Writing an App a Day

[somarco]

I'd guess that a lot of heavy-hitting life agents are captive with outfits like New York Life and Monumental.

Thanks for playing but that is not the right answer. Here is a lovely parting gift. Don Pardo, tell our player what they have won . . .

Yes, there are successful agents with NYL but for every successful NYL agent I can name at least a dozen who are either independent or work in (the few remaining) career shops but are very successful by any measure.

Monumental?

Give me a break.

 

[James]

I was talking about what the original poster's goal were. Most of my sales are big face amounts to business owners so their monthly premiums are definitely way above $25. It is my personal decision to target business owners who can afford the higher monthly premiums which will give me higher commissions but if the original poster wants to target those in their 20's and 30's, it is his decision.

I do not know what he is selling but it is possible to write good policies with monthly premiums in the $20's and $30's range from the major companies which can be converted later on to permanent plans. A 25 year old male can have a face value of $500,000 from AIG for a 20 year term with a monthly premium of $21-$29 depending if he is approved as preferred or preferred plus. How is that taking advantage of the client?

It is just a matter of the target market that one is working with and the approach they want to do with their business. I personally suggest a combination of term and permanent from the start and it depends on them if they want to follow my suggestion or just get a straight term policy. Some agents just offer the term policies to build relationship with the client first, then come back and offer permanent protection.

All I am saying is that selling a policy a day for that premium is attainable.

I apologize for using your post to reply, really was thinking of the original poster. I was trying to say that creating a working model of "1 App A Day" is just as hard if not harder then selling to business owners and doing one or two a week or more. I have weeks where I write 5 apps and weeks where I deliver five applications, but that is not where I want to be as an individual, even Illinois Mutual has well, speedy process, I wouldn't say "Rapid" though. You go and write a simplified App on Life or/and DI and they take it from there.

 

[Crabcake Johnny]

Thanks for playing but that is not the right answer. Here is a lovely parting gift. Don Pardo, tell our player what they have won . . .

Yes, there are successful agents with NYL but for every successful NYL agent I can name at least a dozen who are either independent or work in (the few remaining) career shops but are very successful by any measure.

Monumental?

Give me a break.

Man, I've always wanted a parting gift.

 

[somarco]

Man, I've always wanted a parting gift.

Did I say parting gift? My mistake. What I meant was farting gift.

 

[Crabcake Johnny]

Now I don't care who you are - that there's funny.

 

[Newby]

I'd guess that a lot of heavy-hitting life agents are captive with outfits like New York Life and Monumental. Those outfits and outfits like it have plenty of superstars however they also have the environment necessary to achieve that type of success.

I'll go ahead and include myself, but logic dictates that agents who are extremely driven aren't posting on message boards. They're generating leads and doing presentations.

I've seen very few health agents achieve any level of success working independent from home and even fewer life agents.

Crappy products aside UGA had at least 20 agents per year breaking a mill in "QPC" which is placed, not written business. I currently do not know any independent agent writing more than a mill a year. Atmosphere has more to do with it then agents think.

Wow! Monumental agents are flattered by that statement.

 

[arnguy]

To paraphrase an old adage: "An app a day keeps the sheriff at bay."

 

[Guest]

Here's a couple:

"My ceiling was so close to my floor that I couldn't breathe and I got claustrophobic."

Was it John Savage or Ben Feldman who said, "I would rather have the best insurance agent from the worst insurance company, than the worst insurance agent from the best insurance company", or something like that?

 

[ims01]

Very Interesting discussion.

I have reviewed our company wide numbers from last year and here is how those results would apply to your goal:
1 app/day would require $175 worth of leads.
Our Avg. NAP was $1190.
You also have to consider placement ratio which should be close to 75%
$1190 X.75= $892 X.95 (avg. Comm)= $847 -$175= $672 net/day.
We do everything on the phone, not face to face. But, it still would require a lot of work. We have one agent that makes three sales/day. He works 10-12 hr days and has two assistants.

 

[somarco]

Avg. NAP was $1190

Good numbers. What is the average face?

Selling simplified issue mortgage term with a bunch of riders?

What is the drop off rate of those placed in say, 6 months?

$672 net/day.

And renewals?