Changing My Approach -- New Cold Calling Script for Your Review

[IEG12]

I have done years of door-to-door cold calling selling when I was younger, and there are two things that I believe are most important:

1. You lead the conversation. The moment the prospect becomes in charge, or leads the conversation (aka asking you the questions) you're sunk.
2. GET THE PROSPECT INVOLVED. The best way to do this is by asking questions. Your initial approach had a lot of questions, which is good. The only thing I would say is keep the questions coming. Don't stop after the first 3 or 4, but look to try to find a question you can ask them every few minutes. The more engaged the person is, the higher the likelihood of a sale.

 

[macmarill]

Just came out of an agency meeting where a successful agent from another agency gave a presentation on how he runs his business and writes life insurance regularly (we're a multi-lines shop, but with how crazy the P&C market is right now, I would rather concentrate on life and then cross-sell the auto and home when I can be competitive).

During the Q&A session, it came out that this agent writes a lot of business by reviewing existing coverage and adding to what people already have, or better yet, replacing what they have because what they have is not what they think they have -- e.g. examples of people having AD&D policies instead of life, having a 10-year term or increasing term when they though they had a level T65 or something like that.

Now, this guy says he works “mostly off of referrals and my existing book” (plus his father is also a 30-year agent with the same company with a large book of his own…so I’m sure he has had a few bones tossed his way).

However, the conversation did get me to thinking.....maybe when making cold calls to a targeted list of prospects, I should lead with an approach of looking for people who already have life insurance. I would love to get the forum’s feedback on this approach and the script below.

---------------------------------------------------------------------------------

Hi, this is G-squared with the G2 Financial Group. I'm calling today because I'm looking for some people who already own life insurance as part of their financial plan. According to industry figures, there's about a 40% chance that you have life insurance that you personally own and pay for. Would you say that's true in your case?

Prospect: Yes, I have life insurance. [See below for what I will say if the client says “no”]

Terrific. If I might ask, when did you purchase that policy?

[Prospect answers...I would think most people would say more than a year ago]

Hmmm, I see. And so, since you bought that policy, have you had it reviewed by an insurance professional to compare it to what's now available based on where you are in your life today as opposed to where you were (when they purchased the policy)? e.g. “in 2004”

[I anticipate most would say no…but for the few who would say yes…] Have you reviewed your existing life insurance coverage in the past year?

[Prospect answers yes or no]

Steve, my business is to find and meet folks in our community, like yourself, who would want to make sure the math is right to make sure their loved ones would be okay financially if their income were suddenly gone due to unexpected disability or premature death.

And the only way I know how to do that is to contact people and see if I can help.

So, what I am offering is…

A 20-minute conversation with you about your plan, to determine if I would be able to help you solve any problems, such as having too much coverage, not enough coverage, or overpaying premium for the coverage you do have.

After we talk, if I feel that I can help, I’ll tell you so. If I don’t think I can help at this time, I’ll tell you that too. I value your time and my own.

If you’re open to meeting with me on this, would [TOMORROW] or [TWO DAYS FROM NOW] be better for you? Is [10 a.m.] or [3 p.m.] better for you.

Just to confirm, both you and your spouse will be present for this meeting, correct? I have you at… (Confirm address).

(If appt) Great! __________ I will see you on (DAY), (DATE) at (TIME). Should you have any questions in the meantime, may I email you my contact information? Great, may I have your e-mail address?


[No…I don’t own life insurance]

Hmmm. That’s very interesting. I’m going to ask you a very tough question. And that is, if you were suddenly gone and your family had to manage on their own, have you done the math to make sure your loved ones would be OK financially? How would they pay the bills, pay the mortgage, save for college, and put money away for retirement if your income were suddenly gone due to unexpected disability or premature death?

[Prospect answers]

We’ll let me tell you how I work. I work a little bit differently than other advisors when it comes to life insurance. First we need to do a needs analysis to determine the proper amount of coverage for your situation, so that in case something happens to you, we can make sure all the bills are paid, the mortgage is paid, and so we can put some money aside for education and retirement. Second, we’ll fill out an application for coverage to see if we can get you approved for the optimal amount, Finally, once you’re approved, I’ll come back with several options that all fit within your budget, we’ll discuss the pros and cons of each, and then you’ll decide which one makes the most sense for you.

If you’re open to meeting with me on this, would [TOMORROW] or [TWO DAYS FROM NOW] be better for you? Is [10 a.m.] or [3 p.m.] better for you.

Just to confirm, both you and your spouse will be present for this meeting, correct? I have you at… (Confirm address).

(If appt) Great! __________ I will see you on (DAY), (DATE) at (TIME). Should you have any questions in the meantime, may I email you my contact information? Great, may I have your e-mail address?

---------------------------------------------------------------------------------
Again, I would love to get your feedback on the above approach and script.

Wow I love it!, I think some of the seasoned agents have inserted some good comments. I will give it a try and let you know how it goes in Colo Spgs area.
Marcia

 

[SamC3d]

I've been cold calling for about two weeks now. I started going door to door to residences then I tried calling on B2C with no results. Only one family allowed a quote and that was for a product I carry but was not promoting at the time.

In total frustration I turned to the blogs for some advice. My take away was to change my script which led me to throw out the script altogether and to start having short conversations after I identified myself and my company. It was much better received and now I have managed to book in the last two days four appointments. Not great by any means but after drawing zeros for the prior two weeks I consider myself blessed.

Perhaps someone can benefit by taking a similar a approach.