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How to work your book of business

As an independent life insurance agent, every time you sell a policy to one of your prospects you’re adding to your book of business. Over the years, you’ll add hundreds of clients to that list in your book. What you do with that list will determine your financial future as a life producer.

As an independent life producer starting in the final expense, or mortgage protection market, if you’re working hard, you’re adding on average of 200 clients a year. These two markets present themselves as one visit closes. The adage of “one-and-done” couldn’t be more wrong.

Yet this is what is taught. Many short-sighted managers teach agents to “keep buying leads, set your appointments and work that process three or four days’ week you’ll be rich.” Is this true when you are first starting your life insurance career, yes. Once you have built 500+ clients, however, it’s time to start working your book adding this component to your marketing.

Working “leads” will always be a part of our business. The question is where are those leads coming from. When you first start your career, you will spend most of your money on buying leads. You’ll then add referrals to help supplement your marketing reducing your out-of-pocket lead expense. To further reduce that expense, you need to market to your book.

The most effective way to begin this process is annual reviews or the very least sending out cards on policy anniversary dates. Start this your very first year with the goal of keeping your name in front of your clients.

Secondly, as your career and business grows, learn new markets and products. The clients you’ve spent cultivating have additional needs. Those same people you sold a mortgage protection life insurance policy will need a final expense policy, they may have retirement monies that need to be rolled over into an annuity for safe keeping.

Imagine being in the business for 15-20 years and the size client list you’ve developed. Working your book at this stage in your career is now all you’ll have to do. There will be term policies ready to convert, IUL policies with a matured cash value account that can be moved into an annuity or single life policy, their children are ready to buy a policy…the scenarios are endless.

At Legacy, a natural career progression might be final expense to mortgage protection to indexed universal life to asset gathering. It doesn’t matter which market you are working when you partner with Legacy, we’ll help you grow your business. An example is if you are a Legacy partner one of our premier marketing programs is our Champions program which is a reciprocal relationship with P & C agencies marketing to their client list for life insurance sales.

Bottom line, the book of business you build is one of the most important aspects of your life insurance career. Learning to mine that client list for additional opportunities will provide you an income for years to come.

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