April 27, 2023
Prospecting for Success in Independent Property and Casualty Insurance
Prospecting is a vital part of winning new business in the world of Independent Property and Casualty Insurance. It involves identifying potential clients and reaching out to them with the goal of turning them into paying customers. To succeed in prospecting, you need to be strategic and disciplined, and use effective techniques like cold calling, storytelling, some times the hard part is sticking to a plan and even disqualifying prospects early.
In this weeks episode of Insurance Town, Nick Aube, spends some time with the mayor talking about all of these things and so much more. The Mayor, Heath Shearon, has always been a fan of the cold call, and even shares some of his story about cold calling and what he has learned along the way from his father. Nick says he started off his career cold calling and still, actively cold calls to this very day. Nick tells us a hilarious story about playing “Pretty Pretty Princess” with his Wife and Daughter , and some how, quite effectively I might add, ties it back to Cold Calling. This video can be found on his Linkedin Page
Cold Calling: A Good Place to Start
Cold calling is one way to start your prospecting efforts. It involves reaching out to potential clients by phone or email, even if they have not expressed interest in your services. Cold calling can be challenging, but it can also be an effective way to get your foot in the door with potential clients.
Storytelling: Engaging Prospects with Your Message
Storytelling is another important technique in prospecting. It involves using compelling stories to engage potential clients and help them see the value of your services. By telling stories that showcase your expertise and the benefits of your services, you can create a connection with prospects and increase your chances of converting them into paying customers. Nick is such an incredible story teller and throughout this episode he does a fantastic job of telling stories and adding some laughter here in this episode
Throughout this episode, Aube talked about what he learned about the BOR and how he grew his business over 6-8 year period using the BOR. He also discussed how he nearly gave up on it before he even started integrating it into his process. He said that, was one of the hardest parts. He learned from his early mistakes and talks about many of those mistakes in this podcast and the lessons he learned along the way.
Matt Skillen- Whats going on with this new Vertical – Insurance Town
The BOR: Sticking to the Plan
The Broker of Record (BOR) game is a prospecting strategy that involves targeting clients who are dissatisfied with their current insurance provider. To succeed in the BOR game, you need to stick to the plan, which involves identifying potential clients, building relationships with them over time, and being patient as you wait for opportunities to arise. By sticking to the plan, you can build trust and credibility with potential clients and increase your chances of winning their business over the long term. This was something that Nick spoke about in this episode and teaches to his clients through his company Producer Systems. He has some great content out there on his Linkedin page as well. You should definitely check out his page.
Disqualifying Prospects: Focusing on Quality Over Quantity
Nick and the Mayor also talk about disqualifying customers too. Not all prospects are a good fit for your services. To avoid wasting time and resources, it’s important to disqualify prospects early if they are not a good match. By focusing on quality over quantity, you can build a book of business that is sustainable and profitable over time. This means identifying prospects who have a strong need for your services, are willing to pay a fair price, and have a good reputation in the industry.
Conclusion
Prospecting is a critical part of winning new business in Independent Property and Casualty Insurance. By using effective techniques like cold calling and storytelling, sticking to the plan, and disqualifying prospects early, you can increase your chances of success and build a thriving book of business over time. Remember, prospecting requires a strategic and disciplined approach, so be patient, persistent, and focused on your goals.
Check out this entire episode wherever you listen to podcasts.
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