During the past year, in spite of having worked not more than two-thirds of the year selling life insurance, I had my second best year — my total volume, according to Million Dollar Round Table qualifications, being $1,441,148. I had the feeling during 1950 that I was not contacting enough new prospects, so when the results of the year were completed, I decided to analyze them.
It has been said that a well-established life underwriter should secure about 40% of his business each year from new prospects, in order not to gradually work himself out of this business. My last year’s result, coming in at 13%, was quite shocking to me, so I began to wonder how I could have achieved this result with so small a percentage of my business coming from newly developed prospects. It then occurred to me that in all probability the reason why I did have a fairly good year’s business in 1950 was because my prestige building program was beginning to pay off. On checking back, I found that quite a number of my last year’s policies were the result of my clients, on their own, calling me for new insurance before my next scheduled follow-up call. Further, it was considerably easier to sell new contracts to my clients than it used to be. Also, when I contacted new prospects, I was much more readily received than was the case 15 years ago.
Therefore, I now feel I have positive proof that a life underwriter who undertakes to develop a favorable reputation for himself in his community by carrying more than his share of the thankless jobs in civic activities builds prestige for himself that will definitely pay off to him in increased business that is considerably easier to obtain.
Editor’s note: The preceding Million Dollar Sales Idea was originally published in the May 1951 issue of Life Insurance Selling.
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