My First Big Insurance Sale As An Insurance Agency Producer

The first sale I made as an agent producer is the one I can still recall. This sale occurred right after my first anniversary. This was my first five-figure commission, which was a great result for a young agent working in the downstate NY market.

Today, I want to tell you how this deal came together and why I believe that agency producers need to have a better sales and marketing process.

  1. I called to prospect the husband and wife. My agency had many life insurance policies that they had had in place for years. I had a vague idea of their identity, so I reached them. They were willing to meet to discuss their coverage.
  2. I met them on-site for an initial meeting. It took me about one hour round-trip in my car. We talked about their current policies as well as how the market has changed. I shared stories about how I had recently increased coverage or reduced costs for families similar to theirs. They agreed to reexamine the matter.
  3. After several emails and follow-up calls, they agreed to another meeting. This would allow me to compare their current coverages with what was possible given their quality ratings. (On-site meeting #2 – an additional hour plus round trip by car).
  4. We spoke for over an hour about how policy changes and mortality have made it possible to create such opportunities. I said that as long their health was good, we shouldn’t have any obstacles to achieving a positive outcome. They expressed interest, but wanted to reconsider.
  5. I made two follow-up calls to the wife and she said that they wanted to apply for the new policies. I requested that my staff prepare the applications and all of the endless forms (on-site meeting #3 – an additional hour and round trip by car).
  6. We met to review the medical exam process, complete the applications and discuss other details. The next night, I returned to the office to review the applications. After confirming that everything was correct and complete, I left them for my staff.
  7. My team submitted the applications, and I continued to do other things while we waited for the underwriting process to mature and medical exams to be completed. I was approved several weeks later.
  8. I met with the client one last time to hand over the policies and collect the initial insurance premium. I was thrilled to be able provide a great service and earn significant compensation (on-site meeting #4, another hour in the car).
  9. I sent the final delivery forms to my team. Then, I went back to work and checked weekly for the arrival the commission check.
  10. My agency was paid the commission, and I was finally paid.
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From start to finish, this 10 step process took 120 days. Twelve calls, four meetings on-site, endless forms and patience. This time flew by because I was busy following other prospects. In retrospect, however, it seems like a lengthy sales cycle and a huge time investment. It takes a lot of time.

When you are building your business book, be clear about your goals and what the average commission will earn in your target markets. If the average sale you make is as high as this, it means that you should be making five-figure commissions. This will ensure that each sale is worth your time and effort. Many of these calls or on-site meetings can be made with Skype or GoToMeeting thanks to today’s technology. These meetings are personal, efficient, and effective. You can sell more insurance if you reduce the time you spend in the field and allow you to spend more time with prospects.