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I don't do direct mail; I rarely have occasion to send a pre-approach letter; I don't prospect, and I haven't made a cold call in 10 years. I don't work nights or weekends and I'm learning to be a real family man to my wife and two very young children. Meanwhile, I qualified for the Million Dollar Round Table (MDRT) top of the table once and the court of the table twice.
How did I do it? I'm one of four owners in an insurance agency with approximately 65 percent of its revenue coming from the sale of commercial property and casualty (P/C) insurance. Yet, I don't sell P/C and can't even discuss the subject in any great depth.
My involvement with a P/C agency is like a shoehorn. New shoes don't slip on easily, that's why the salesman offers you a shoehorn. Sure, you can scrunch up your toes, lacerate your heels and get those new shoes on without a shoehorn, but one helps. Neither do you need to be involved in a P/C agency to meet quality business owner prospects on a favorable basis, but it helps.
HOW THE SHOEHORN WORKS
The shoehorn works because our partnership is set up in a way that anticipates the pitfalls of discontent. P/C agents are different sales animals from life agents. People buy their products because either legally or perceptively they believe they must. It's primarily a question of who they will buy from. P/C agents have a level commission structure. They receive the same percentage of premium every year the client renews. Consequently, P/C agents are taught to have a low-key, no-pressure approach, to develop relationships, to provide lots of service, be nice and hang on.
Because of the differences in approach, you don't want a P/C agency directing how you market your products and services any more than you want a football coach teaching your kids how to play basketball. For that reason, I first sold my prospective P/C business partners on the fact that I was successful and didn't...