NAILBA 29 Workshops — Harvesting Your Book: Creating Revenue With Contacts You Already Have!Blog added by Paul Wilson on November 22, 2010
Paul Wilson

Paul Wilson

Denver, CO

Joined: May 30, 2007

My Company


Thursday afternoon’s workshop continued to focus on dealing with the various challenges facing the life insurance industry. How do BGAs and agents deal with less money, more expensive products and decreased marketing? While many are striving to attract as many new customers as possible, panelists John Felton, Tennessee Brokerage Agency; Paul Kasik, American Insurance Marketing Company, LLC (AIMCO); Jeff Mooers, H.D. Mooers & Co. believe the answer could come from existing contacts.

John Felton said that his company has moved back to basics, focusing on existing contacts, sales education and ideas, rather than on price, product and competition.

Other panelists agreed that when it comes to marketing and sales strategies, the key to facing adversity lies in turning to an existing book of business.

However, compiling a book of business requires a lot of hard work, and BGAs often find it difficult to get the information from home offices. In addition, challenges can arise due to the quality of the data. Therefore, moving forward, special emphasis should be made on maintaining data accuracy at all costs.

The panelists said they also meet regularly with agents to discuss old policy reviews and conversions, noting that some producers don’t always recognize policies that were written just a few years ago.

In addition, the workshop discussed the importance of cross-selling, recommending that both agents and BGAs focus on education in a variety of products, even those that may fall outside of normal comfort zones. They suggested that BGAs offer CE credits to producers to encourage them to branch out and educate themselves on various products. In addition, agents must identify cross sells that make sense, while BGAs help manage the program. Finally, results must be tracked in order to discover what works and what doesn’t.

The workshop ended with advice that should offer hope to any producers reading this blog: BGAs should strive to put themselves in the shoes of brokers and do all they can to make them successful.
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