| I started selling life insurance on the | | | | will continually increase your profits if you |
| internet in January of 2001. Online direct | | | | commit to increase your lead volume as you |
| response marketing was a fairly new concept | | | | are able, increase your average premiums and |
| at that time, so gradually I'm becoming a | | | | application placement rates (this will come |
| person people go to when they are trying to | | | | with experience), and control your |
| decide whether to get into this career. | | | | expenses.Most good agents hire assistants |
| Recently, someone went so far as to ask me | | | | after a while, because they see that they can |
| for ten practical steps to establishing a | | | | make much more by SELLING more. Assistants |
| successful online life insurance business. | | | | free you up to sell. You can get to the point |
| Ten steps. How does one convey the vision it | | | | where you don't want to do anything but sell |
| takes to succeed, in ten steps? How can the | | | | in this business, because your time so |
| steps be practical without becoming | | | | literally, is money. However, you've got to |
| drudgery?I started subbing on a bowling | | | | be able to follow up on the leads your have, |
| league in January of 2005. Some simple tips | | | | keep track of your commissions, fix your |
| offered by my teammates helped me discover | | | | computer, pay your bills, and all that other |
| the thrill of making strikes. Whether those | | | | stuff that goes with your own business. So |
| ten pins scatter like buckshot, or trickle | | | | keep your finger on that other stuff, but |
| down like dominoes, strikes make you feel | | | | have someone else do as much as possible, and |
| great. I found myself excited to repeat the | | | | aim for those strikes.5) Start off on the |
| steps that enabled me to bowl strikes. And | | | | right foot. Bowlers disagree as to whether to |
| suddenly, my ten-pin/ten-step analogy was | | | | approach the lane on the left or right foot, |
| born.Making life insurance sales online feels | | | | and online agents disagree whether to first |
| at least as exciting as making strikes, and | | | | contact your lead by email or phone! But if |
| has the added bonus of making you money! | | | | an introductory email is sent to your leads |
| Having a goal that rewards you emotionally is | | | | as soon as they are assigned to you, there is |
| what will enable you to follow, with | | | | no doubt that a phone call is the best action |
| enthusiasm, these ten steps to success. So | | | | to take after that. Your leads are expecting |
| here are ten pins to get down to experience | | | | a call, and you become a person to them so |
| the thrilling achievement of consistently | | | | much faster by phone than email. You can ask |
| making "strikes" in the direct response | | | | the questions that enable you to give a valid |
| market.1) Understand the game. Selling life | | | | quote, and ideally, you will make the sale on |
| insurance online is not the same as selling | | | | that very first phone call, app and all.If a |
| in an office. I have heard many traditional | | | | lead won't answer the phone within 24 hours, |
| life insurance agents say that the hard part | | | | I go ahead and send an email, telling them I |
| used to be getting someone in the door, the | | | | tried to call and would like to visit with |
| easy part was making the sale. The easy part | | | | them to find out their wishes and give them |
| of selling online is getting the client "in | | | | an accurate quote. If there is no response to |
| the door"; the hard part is making to the end | | | | that email or subsequent phone call attempts, |
| of the process with a check in your pocket.So | | | | I'll send them a second email with a guess at |
| what are online leads like? That can depend | | | | a quote, based on what info they gave. That |
| on how they came to you. If they were using a | | | | is usually the email that will draw out leads |
| search engine that led them to a web site | | | | who will only respond by email; they |
| where they filled out requests for a quote or | | | | generally won't respond to later emails if |
| application, they are most likely motivated | | | | they don't respond to that one.Calling can go |
| to buy. They are already your customers, and | | | | on longer, because you might just keep |
| you had best serve them efficiently and | | | | missing people, and eventually catch them at |
| expediently, because they will go on to the | | | | home. However, you'll want to make a rule of |
| next web site, if you don't!Perhaps your | | | | thumb as to how many messages you'll leave, |
| leads were prompted to request a quote as the | | | | because after that they might see your |
| result of reading or hearing an ad. Others | | | | efforts to contact them as harassment. |
| are "incentive" leads, which means they've | | | | Getting a hold of your leads by phone within |
| filled out a quote request form as a hoop to | | | | minutes of receiving their contact |
| jump through in order to get some type of | | | | information is ideal, and the very best |
