We hear it daily and the word is Leads. Moreover, the buzz of leads is immense. People have known to stop relationships over leads. What are leads? How to qualify a lead? What is the process of closing a lead? Today we will specifically talk about insurance leads. Let’s dive right into it. Unlike others we don’t sell leads. Without a doubt we sell complete submissions. Following qualifying questions are for both contractors and non-contractors which may vary a little bit.
- Call businesses and trying to get to the business owner
- First thing is first, see if the prospect has an X-Mod rating. (If license available, provides X-mod rating and governing class code is available at Intellicomp)
- Confirm the customers FEIN number. (In most cases is available at WCIRB)
- Any losses in the past 4 years?
- Do you do both residential and commercial and on what percentage?
- What is the ratio of remodeling and repair?
- What amount of work is sub out?
- How many full time and part time employees they have
- What are the payroll estimates?
- What is the governing class?
- How long have they been with the current insurance carrier? (Similar information is also available at CSLB
- How many brokers are they working with?
- How many quotes are they working on?
- Any height and depth exposure?
- While working with electrical contractors confirming their maximum voltage?
Now if you have all this information, that qualifies for a complete lead. Otherwise its just the company name, website and their email. Now that is a complete waste of time for the broker. Moreover, the broker should review a complete submission. Above all, it is a complete submission if you have:
- Signature Authorization to get the WCIRB X-Mod rating (varies from business to business)
- Complete Accord 130 application
- Full Supplemental application
- All underwriting and rating review
- All years of loss runs
Clearly that is what you call a submission. Instantly the broker can submit to market and get quotes. Thus increasing the probability of writing new business. Once you write one line, the potential of writing other lines also increases. Also intelligent brokers hire data entry services to be on top of their game. Above all we do data entry in ICW Group, Travelers, Employers, Guard, Progressive, Kemper, Allied, Atlas, Applied Underwriters and may similar carriers.
Commercial insurance leads have different types. Additionally workers compensation insurance, commercial auto insurance, general liability, business owners policy, lessors risk, farm liability, excel liability, umbrella and so on. Absolutely it’s the responsibility of the broker to suggest the appropriate line of business. State law in California requires all types of businesses who are at risk of injury to have Workers Compensation Insurance. So hustle more and sell more. Feel free to leave comments and suggestions.