What Makes a Successful P&C Agent

[indienoise]

Nice. If you don't mind me asking. What are some tools, and tactics you guys use to get more referral business? At the life insurance company I worked for they have free stuff to give away so it was easier to get referrals now I don't have that so I'm finding a little more difficult. But Iv also only been doing this for 1-1/2 months so I'm not expecting all that but it would be nice to start my snowball now. Any help?

Sorry things got a little derailed here. Just realized you haven't gotten any answers on this yet.

Having an "in" on the centers of influence is huge. I've been in (and still am) the car business for some years now, and am personally acquainted with several owners of retail outlets, and even arranged an on-site mixed-use office. That got things going but it still isn't enough to make my fortune.

I've also been doing more client-focused referrals, which basically amounts to giveaways. Yes, it's an investment, but it's worthwhile. I've seen multiple ways of approaching it, and let me go ahead and say, for me, doing ONLY a monthly prize drawing wasn't cutting it. Do one, but actually give something of value when they bring a friend in. In my experience, it shows them how grateful you are, PLUS it advertises your program to their friend they brought in. I've tried different things, it doesn't have to be expensive. Sign up for an account at restaurant.com and wait for the emails that their certificates are going on sale, buy several of them then. Your referee is getting $10 or $25 worth of "gift", it's only costing you between 2 and 5 dollars. Or go to Sam's Club and buy those multi-packs of gift cards that they sell at 80% of the value. Make it as cost-effective for yourself as possible. It doesn't have to cost you a lot, it just has to be of value to your clients. People are paying $10 for internet leads, so why in the world would you not spend 5 or 10 dollars for a lead that you KNOW you'll be able to quote? I've seen some agencies offer to make a donation to a charity of choice in lieu of a gift card.

Then to create a little extra incentive, still host a drawing once a month. I like to either get those Sam's club gift card packages to offer a dinner & a movie prize (it ends up costing about $35 for a $25 card to Fuddruckers or something of that nature and 2 movie tickets), or I'll watch groupon or living social for package deals at bowling alleys, go-kart tracks, etc. It's fun watching people get excited over these things and bring in multiple referrals in a month's time to better their chances at getting their hands on that prize.

Oh, of course, check your state law to make sure you CAN do that sort of stuff. In SC, it's totally kosher as long as you're not offering the incentive ONLY for bound business.

 

[MrGolf]

Despite what any older bum agents tell you it's 99% about SELLING. Selling is the result of effectively getting PROSPECTS. If any agent says service is the #1 priority that means they're an old bum agent who can no longer write new business. :

While this is fairly blunt and maybe a little skewed with the percentage (I would personally say about 85% selling, the other 15% a mix of management and service) the idea is still pretty accurate. Prospecting, networking, whatever you want to call it is the real thing. It will be what makes you great or keeps you average. I'm amazed at all of the agents in my area, most of them older shops, who just sit on their hands and wait for people/businesses to find them. It used to work like that, but not anymore. I understand this because we are an old shop, but we've changed with the times and kept up with being aggressive and not just getting lazy and happy. You have to constantly be on the lookout for new business. When you can afford it, hire producers. When I hear agents in my area saying that they are just trying to protect what they have I know that they will be out of business in the next decade or an acquisition opportunity for me.

 

[shawnmwalker]

Ins 1822 did ask the Nationwide gent a few good questions. I would like to see answers, but I'll apologize for his turd comment. He usually conducts himself very well here. (My first exchange with him was not a good one either Nationwide guy)

 

[insurance1822]

Sorry if I offended you $600,000 earning turd. I do not make 600k so you're more of a man then me. There's a Nationwide guy in my market who's constantly trying to buy indies...not sure why you guys would do that only to roll into Nationwide. I heard Nationwide will subsidize the cost if you roll a % of the business over so maybe that's why? I would be interested to learn how you're finding these indies for sale..but that's of course is you're done being butt hurt.

As far as referrals I've found the greatest success w/ realtors & mortgage guys. Scroll through my old posts about ways to get yourself in the door w/ them. The ONLY downside is it takes slightly more time to close a deal on a new home purchase because of the evidence of insurance, payment invoices & settlement date changes you'll run into. It's also important to have plenty of markets to be able to deliver 100% of the time. As a captive I don't know how much you could capture & grow this referral channel because you won't be competitive all the time.

I believe the successful P&C agent understands the long term picture of this business. You can run projections on how much you'll make but in reality the first few years take determination. Many agents lose focus on the long term end result when they have a few lean months. If you can always HAVE PEOPLE TO QUOTE and you stick with it...you'll do well.

Nationwide agents are turds.

 

[indienoise]

Somebody is trying a little too hard. I almost feel bad for him, lol. Only I don't have time to, I just got finished binding another referral and have some docs to upload. Colby, get those referrals, whether it's from real estate agents like our turdmonger over here suggests( :p ), or clients, or whatever.

 

[Herkster]

Pretty hostile last couple days over here I see, I like it!
I'm still trying to define my success as an agent. I joined up with our local agency a year and a half ago, and my focus is on farm and crop insurance more than home, auto, or commercial. Also, I'm not life and health licensed, so that doesn't pertain to me.

Networking is key, which is what everyone has said thus far. Friends and family are key components because they can reach out to people, that they are acquainted with, and try to feed that referral train that you want.

I know that one of my newest clients, who is also a friend, just had an AWESOME claims experience, and I know that he'll share that with several other people. The one I'm hoping for most is his father, a very skilled farmer and seed salesmen, who would be a great fit in our business model.

We also try to make ourselves more visible to the public by holding meetings - we just held one last week, had 100 in attendance, and about 35% of those were prospects. Now, this was a meeting on the new farm bill and how it effects our farm customers and farming community, so while you might think 100 is a low number, it isn't (if you haven't seen any of my pasts posts, I work out of a town of 600 people. No main-street style businesses, no new developments, no local real estate broker - completely different market than most on this site).

Good luck to you, PM if you have any specific questions.
Oh, I used to be an underwriter for Nationwide Ag, it was truly a great place to work.

 

[shawnmwalker]

Oh Snap! No he din't! (J/K)

I got to bow out. Too many good things I can add to this confrontation to prod it along, but I won't? I want to, but I won't.

Nationwide agent, are you excited about all the changes going on over there? We'll all be in Hawaii together on the annual trips before you know it!

 

[plewi003]

Trips are good, company is great. Would not work with anyone else. But that is just me. I only contracted with Hartford because I see no point adding more since my primary objective is writing With Nationwide. As far as what the Indy program is with Nationwide is: I get an extra 20% bonus com per policy rolled to NW for a 24 month period. I I usually split this with Indy if they still want to work in agency. Plus I get extra money if I keep existing office location as well. Does this answer your question? Yours Truly, Nationwide Turd...

 

[AdvisorsIns]

Oh Snap! No he din't! (J/K) I got to bow out. Too many good things I can add to this confrontation to prod it along, but I won't? I want to, but I won't. Nationwide agent, are you excited about all the changes going on over there? We'll all be in Hawaii together on the annual trips before you know it!

I'll see you in Hawaii! I'm in the top 250 for Allied P&C and going in April. Are you going?

 

[plewi003]

Nationwide exclusives are going to Dana Point CA. Have a good trip, and good luck in 2015.