Re: Advice Wanted -- Insurance Forum

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Date Posted: Tue, June 18 2002, 20:05:15
Author: Keith Busmente
Subject: Re: Advice Wanted
In reply to: Brent D. Gardner, ChFC 's message, "Re: Advice Wanted" on Sun, June 16 2002, 11:29:59

Brent,

I know I have asked you this question before, but that was a couple of years ago. As I think you know, I am a captive agent with a large mutual insurance company; however, my strings are being cut in 60 days as my training contract will end. I have some ideas how I would like for my business to grow, but I would like to get input from you, along with anyone else who has experienced the early growing pains, as to how to position myself in the future to take advantage of what I see as an undersupply of qualified advisors. I am just completing my LUTCF designation (it was easy and my company paid for it) and starting on my ChFC. I've considered going back and getting a law degree but the present value and marginal utility calculations just don't justify that. What do you think?

>>Up to this point in my career (three years in August),
>>I have not ventured into the health insurance field.
>>First, it doesn't particularly interest me, and,
>>second, I feel as if it would take time away from life
>>and securities. It appears to me that health
>>insurance can be time consuming. Nonetheless, I think
>>I'm leaving money on the table and it seems as if
>>everyone will let you in the door to get a health
>>quote. Any advice or strategy would be appreciated.
>
>Keith,
>
>The first policy I sold was an individual major
>medical back when I was a Junior in college. The
>second policy was a group health contract.
>
>I've come to love and hate health insurance, but from
>a marketing perspective, it DOES generate
>appointments. I still sell individual and group, but
>it is a pain sometimes. Every year, the premiums go
>up. I'm at a point where I don't apologize anymore,
>because its not my fault. =)
>
>One area that can boost production is working the
>Medicare Supplement market. Most prudent seniors buy
>the coverage, and they all seem to want help in their
>purchase decision. Invariably, it leads to cross
>selling opportunities.
>
>The positive thing about individual major medical is
>that a lot of the people that buy it are
>self-employed, which creates needs for other products
>and services. The same goes for group.
>
>There are some differences between health and life.
>Health insurance is a "take it, or leave it" business.
>I'm not saying that salesmanship doesn't matter - it
>does. But, if your product isn't priced to sell,
>you're SOL.
>
>For group, I use company reps to help with
>presentations and enrollments. I tend to avoid
>brokerage houses, because they want to own my book,
>but every state is different. The better companies
>have found that "quote mills" do not result in good
>claims experience. They contract direct to the writing
>agent, which I like. The downfall is I have to do my
>own research. The upside is I own my business, and I
>don't share business with anybody.
>
>For individual, I have my own GA contract with a
>company that I've used for 6 years (have my own
>coverage with them). Fortunately, they are
>competitive, so I don't quote umpteen companies
>anymore. I say "This is who I sell" and that's that.
>Every state will be different, though.
>
>Medicare Supplement business in my state is EASY,
>since the the Insurance Commissoner publishes a guide
>with ALL company rates and phone numbers. It makes the
>search for a good company VERY easy.

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Replies:

Re: Advice Wanted -- Brent D. Gardner, ChFC, Tue, June 18 2002, 20:26:03