Essay about Insurance Prospecting Methods Statistics

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Prospecting is the number one key to an insurance sales professional success. Insurance sales agents need to prospect in order to build their book of record. However, not all insurance sales agents are successful at prospecting or they do not put in enough time prospecting. There are several different methods insurance sales professionals use to build their book of records such as, referrals, cold calling, news paper advertising, market kiosk, seminar, TV, and radio advertising. With all the methods that were mention it would take too much time to compare them all, therefore this paper will only research three prospecting techniques: referrals, cold calling, and sales leads using a self-designed fictitious study, using a measure of…show more content…
Amanda is a new insurance agent and wants to know which one of the three methods of prospecting referrals, cold calling, or sales leads would be most effective for yield the writing new clients. When building report with customers, it give the agent a source future customer through referrals (Victor & Otiso, 2013). In order to test the theory of the veterans about beliefs about the effectiveness of the referral prospecting method, Amanda conducted a survey that consisted of 30 new insurance professionals on which one of the three prospecting methods referrals, cold calling, or sales leads, were most effective in obtaining clients in their first year. After collecting the data and totaling the data, she separated them in to three variables: referrals, cold calling and sales leads.
Prospecting Methods
Referrals Cold Calling Sales leads
22 8 24
22 8 22
14 8 14
13 8 14
12 8 12
12 7 12
12 7 12
11 6 10
10 6 10
10 6 8
9 5 7
9 4 7
9 4 7
9 4 6
7 3 6
7 3 6
6 3 6
6 3 6
6 3 6
5 3 6
4 2 6
4 2 5
4 2 5
3 2 5
3 2 5
3 1 4
2 1 4
2 1 3
2 1 2
2 1 2

Before going on to the ANOVA one way, Amanda wanted to measure the central tendency, which is a single value used to describe the of the data sets such as the mean, median, and mode of the three data sets (Lund Research Ltd, 2013). Next, she did a measure of dispersion. According to Greg Elvers, (n.d.) a measure of dispersion is descriptive statistics that describe

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