone. Selling one policy based on price does NOT give us statistical accuracy. You know if I work one lead and make a sale I can't say all the leads will be sales. After a customer has made a few payments with one co. they are less likely to switch based on price. The day after... yes because they can get their $$ back from the 1st co.

Don't really care if you believe what I say about my agents' production. I'm not trying to impress anyone. I'm a "tell it like it is" kind of guy.
How much experience do you have with FE?

 

[VaDwayne]

Let me try to get back on the subject of my original question. If leads are cold-called, with a dialer, from a list of certain demographics;Is anybody doing it this way? If so, how well does your business stay on the books?

 

[theinsuranceman]

Sorry DaWayne. I've never prospected that way.

 

[jdeasy]

I'm not trying to convince you. I'm only sharing info because I was asked. Yes my agents do pretty well with this. I'm speaking from 7 years experience in the field and 3 1/2 years on the phone. Selling one policy based on price does NOT give us statistical accuracy. You know if I work one lead and make a sale I can't say all the leads will be sales. After a customer has made a few payments with one co. they are less likely to switch based on price. The day after... yes because they can get their $$ back from the 1st co.

Don't really care if you believe what I say about my agents' production. I'm not trying to impress anyone. I'm a "tell it like it is" kind of guy.
How much experience do you have with FE?

I can't believe or not believe what you say about your agent's production because you haven't given the numbers.

As far as my personal production, let's just say it's much higher than your's and mine can be verified.

 

[theinsuranceman]

I can't believe or not believe what you say about your agent's production because you haven't given the numbers.

As far as my personal production, let's just say it's much higher than your's and mine can be verified.

Well...I could put down any old set of production numbers. My production could be higher if I didn't spend some of my time training new agents. Glad to know you are successful.

By the way...if your production is much higher then why don't you think someone else could produce the figures I shared? Do you think you are the only "cowboy" on the ranch? LOL

P.S.: My production and my group's production is verified each month in the Co. newsletter as well as the agency's newsletter. (I don't need an ego boost touting production numbers).

 

[jdeasy]

Well...I could put down any old set of production numbers. My production could be higher if I didn't spend some of my time training new agents. Glad to know you are successful.

By the way...if your production is much higher then why don't you think someone else could produce the figures I shared? Do you think you are the only "cowboy" on the ranch? LOL

P.S.: My production and my group's production is verified each month in the Co. newsletter as well as the agency's newsletter. (I don't need an ego boost touting production numbers).

Because my numbers are face to face. You are talking about phone sales. I know people can beat my numbers as I see it all the time. I'm on a conference call every Friday with the number one FE salesman in the country. He does his all face to face as well.

You are the only person I've ever seen that claims to have decent prodution doing it by telephone. I don't doubt your personal numbers. But, you may very well be the best one.

I tried doing telesales for term sometime back. Invested in the Vickers system. It didn't work for me. It works great for Dayne Vickers. I didn't see anyone else using his system that could get the production that he does.

I'm not trying to recruit anyone, you are. You should care if your numbers could be verified. I get bs production numbers from FMO types everyday while trying to recruit me to their can't fail system.

 

[theinsuranceman]

Because my numbers are face to face. You are talking about phone sales. I know people can beat my numbers as I see it all the time. I'm on a conference call every Friday with the number one FE salesman in the country. He does his all face to face as well.

You are the only person I've ever seen that claims to have decent prodution doing it by telephone. I don't doubt your personal numbers. But, you may very well be the best one.

I tried doing telesales for term sometime back. Invested in the Vickers system. It didn't work for me. It works great for Dayne Vickers. I didn't see anyone else using his system that could get the production that he does.



I'm not trying to recruit anyone, you are. You should care if your numbers could be verified. I get bs production numbers from FMO types everyday while trying to recruit me to their can't fail system.

There's plenty of people in our co. who blow my doors off every week in production. What kind of numbers does your #1 guy put up? (the guy on your Fri. conference call). Our top guy does $35K-$45K every month like clock work. He's a real animal with FE though.

In order to be successful on the phone it takes some training and practice. Ask Frank about the phone on his Med Supp's.You have to "give good phone" as he says.

No I'm not trying to recruit you. I can see you are too stubborn and not coachable. Just wouldn't work out for you or me.

 

[Thatguy]

There's plenty of people in our co. who blow my doors off every week in production. What kind of numbers does your #1 guy put up? (the guy on your Fri. conference call). Our top guy does $35K-$45K every month like clock work. He's a real animal with FE though.

In order to be successful on the phone it takes some training and practice. Ask Frank about the phone on his Med Supp's.You have to "give good phone" as he says.

No I'm not trying to recruit you. I can see you are too stubborn and not coachable. Just wouldn't work out for you or me.

Impressive numbers! I'd be interested to hear more about your method that is putting 35-45K of FE monthly ALP!

I am aware of the Medsup via phone sales, some of my agents do that now. However, the FE via phone sales have been a little...... sub par closing for my taste. If there is a better way, I am all ears!

 

[theinsuranceman]

Impressive numbers! I'd be interested to hear more about your method that is putting 35-45K of FE monthly ALP!

I am aware of the Medsup via phone sales, some of my agents do that now. However, the FE via phone sales have been a little...... sub par closing for my taste. If there is a better way, I am all ears!

The guy who writes 35k-45k doesn't even use the phone! He works 6 days/week 9am-9pm, no social life but a big bank account.

Closing on the phone, if trained, should be about 20%-30%, depending on the agent.

If interested PM me.