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Capitalizing on Life Events for Prospecting

Challenge: Insurance agents had difficulty obtaining referrals from existing clients and in approaching cold prospects.

Actions: Created a line of twelve Building Blocks booklets providing information, advice, and useful contacts related to major life events (having a child, buying a house, job-hunting, preparing for retirement, losing a loved one, etc.). Major life events are the times people are most likely to make life insurance and investment decisions. Taught agents to offer these booklets to current clients during Policyholder Annual Reviews, and to ask those clients if they knew anyone else who might benefit from one or more of the books (referral solicitation). Booklets provided an easier entrée to prospect households than simply asking for an appointment. To kick off the booklets' introduction, agents were provided with lists of policyholders likely to be currently undergoing the life events covered by the booklets.

Results: Agents were more likely to successfully schedule Policyholder Annual Reviews (since they had something valuable to offer) and to ask for and obtain referrals during those reviews. Agents were more likely to obtain appointments from referrals (since they would drop off the booklet(s) at the appointment). And they were more likely to make sales as a result of the appointment since they were approaching households at the time of a pre-identified major life event.