The NFL draft is just around the corner. What can you, as insurance agents, learn from an NFL general manager? Just as they are out seeking the perfect college football player to fit their team, you are out there searching for the best clients who need paycheck protection. There are thousands of client and occupation types. How do you know where you should focus your disability insurance prospecting?
1st Round – The best prospects in the market are the clients you have already done business with. The fact that they have already purchased a different product from you automatically makes these clients prime prospects. The trust and name recognition that you have built make it easy to approach them about disability insurance. Take a look at your current block of business and reach out to these 1st round prospects. This is a proven way to grow your book of IDI business.
- Early / Mid Round – The next group of clients to target is the physician and white-collar market. Professionals and executives are great prospects because of their high level of specialty and earned income. They have invested a lot of time and energy into obtaining their degrees and building their earning power. They need income protection to safeguard that investment. These clients offer tremendous value because they know a lot of other professionals with similar needs. When you help physicians, let them know that with a group of three (two more employees at the hospital), they can get a 15-20% discount.
- Late Round – Even though these next prospects come towards the later rounds, there is still plenty of value in seeking them out. Many of our carriers are becoming very competitive with business owners classes. They are also competitive for occupations that require manual dexterity. Many have programs that offer additional discounts and occupation class upgrades. Business owners also open the door to cross selling opportunities with other disability insurance products (business overhead expense, buy/sell and key person).
When you are thinking of which occupations to target, remember that there is value in each round! Click here to download our handout on picking the perfect DI prospect.