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Insurance Prospecting Methods Statistics Essay

2206 words - 9 pages

Prospecting is the number one key to an insurance sales professional success. Insurance sales agents need to prospect in order to build their book of record. However, not all insurance sales agents are successful at prospecting or they do not put in enough time prospecting. There are several different methods insurance sales professionals use to build their book of records such as, referrals, cold calling, news paper advertising, market kiosk, seminar, TV, and radio advertising. With all the methods that were mention it would take too much time to compare them all, therefore this paper will only research three prospecting techniques: referrals, cold calling, and sales leads using a self-designed fictitious study, using a measure of central tendency, a measure of dispersion, a graph, and an ANOVA one way.
Prospecting Method
In order to understand how insurance professional conduct their business, one needs to understand the meaning of prospecting, prospect, book of records, and leads. Prospecting are sales techniques that insurance professional use to build their book of record. A book of record is the list of all their clients they have already sold insurance too. A prospect is a new potential client Leads are a list of names or businesses that the insurance professional uses to gain new clients or prospects. Three of the most common methods of prospecting that agents use are referrals, cold calling, and generated sales leads.
Referrals are leads or people that their current clients, friends, or other businesses recommend to the insurance professional of people who they believe may need the insurance agent’s products or services. Cold calling is method where the agents call, visits, or emails a person or business, which was not expecting any interaction from the agent, also known as
soliciting. To determine which method is most effective for insurance professionals to increase their book of record, we will be using a self-designed fictitious study.
Through an Advisor survey conduct by Life Health Pro Most veteran professional say that referrals is the most effective prospecting method for writing new clients (Hersch, 2014). Amanda is a new insurance agent and wants to know which one of the three methods of prospecting referrals, cold calling, or sales leads would be most effective for yield the writing new clients. When building report with customers, it give the agent a source future customer through referrals (Victor & Otiso, 2013). In order to test the theory of the veterans about beliefs about the effectiveness of the referral prospecting method, Amanda conducted a survey that consisted of 30 new insurance professionals on which one of the three prospecting methods referrals, cold calling, or sales leads, were most effective in obtaining clients in their first year. After collecting the data and totaling the data, she separated them in to three variables: referrals, cold calling and sales leads.
Prospecting Methods

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