| other reward. You may think that kind of | | | | approach to getting strikes.6) Come from a |
| lead is not serious, and some aren't. | | | | good angle. You get a strike by aiming at the |
| However, most are asked to give enough info | | | | strike pocket. Internet leads have many |
| that the truly uninterested ones will usually | | | | motivations that can form that pocket. Some |
| bow out before their form is submitted.You've | | | | are:a) looking for a competitive price on |
| got to put yourself in their shoes to | | | | life insurance |
| understand how to approach them. If you don't | | | | |
| answer leads promptly, they may get the | | | | b) looking for a price they can afford |
| feeling the ad or form was insignificant, and | | | | |
| blow you off. Some will see the ad or form as | | | | c) being unable to find life insurance |
| a "nudge"; you'll want to assure them that | | | | anywhere else |
| you can easily help them get the coverage | | | | |
| they have been putting off. Some incentive | | | | d) having some life event that caused them |
| leads will hear you out because they know | | | | to think about life insurance |
| every prize has a price. They may be | | | | |
| pleasantly surprised to find that they've | | | | e) wanting life insurance but not liking to |
| received a good insurance price along with | | | | meet with an agent |
| their other prize!It takes some conversation | | | | |
| to get to know your leads and to build their | | | | f) wanting life insurance but not wanting |
| trust. But you also have to respect their | | | | any hassle (e.g. exam) |
| time, because people use the internet to save | | | | |
| time and fuss. Unless they have complicated | | | | g) wondering if what they have is their best |
| needs, it's best to start by offering the | | | | deal (most do this with Term, while ignoring |
| simplest solutions possible. No matter how | | | | their UL which could be their biggest |
| your leads came to you, they did ask. So you | | | | albatross) |
| have every right and every chance in the | | | | |
| world to make that sale. And you WILL make | | | | h) hoping their request will convince their |
| strikes with internet leads.2) Know the | | | | spouse/parent/etc to apply |
| rules. You've got to have knowledge of all | | | | |
| the products being offered at your fingertips | | | | i) curiosityHow do you find that pocket? You |
| to be successful in online life insurance | | | | will lose them in the first seconds if you |
| sales. Leads often aren't willing to wait for | | | | don't approach them from the right angle. I |
| answers, so you have to give them as much as | | | | ask for the person by first name, introduce |
| you can on the first call. If you need to | | | | myself by my full name, and say that I am |
| delay the quote due to needing medical | | | | responding to their request for a quote for |
| records or having to first obtain a | | | | life insurance from our web site. That intro, |
| preliminary offer based on their health, it's | | | | done in a friendly, conversational tone, |
| important to explain that if anyone else is | | | | almost always opens the door to a response, |
| giving them a quote without that step, that | | | | and that is the first goal, just to get them |
| quote will most likely be wrong and could end | | | | to respond.If their response is, "I don't |
| up with a blot on their MIB.Ordinarily, you | | | | recall filling that out", I usually ask if |
| will find the best quotes for those with | | | | maybe their pouse did it for them, and give |
| perfect health from about 3-5 competitive | | | | them a little info about themselves so they |
| carriers (rated at least A by AM Best) that | | | | know that someone that knew them had to fill |
| use traditional underwriting. Likewise, the | | | | out the form (but not their health |
| best quotes for those with health problems | | | | condition). Any response is good! Any |
| will come from about 3 impaired risk | | | | response can lead to a sale. And if their |
| carriers. You'll want to know which 3 instant | | | | response is no, you can thank them and go on |
| issue carriers offer the best rates for those | | | | to the next ones who truly want your service |
| of good health, and about 3 simplified or | | | | and products. You have nothing to apologize |
| guaranteed issue carriers for those of poor | | | | for in answering their requests with the best |
| health. Those choices will more than | | | | there is to offer!Once they respond, pick up |
| satisfactorily meet almost every need, and | | | | your cues from them in chatting for a little |
| anyone can learn the underwriting guidelines, | | | | while. If they don't start chatting, I say |
| ratings, etc. of a dozen carriers. This also | | | | something like, "I needed a little more |
| helps you approach your leads from a point of | | | | information from you in order to find the |
| wisdom, building their trust in you and | | | | best quote". And I start out with something |
| enabling you to serve them most | | | | very basic. E.g. if they've checked diabetes, |
