Working with a P&C Agency...looking for Ideas

[2112Greg]

Ladies and germs, I've established a partnership with a P&C agency that sells primarily Progressive. They also sell the other usual suspects, but Progressive is their bread and butter.

They've got about 1700 clients on the books and get about 60 new clients each month. They've never once sold any L&H product, even though they are licensed for it.

I have an office with them now and they've opened their book to me without any restrictions. Great relationship with the three on staff there.

As I've started going through their book this week, I've been finding that many of their clients are single and in their 20s. A little disappointing, but that's how it goes, I suppose.

Just about every referral they've given me (some health, a med supp, a few life policies), I have sold. The only challenge I have is what to do with all the 20-somethings. I am thinking they aren't worth the hassle, but what would you guys do with them...anything?

If they are married and in their 20s, that's a different thing. But single, I just don't think they are worth bothering with. Do you?

Any other advice from others who have done this would be awesome...so if you have some, please share it! I'm kind of winging it here...

I sell primarily life...but done a lot of health, supps and supplemental stuff.

 

[Larry Tew]

Greg, you might consider talking to the young singles about using permanent life (my preference is max-funded whole life) as their "bank" or similar concept.

A good presentation or "story board" will make that much easier.

This might give you some ideas... http://www.larrytew.com/uploads/Life_Insurance_-_The_Whole_Story.pdf.

 

[2112Greg]

Nice idea, Larry. I am closely affiliated with a mutual WL company that has the perfect line up for this concept. It's the company that starts with a G.

I'm going to check with some of my colleagues to see if we have some marketing pieces like the one you linked to. I've always appreciated your ideas and I think we're on the same page in many ways.

I guess my challenge is the mindset of the average 20-something. Probably shouldn't generalize or pre-judge, but I just can't help it. The married ones I would expect would be more inclined to understand. The single ones, less so, I would imagine.

Am I wrong? Probably not entirely wrong, but I'm having trouble getting past this...!

 

[Larry Tew]

Thanks for the kind words. No, you're not wrong about the AVERAGE 20-something. But you aren't looking for the average 20-something. You already know they won't be bringing large income or assets to the table.

The ones you will be able to help (and thereby help yourself) are the ones who are "friendly, responsible, and serious about their money". That's the profile you want regardless of their age.

 

[Charlie23]

I do not mean to seem funny, but as a selling point, a single 20 something becomes a much more attractive 20 something with a solid financial portfolio that includes the kinds of services you have to offer.

Male or female, when that special someone comes along, you will already have a few years of growth under your belt. And changing beneficiaries can be done with a simple form in most cases. Life and annuities are not just for old people. By then it's quite expensive. Now? Not anywhere near so.

Just a thought. Do not dismiss the 20 somethings. Just speak to them and not through them. Make your service/products appeal to what they want now. Future spouse and family? Great, start now. Single forever? Great, get a sexy new financial portfolio started now and stand OUT!

 

[NicoletteAnderson]

I would not try to hard-sell the young ones. Have you thought about sending them educational information about products they might want to invest in a little later in life?

I work for a company that helps insurance agents market. A lot of what we do is "email nurturing campaigns" which basically means that you send out information that is interesting and relevant to that segment (in this case, 20 somethings).

Luckily, this segment is probably really receptive to email. You might send them things like: interesting articles on life insurance, facts about people who buy life insurance in their 20's, etc.

Then, if they do decide to purchase, they will come to you because you've educated them on the topic. (hopefully)