A fix and control issue
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real problem for the insurance producer is how to generate quality prospects
So Difficult About Selling Life Insurance?
Article # 7
Written By John Lensi, CLU, ChFC, RHU, REBC, CMFC, LLIF
examine in more detail, what we call the
Control” producer issues.
the producer’s prospecting problem and controlling their
business submissions is a huge task – although very much accomplish-able. Let’s
examine each of these two issues separately.
Fixing the producer’s prospecting problem. The benefits of prospecting through qualified referrals far out distances most any other prospecting method.
Fixing the prospecting problem can be addressed
in a number of ways,
but I’ve chosen to focus attention on one quality solution, the answer
the financial professional’s skill to consistently generate quality
Stepping back for a minute, there are three high-level categories to
generate prospect inventory as illustrated below. When you boil it down
weigh all the pros and cons of various prospecting methods, there is
prospecting method that far out distances the others in overall
most producers- qualified referrals.
If it’s so evident that this is what will improve sales force
loyalty, and productivity, why does this occur?
And what should be done
solve these producer challenges?
Many Ways and Approaches to Prospect Acquisition
Social Mobility Contacts
A strong key to producer prospecting problem and personal success is controlling the source of
sales lead inventory. Third party
influence must exist for
a lead to be “qualified”.
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prospecting by referrals is the preferred method of choice.
benefits of prospecting
referrals far out distances most any other prospecting
key benefits are these:
- Allows a producer to pre-qualify prospects and
tailor an effective approach to gain a favorable sales appointment
- Allows a producer to target a particular market
that best matches
the producer’s skill sets
for third party influence (TPI) which translates to a more
favorable contact-to-appointment ratio when following up the
- enhanced persistency results when a more qualified prospect buys
- A better closing ratio results from the
producers’ ability to work
with people who trust their recommendations as a result of TPI and
they are able to target market resulting in a leveraging of skill sets
- More repeat sales are generated as a result of
which occurs as a result of TPI; far less overall time is needed to
develop a new client
- A continuous chain of prospects materializes
- Larger size sales result from pre-qualified
If referred leads are so effective, why don’t all producers prospect
An interesting question and one deserving comment.
"The MDRT level
producers do referred leads and those who struggle in this business
reasons struggling producers’ don’t obtain referrals
include and consist of the following:
- Some producers aren’t sure how or where to
start the prospecting problem process, but it is unfortunately an early training issue
- Some in the satisfaction of a sale forget or
- Some actually don’t believe they deserve
referrals from those whom
they do work for (previous two issues)
- Some feel they may jeopardize their client
issue - rarely does this occur)
- Some convince themselves they simply don’t have
enough time to
obtain referrals as they schedule sales appointments close to one
(training issue - missing a premier opportunity to get qualified leads)
- some avoid seeking referrals because
prior attempts were
unsuccessful confidence & training issue)
- And lastly,- the king of them all – some feel
they already have
prospects, so there isn’t a need to spend time getting referrals (these
have a large inventory of prospects with no TPI and mistakenly think
a ton of qualified sales leads to contact – serious training issue)
learn and earn