Irwin Cohen, or "Butch" as he is known to friends and family, stands as Exhibit A for prosperity through specialization. Ask almost anyone who works primarily in the disability income (DI) market — not just producers, but underwriters, actuaries and sales executives — who the top DI salespeople are, and in short order, Irwin's name comes up. The burly, bespectacled 49-year-old Chicagoan overcame early career struggles and has crafted a highly lucrative niche catering to the income-protection needs of professionals in law and medicine.
More than 80,000 attorneys practice in Illinois, along with about 30,000 physicians and dentists. Attorneys are the cash crop, however; Irwin estimates that 2,200 new attorneys will graduate from Illinois law schools this year, compared to about 100 new dentists in the state. These professionals are prime candidates for disability income protection, and Irwin prospects almost exclusively in their ranks. In a good year, he'll write $350,000 of new DI premium on several hundred clients. His DI premium goal for 2007 is $500,000.
The common denominator of his practice is his target market, especially attorneys. They have large incomes that need protection. "In downtown Chicago, there are 20,000 attorneys," Cohen says. "The ones who aren't doing well are making $100,000. The ones who are doing really well are making $5 million to $10 million." Irwin has standing endorsements from several professional associations in Chicago and Illinois, a major help in establishing himself with new prospects.
His methodology is another proof of the axiom that activity drives sales. In a typical week, he has 30 to 50 appointments, including at least 15 with brand new prospects. "Our first goal is to have a minimum of six and a maximum of 10 appointments every day, each spaced about an hour apart," he says. Some are what he calls "opening" appointments, usually 10-15 minutes over the phone to establish credibility and rapport with the prospect. Then there are the "writing" appointments, typically no longer than one hour, in which Irwin gathers the facts, proposes a coverage program and takes the application. He also does all policy deliveries himself and uses them to reinforce the sale.
