Should Have Done This After First 12 Months in the FE Business

[Rearden]

Follow-Up with ALL lapses and current customers.

I've had an off-week this week regarding my lead flow, and I've had to depend on working my existing book of business for new leads and new business.

Here are some sample cases I've written off of existing customers or lapsed clients.

-A couple added $2000 in coverage for a total of 300AP
-I rewrote a guy who lapsed his policy three months ago for 1800AP.
-I replaced an existing customer's Lincoln Heritage policy she just took out a few weeks ago.
-I replaced an existing client's coverage that was written as modified while she had cancer two years ago, and got her more coverage for the same price.
-I generated a few referrals and appointments off the existing customer base
-I visited a lapsed customer who wasn't interested in buying again from me yet, but mentioned his ex-wife needed coverage, and wrote a 420AP app.

I also came across a client or two that had lapsed that had taken out coverage elsewhere that I couldn't beat; maybe if I followed up sooner, then I would have gotten the deal?

I roughly got into 4 out of 5 clients/lapsed policy-holders that we called on, and probably sold 2 policies for every 5 appointments. So my appointment-setting ratio was about double compared to leads, and my close ratio was only off slightly.

What's even better was that there was ZERO marketing cost to sell these policies.

Point is for all you new guys out there is that it pays to pick up the phone annually and review coverage. Even in the Final Expense market.

Your clients will appreciate it, buy more, and refer more.

Wish I would have started sooner!

 

[Mavrik]

Follow-Up with ALL lapses and current customers.

I've had an off-week this week regarding my lead flow, and I've had to depend on working my existing book of business for new leads and new business.

Here are some sample cases I've written off of existing customers or lapsed clients.

-A couple added $2000 in coverage for a total of 300AP
-I rewrote a guy who lapsed his policy three months ago for 1800AP.
-I replaced an existing customer's Lincoln Heritage policy she just took out a few weeks ago.
-I replaced an existing client's coverage that was written as modified while she had cancer two years ago, and got her more coverage for the same price.
-I generated a few referrals and appointments off the existing customer base
-I visited a lapsed customer who wasn't interested in buying again from me yet, but mentioned his ex-wife needed coverage, and wrote a 420AP app.

I also came across a client or two that had lapsed that had taken out coverage elsewhere that I couldn't beat; maybe if I followed up sooner, then I would have gotten the deal?

I roughly got into 4 out of 5 clients/lapsed policy-holders that we called on, and probably sold 2 policies for every 5 appointments. So my appointment-setting ratio was about double compared to leads, and my close ratio was only off slightly.

What's even better was that there was ZERO marketing cost to sell these policies.

Point is for all you new guys out there is that it pays to pick up the phone annually and review coverage. Even in the Final Expense market.

Your clients will appreciate it, buy more, and refer more.

Wish I would have started sooner!

Thanks Reardon,

How do you recommend tracking clients and go backs when placing them with so many different carriers?

I love the cards Settlers sends us with client information because I can note things I learn during earlier meetings that I can go back on in later meetings. Any systems or CRM ideas you can share from experience?

 

[indiana260]

I had a similar situation a couple weeks ago. Rewrote a guy that missed his first payment. He was mad he lapsed and called the bank whole I was there to tell them to make sure he left enough money in. $75/month

Another called old leads that slammed door in my face or never got a good of. Wrote two of those

Makes you wonder why we don't do this more often. I personally rely on a steady flow of new leads 52 weeks a year when the smarter thing to do is rework old leads and current book a every six months or so.

 

[Rearden]

I just went to see them. Keep it simple.

Looking back, making notes about modified and graded coverage would have been useful.

 

[rousemark]

Follow-Up with ALL lapses and current customers.

I've had an off-week this week regarding my lead flow, and I've had to depend on working my existing book of business for new leads and new business.

Here are some sample cases I've written off of existing customers or lapsed clients.

-A couple added $2000 in coverage for a total of 300AP
-I rewrote a guy who lapsed his policy three months ago for 1800AP.
-I replaced an existing customer's Lincoln Heritage policy she just took out a few weeks ago.
-I replaced an existing client's coverage that was written as modified while she had cancer two years ago, and got her more coverage for the same price.
-I generated a few referrals and appointments off the existing customer base
-I visited a lapsed customer who wasn't interested in buying again from me yet, but mentioned his ex-wife needed coverage, and wrote a 420AP app.

I also came across a client or two that had lapsed that had taken out coverage elsewhere that I couldn't beat; maybe if I followed up sooner, then I would have gotten the deal?

I roughly got into 4 out of 5 clients/lapsed policy-holders that we called on, and probably sold 2 policies for every 5 appointments. So my appointment-setting ratio was about double compared to leads, and my close ratio was only off slightly.

What's even better was that there was ZERO marketing cost to sell these policies.

Point is for all you new guys out there is that it pays to pick up the phone annually and review coverage. Even in the Final Expense market.

Your clients will appreciate it, buy more, and refer more.

Wish I would have started sooner!

You doubted me when I tried to tell you that if they bought from you once, they would buy from you again?

----------

Thanks Reardon,

How do you recommend tracking clients and go backs when placing them with so many different carriers?

I love the cards Settlers sends us with client information because I can note things I learn during earlier meetings that I can go back on in later meetings. Any systems or CRM ideas you can share from experience?

