If you have 300 annuity brokers under your marketing contract, with 150 producing issued cases during the last 6 months, you may think you are doing an excellent job. You probably are, but trying to increase your successful annuity marketing might be extremely hard. That's why we are going to reveal a few recruiting and marketing secrets.
Eventually a point is reached where you might be close to annuity marketing saturation. Upon reaching this plateau, no matter how good you and your annuity company are, only a limited number of brokers will be contracted. Suddenly a cost of increasing your share of quality annuity brokers becomes too expensive. Then you must spend a tremendous outlay of recruiting money just to stay even. It's no secret that your annuity marketing competitors are in relentless pursuit. To make up a lost producer you must recruit a replacement of at least the same caliber.
Reaching this annuity marketing "stagnation" level certainly puts you as a center of envy among your competitors. But, how do you know when you have truly reached this level? Are you permanently or temporarily road blocked? Will adjusting promotional and marketing techniques clear the way to become and stay the leader of the pack?
These questions are difficult to answer, yet necessary to understand. Many annuity marketing firms leap blindly forward without doing analytical research. Have you researched how many brokers are selling annuities in your state or territory? We don't know how you could know that , but we did your homework for you.
Do you know how many annuity producers that the top 5 annuity marketing companies have under contract? And what about the rest of the other 20 to 35 annuity carriers? NEVER have we seen any figures of this nature published. We think ambitious annuity marketing firms like you might like to know these previously unpublished recruiting and marketing secrets.
The breakdown of annuity brokers, by number of the number of annuity carriers they are licensed with, is as follows: Just under half are licensed with a single annuity company. The remaining 51% of annuity brokers contract with 2 or more companies. In fact, 16% currently represent 4 or more annuity carriers. We conclude that brokers licensed with 3 or more annuity carriers are the ones producing mega premium dollars, (75% to 80% of the total annuity production from insurance agents!) Our agent database records reveal that hardly any top annuity brokers represent just one annuity insurance company. Get your piece of the annuity marketing action, by recruiting the jumbo producers.
Using an example state of 20,000 licensed life and health agents, here's a typical breakdown of how many annuity financial insurance companies they are currently licensed with.
1 annuity carrier = 1,812 annuity brokers
2 annuity carriers = 936 annuity brokers
3 annuity carriers = 394 annuity brokers
4 or more carriers = 598 annuity brokers
Be realistic with our annuity marketing strategy. There are only a certain number of annuity brokers, and that is it. You really are not going to "make more" annuity brokers using telemarketing and email efforts. Keep a persistent annuity marketing plan, hitting the annuity brokers hard. The top two tiers at least 4 times a year, and the other annuity brokers only once.. The minute you stop, your competitors keep going.
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Don Yerke is the marketing adviser at Agents Insurance Marketing USA, a firm he founded over 25 years ago. The over 150 page website is located at www.agentsinsurancemarketing.com. This is the premier firm in providing carefully refined and selected Department of Insurance agent name lists. Our clients are composed of insurance company recruiting directors, independent marketing organizations, insurance wholesalers, and general agents looking to recruit quality agents. Check out our articles
