Week 8 Sales Challenge Update

For weeks 1-7′s recap, please click “Sales Challenge” under Categories.

The point of recapping my apps for the week are for training purposes.

I didn’t have a good week production wise, but marketing wise it was off the charts!

If you’ve read previous “Sales Challenge Updates”, you’ll see that I have a referral source who refers me his clients who need coverage to secure a loan.  Without the life insurance, they don’t get the loan so these are decent referrals.  The only reason I say “decent” and not “great” is the average premiums are pretty low.   Well, I’ve done great work for them and I’ve been offered to get ALL of their firms business because I’m placing more than double than where they’re other sales people are sending them.   This means 25-40+ referrals per week starting on the 15th!

I actually had to think about if I wanted to do this.  You’re probably thinking “what’s there to think about?”.  Well, the premiums are half of my average premiums and I wouldn’t be working any of my website leads.  I’ve been selling for around 4 hours a day and now will probably have to sell a bit longer which takes time away from other activities which grow my business.  I’ll figure it all out once I start receiving these leads, but it’s too good of opportunity to pass up.  I predict I’ll be doing around 15 of these small applications per week from these referrals.  We’ll see.

So those 2 new agents that started last week that I said could be potential monster producers?  Well, one of them submitted over $6.5k in their first week on 7 applications.  All phone sales from internet leads.  “LH” – if you’re reading this, good job buddy!  You outproduced me in your first week!

Alight, on to the production this week.  I spent a lot of time analyzing the referral source to see if it made sense financially and figuring if I wanted to work with this firm’s clients.  I also took Friday off to attend a wedding in Denver so it was a short week.   With that said, I still submitted 4 EZlife applications and 4 Fidelity applications.

The agent working some of my website leads submitted 4 EZlife applications for $1128.  Since we’re splitting 50/50.  That’s $564 in submitted premium from him.

EZlife Sales:

EZlife App #1:  Website Lead Call In.  She was shot in Afghanistan while serving our country.  Her house was ripped apart in one of those tornado’s a few months ago.  She’s had a rough few years.  She’s had 7 surgeries on her back because of the gunshot wound, but doesn’t take any pain meds and moves around fine.  She’s not on social security disability and has no other health issues.  If what she’s saying is true, she’ll qualify for Standard rates.  App Out $1092

EZlife App #2 and #3: Husband and Wife.  Website lead I quoted 2 weeks ago and didn’t put it in my follow ups because it was too small.  I did put them on my “quoted” drip email sequence and they called me back and proceeded with the applications.  They are both in their early 30s applying for 20 year term at $500k because of their first baby.  App Out for $264 and $192.

EZlife App #4: Website Lead Call In.  This guy called in and had melanoma in 1999 and has been cancer free since.  He was in a car accident 4 years ago and takes Hydromorphone as a pain medication.  He also takes Zoloft and Welbutrin for depression.  I asked our agency underwriter what he thought about this case and he said Table 4.  I played it safe and quoted a Table 8.  He was fine with the rates.  App Out $720

Here are my 4 Fidelity Applications.  All of them are from my referral source and since I’m writing this on a Monday, I can tell you all 4 are already approved and in force!  Total app out from Fidelity $1335.40

I’m happy with the amount of applications considering it was a short week for me, too bad they were well below my average premium.  It’s frustrating, but it happens.  Nothing you can do about it. Total premium in new applications for the week on 8 applications: $4167

My production has been declining for the last 4 weeks, but I’ve been above my weekly $4000 app submitted target every week since the sales challenge started.

Total premium apped out this week: $4167
Total premium to date (over 8 weeks): $53,587

I’m still way ahead of pace to hit my 5 month goal of $80k submitted.  I’m on pace to do over $100k!  If this referral relationship pans out the way I think it will, I should have no problem getting there.