Insurance Prospecting Methods Statistics

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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 n...

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...rom the others.

References
Bennett, J. O., Briggs, W. L., & Triola, M. F. (2014). Statistical reasoning for everyday life. Boston, MA, Pearson/Addison Wesley.

Elvers, G., C. (n.d.). Measure of dispersion. “).“[PDF file]” Retrieved May 25, 2014 from http://elvers.us/psy216/pdfs/dispersion.pdf

Hersch, W., S. (2014). Mining for prospects: 5 popular techniques used by advisors. Life Health Pro. Retrieved May 25, 2014 from http://www.lifehealthpro.com/2014/02/18/mining-for-prospects-5-popular-techniques-used-by.

Lund Research Ltd. (2013). Measures of central tendency. Laerd Statistics. Retrieved May 25, 2014 from https://statistics.laerd.com/statistical-guides/measures-central-tendency-mean-mode-median.php

Victor, O., & Otiso, K. (2013). The Effects of customer prospecting methods on sales force performance. European Journal Of Business & Management, 5(10), 90

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