| responsibly.Along with understanding the | | | | I'll say, "I see you marked that you have |
| underwriting guidelines, you need to get | | | | diabetes. How old were you when you got |
| familiar with how each carrier works, i.e. | | | | that?" I'll stay on that, being professional |
| whether they require a preliminary offer, | | | | but also trying to convey empathy with my |
| whether the app can be filled out online, | | | | tone of voice, until we've covered that (or |
| etc. You also need to know what health | | | | until they give a sign that they don't want |
| conditions are best met by what carriers. | | | | to talk about it any more... you can always |
| This sounds like a lot, but within 6 months, | | | | go back to it). If no health conditions are |
| you'll have it down. Knowing the rules of the | | | | checked, I'll usually start out asking how |
| game will help you get many more | | | | much insurance they would like me to quote, |
| strikes.3) Have good equipment. Good bowlers | | | | then go on to risk factors. Be sensitive, |
| know they will get more strikes with the | | | | respectful, yet direct in guiding them to the |
| right ball, shoes, etc. It is essential to | | | | details you need to know in order to quote |
| getting sales to have a well equipped office. | | | | them correctly. We do no one a favor by |
| An all in one fax machine (fax, copier, and | | | | avoiding delicate questions if the |
| scanner) is great for a small office. A phone | | | | application is later declined (or worse, |
| headset is a must with today's online apps. | | | | payment of the death benefit is contested) |
| It's nice to have an auxiliary color printer, | | | | due to our reticence to ask what the carrier |
| but mainly using a black laser printer will | | | | wants to know.In that conversation, you find |
| save cost. I don't waste one sheet of paper | | | | out their strike pocket, and appeal to that. |
| on a lead that isn't at least somewhat | | | | Hopefully, you can either convince them to |
| interested. Therefore, a good computer and | | | | wait until you get a preliminary quote back |
| some way to organize leads is essential. It's | | | | to them, or fill out an app right there on |
| to your advantage if your lead provider | | | | line. You might even sell a policy to a |
| offers software designed to manage your | | | | family member.At the end of the call, I |
| leads. If not, My Documents, an online | | | | always tell them I'll send them an email with |
| calendar, and/or Mail Merge can help. It's | | | | all my contact info, even if I've just made |
| important to get a system set up to | | | | the sale.7) Follow through. Once you've |
| systematically keep track of your leads, | | | | obtained the application, you need to submit |
| because it takes lots of leads to make lots | | | | it and follow the carriers' guidelines to |
| of money, and otherwise you'll get | | | | issue (your brokerage could be a big help in |
| overwhelmed.I would have business cards and | | | | this). However, you also need to guide your |
| stationery printed for the apps you send out | | | | clients through, so you don't lose them in |
| by mail, and to include with policies. You | | | | the process. I send emails to my clients with |
| have very few chances to make an impression, | | | | applications in underwriting about weekly, |
| and your mail is one way to make one. Use a | | | | just to let them know how things are going. |
| phone with Voice Mail. Have a toll free phone | | | | The minute you find out about requirements, |
| and fax number. Be sure you have Adobe | | | | use that as an excuse to touch base and let |
| Acrobat Professional. Try to have an email | | | | your clients know you are still on top of |
| address that identifies you with insurance. | | | | things (or as an excuse to find out what's |
| Have a web site, if possible. Good equipment | | | | going on with them). Following through will |
| is not only practical, but identifies you as | | | | ensure that the strike is made!8) 9) 10) |
| professional, and that is a big part of | | | | Don't give up strikes for taps. The 8, 9, and |
| consistently making strikes.4) Invest in the | | | | 10 balls are the most common "taps" in |
| game. You have to go bowling to get strikes, | | | | bowling. A tap is a pin that stays standing |
| and you have to work leads to make sales. | | | | even when you hit the strike pocket. |
| That means setting aside the time and/or | | | | Likewise, up to 3 out of every 10 leads you |
| money to work at least several leads per day. | | | | get may not respond affirmatively to you, if |
| It will take at least 2 months before | | | | at all. You can try to pick them up, but |
| commissions start coming in, and about 6 | | | | don't give up strikes to do it. You knock |
| months until you start getting some good | | | | down those first 7 pins to successful direct |
| stats. But at that point, you need to start | | | | response life insurance selling, and the |
| keeping close track of how much time/money | | | | strikes will fly! |
| you are spending and earning, per lead. You | | | | |