As an insurance consultant I find one of the biggest opportunities for a new sales person is going back and tackling unsold quotes. But this can prove difficult because they already said no once, right? However, they are a great source of high quality and filtered opportunities that may take some elbow grease but can still be efficient and effective to work. So why isn’t everyone doing it? Well, it takes a proactive outbound strategy to get there!
We recommend a three step approach to earning back the unsold business but you must be committed, persistent and ready to rock when you launch it!
Step 1: Get To A No
The first step of earning back unsold business is how you sell it. You need to ask for a no. When you present a quote to someone and they do not sign, ask for the professional courtesy of letting you know why they didn’t choose you. You want to get to the “No” so you can stop following up but also, more importantly, to understand where and when you can be stronger.
After you get the “No” you want to make sure you have all the accurate information, for example where they did go so you can clean up the file. Remember, in a few months you will be picking it up again so make sure it’s ready for the next dance! No valid contact information will set you up for failure down the road! Leave them on good terms and let them know that you hope to earn their business in the future!
Step 2: Nurture, Drip and Stay Present
Too many agencies do nothing to stay present with their current customers or leads in the funnel. Quite frankly, it’s sad! When you go to watch TV there are only 9000 insurance commercials. You can’t send a card or email to your customers to offset it? Really? Take advantage of this. Send your prospect pipeline birthday cards, monthly e-cards, etc. Do something so they remember you and your name. This also makes it easy for them to find you if THEY need something. If you aren’t going to nurture this list you won’t have the same hit ratio.
Step 3: Get Proactive At Renewal
You need to be ready to be front and center when they get their new renewal in the mail. This is your time to pounce! You have already been more present (most likely) than their current agent. You will need to call 3 times and send them a quote in the mail. Remember, hand written fun colored envelopes work! If you give up at call 2, you won’t get the sale!
Conclusion
What a great lead list for new and old producers. However, if you aren’t capturing quotes in a system you will never be able to pull this data. It takes commitment to process and to see this thrive. Another way to help with this process is we work with agencies across America to enact these practices and we are happy to help you too! We also have an unsold business strategy kit that includes the process, scripts, letters and virtual training for your team so you can get started. Let us know if you are interested!
