Will The Old 10-3-1 Theory Hold True in P&C and Health?

[mj771300]

So, I start my new career focusing solely on insurance in October. I will be selling P&C, Health, and Life for Kentucky Farm Bureau.

I'm coming from the investment/financial planning (also known as permanent life insurance) world and we were always taught that for every 10 people we talked to (who we knew or were referred to) 3 would grant an appointment and 1 would become a client.

I'm currently putting together a list of everyone I know and everyone they know so I can hit the ground running on October 1st.

In P&C and Health, what are your PERSONAL ratios like on warm contacts, cold contacts, and purchased leads?

Also, who are the BEST Centers of Influence for P&C and Health?

 

[djs]

If the numbers worked for you selling permanent life insurance, they should improve slightly selling P&C, probably about the same for health.

Reasons: P&C is a requirement. Friends, relatives, acquantances will deal with you sometimes, rather than an 800 number. Some people don't like mixing friendships and business, don't push this group. If the cost is basically the same, they know they can trust you, you'll do well in this category.

Health is an almost requirement, but fewer people buy it themselves. You won't get far with individuals who have coverage through work (or through medicaid). If you weed these out, then you get restricted by those who are currently covered and can't switch. After that, you'll do well.

Financial planning is a very personal thing. This is the area that a lot of people I know feel that they don't want their neighbor knowing that much about them. Of course, they will still buy life insurance, make some investments, etc, but it's harder to get them to sit down and talk about long term goals, all of the assets involved, etc. Some do it very willingly, some don't, which is what your numbers reflect.

I haven't measured these numbers in a while, and as you asked, they vary a lot from lead source to lead source. Most of my referred clients are about 90% close, but those are 'tight' referrals (mortgage broker has already screened the client type of thing). I used to run 50% close on referrals from car dealers, which is pretty good. Internet leads, I'm down to about 1 in 20, but then, I don't work these near hard enough, not exactly what I want to do.

Dan