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Does X-dating still work?
The direct writers discovered the concept that people are more apt to change their insurance coverage when it renews, than at any other time during the year.
But…the present emphasis on buying personal insurance on the Internet has removed some of the value of X-dating? Or has it?
Not exactly!
I still encourage agents to ALWAYS ask contacts, friends, whomever, (especially commercial lines prospects) these two questions:
1. When does your insurance expire?
2. What is your e-mail address?
Here are some X-dating ideas that have worked over the years:
Rule of 500:
Each Producer/CSR gets 2 personal lines X dates each day (ten a week, 500 a year). Statistics show that the results can average six interviews and three sales for every ten calls made on those expiration dates.
Pay for X-dates?
Pay your staff for x-dates. Why not pay $5.00 for every x-date…and even give them a flat fee ($25-50) for every x-date they obtained that turns into a sale?
Commercial lines x-dating
Commercial lines x-dating still works. Agents tell me that, on average, for every ten commercial lines x-dates they garner, three interviews will take place, one sale will be made.
X-dating at renewal time
Even if you can’t turn the one or two-policy customer into a full-service client at renewal time, you CAN and should to get his/her x-dates for all the coverage’s you don’t write. Make this standard procedure in your office.
The magic rule of thumb for selling insurance is when the client tells you “The more you know about me (and my business) the better your chances to sell me”, having the x-date is the first step towards success.
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