Even if the company does not send the client cards, it doesn't take but a minute to make a couple of 3X5 cards.. (or you could use a CRM).. You can set up one file alphabetically but the prospecting file you set up by the month the policy was issued.. The each year, you call on the clients in that month's file.

 

[Justin Bilyj]

A great thread would be conservation strategies...

 

[WinoBlues]

Follow-Up with ALL lapses and current customers.

I've had an off-week this week regarding my lead flow, and I've had to depend on working my existing book of business for new leads and new business.

Here are some sample cases I've written off of existing customers or lapsed clients.

-A couple added $2000 in coverage for a total of 300AP
-I rewrote a guy who lapsed his policy three months ago for 1800AP.
-I replaced an existing customer's Lincoln Heritage policy she just took out a few weeks ago.
-I replaced an existing client's coverage that was written as modified while she had cancer two years ago, and got her more coverage for the same price.
-I generated a few referrals and appointments off the existing customer base
-I visited a lapsed customer who wasn't interested in buying again from me yet, but mentioned his ex-wife needed coverage, and wrote a 420AP app.

I also came across a client or two that had lapsed that had taken out coverage elsewhere that I couldn't beat; maybe if I followed up sooner, then I would have gotten the deal?

I roughly got into 4 out of 5 clients/lapsed policy-holders that we called on, and probably sold 2 policies for every 5 appointments. So my appointment-setting ratio was about double compared to leads, and my close ratio was only off slightly.

What's even better was that there was ZERO marketing cost to sell these policies.

Point is for all you new guys out there is that it pays to pick up the phone annually and review coverage. Even in the Final Expense market.

Your clients will appreciate it, buy more, and refer more.

Wish I would have started sooner!

It will never work.

................

 

[FEX Quotes]

Follow-Up with ALL lapses and current customers.

I've had an off-week this week regarding my lead flow, and I've had to depend on working my existing book of business for new leads and new business.

Here are some sample cases I've written off of existing customers or lapsed clients.

-A couple added $2000 in coverage for a total of 300AP
-I rewrote a guy who lapsed his policy three months ago for 1800AP.
-I replaced an existing customer's Lincoln Heritage policy she just took out a few weeks ago.
-I replaced an existing client's coverage that was written as modified while she had cancer two years ago, and got her more coverage for the same price.
-I generated a few referrals and appointments off the existing customer base
-I visited a lapsed customer who wasn't interested in buying again from me yet, but mentioned his ex-wife needed coverage, and wrote a 420AP app.

I also came across a client or two that had lapsed that had taken out coverage elsewhere that I couldn't beat; maybe if I followed up sooner, then I would have gotten the deal?

I roughly got into 4 out of 5 clients/lapsed policy-holders that we called on, and probably sold 2 policies for every 5 appointments. So my appointment-setting ratio was about double compared to leads, and my close ratio was only off slightly.

What's even better was that there was ZERO marketing cost to sell these policies.

Point is for all you new guys out there is that it pays to pick up the phone annually and review coverage. Even in the Final Expense market.

Your clients will appreciate it, buy more, and refer more.

Wish I would have started sooner!

Three words..

SALES FROM SERVICE

Nice job!

 

[jdeasy]

I contact every lapse, NSF, closed bank account, missed payment, etc.

Anything that goes wrong I find out if it's fixable. Sometimes it isn't. Most times it is.

This week I helped a guy get a $135/mo policy back on the books. His bank account was closed by the bank because of some suspicious activity. Turns out his son was stealing from him. It's been on the books a year and a half so I won't make much off that one but the family knows who to call for insurance and problems.

I rewrote another lapse. Put her back with the same company. She wanted the coverage but couldn't afford to pay 2 months back. Located another lady that had an NSF on a $25/mo policy. It's been on the books 4 years. I had to go find her in person because she had moved and changed phone numbers so I couldn't call her.

She says she is going to take care of it. I don't know if she will or not but I put in the time to conserve it.

Doing this consistently helps more than anything I do with referrals. Plus I get to keep more policies on the books.

Most of the time when I contact people they don't even know there was a problem. I'm getting to them before they get notice from the company or their bank.

 

[Rearden]

I contact every lapse, NSF, closed bank account, missed payment, etc.

Anything that goes wrong I find out if it's fixable. Sometimes it isn't. Most times it is.

This week I helped a guy get a $135/mo policy back on the books. His bank account was closed by the bank because of some suspicious activity. Turns out his son was stealing from him. It's been on the books a year and a half so I won't make much off that one but the family knows who to call for insurance and problems.

I rewrote another lapse. Put her back with the same company. She wanted the coverage but couldn't afford to pay 2 months back. Located another lady that had an NSF on a $25/mo policy. It's been on the books 4 years. I had to go find her in person because she had moved and changed phone numbers so I couldn't call her.

She says she is going to take care of it. I don't know if she will or not but I put in the time to conserve it.

Doing this consistently helps more than anything I do with referrals. Plus I get to keep more policies on the books.

Most of the time when I contact people they don't even know there was a problem. I'm getting to them before they get notice from the company or their bank.

Yep -- most lapses and NSFs are fixable -- maybe 75% or so?

Have you tried actively calling back on your clients to do reviews?

I know you get enough in-bound referrals from existing customers maybe not to worry about it, but visiting clients has paid off nicely for myself.