How-to Ideas for P&C Group Benefits

[mjcompanies]

Hi all:

New to the forum (first post) and a new agent, looking forward to networking, learning, and contributing!

I am curious how you would approach doing an employee benefit program for P&C (similar to what Liberty Mutual does). I have some small employers that are willing to do it with me, but they want a specific discount for being part of the group.

The problem is, the P&C carriers that offer this want certain parameters, like certain group size, certain turnover amounts, certain average pay rates for the employees, etc., and I actually have other carriers that don't specifically give an employer 'group' discount, but have all the standard discounts and probably better rates overall than going with the actual group programs (not to mention less hassle and work to set up). How would you approach, market, and set this up with the employer where they are wanting a special discount for working there? I have a company that I need to contact back soon, so I would love any ideas you have on how to go about this, especially how to convince the group/employer to let me in/work with them and how to present and set it up.

Thanks!
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No ideas?

I forgot to mention that I am independent. I have a few indy carriers that have specific P&C employer group benefit programs, but you have to jump through hoops to set them up, they pay less commission, and it is like a 3-5% discount for the employee/insured. Not really worth it to me or them when I have other carriers that will beat those rates hands down, but don't specifically have a defined group/employer discount.

How do I market and set this up with the employer when they want a specific discount for working there???

 

[NCAgent]

Hi all:

New to the forum (first post) and a new agent, looking forward to networking, learning, and contributing!

I am curious how you would approach doing an employee benefit program for P&C (similar to what Liberty Mutual does). I have some small employers that are willing to do it with me, but they want a specific discount for being part of the group.

The problem is, the P&C carriers that offer this want certain parameters, like certain group size, certain turnover amounts, certain average pay rates for the employees, etc., and I actually have other carriers that don't specifically give an employer 'group' discount, but have all the standard discounts and probably better rates overall than going with the actual group programs (not to mention less hassle and work to set up). How would you approach, market, and set this up with the employer where they are wanting a special discount for working there? I have a company that I need to contact back soon, so I would love any ideas you have on how to go about this, especially how to convince the group/employer to let me in/work with them and how to present and set it up.

Thanks!
- - - - - - - - - - - - - - - - - -
No ideas?

I forgot to mention that I am independent. I have a few indy carriers that have specific P&C employer group benefit programs, but you have to jump through hoops to set them up, they pay less commission, and it is like a 3-5% discount for the employee/insured. Not really worth it to me or them when I have other carriers that will beat those rates hands down, but don't specifically have a defined group/employer discount.

How do I market and set this up with the employer when they want a specific discount for working there???

what state are you in? That will probably make a difference.

I know metlife has a program but they have bad rates in my area. Kemper does a discount as well for employer groups and they are solid as a ROCK in NC for rates if you qualify.

Kemper has some requirements though like no place full of ICs (so realtors for example) and needs like 12-15 people minimum to start. But you get a little website from them to use and everything I believe. I have a program with them now in an area I work with and it's nice.

Only problem is that you get a commission cut as a part of this, close to what the discount is. IMO this is almost like rebating.

 

[Bertolinoins]

Do you currently write the benefits? How about offering a "personal insurance review" during enrollment. Or as part of the company risk management program you need dec pages from all employees to insure they have adequate limits if they drive their vehicle on during business hours. If the owner is on board there are several angles you can use but I cannot see one carrier working out for a large employer... the employees often range widely in age, assets and driving records. I have friends that are LM agents and they do this because it gives them an in... but I have never heard it is terribly successful for them. They drop $75-150 on lunch for the office and spend a whole day there and end up closing 2/3 households.

 

[tebb23]

How did you get all these choices and companies to write for as a new agent? I have found that as 1 of the biggest challenges, by your post it sounds like you have quite a few choices as a new agent, how did you get all these companies to write for?

Did you already have a BOB when you called them? My understanding is that helps, but to have an established BOB as a new agent is not an easy feat.

 

[mjcompanies]

Hi all:

thank you for the info. I will try to hit everything:

I do not currently write the benefits. I am currently only P&C licensed until I get that going (and how obamacare rolls out) before I get life/health licensed. I just have some companies that are willing to let me offer P&C to their employees, they just want to know they are getting a specific discount for working there. Problem is, as mentioned, that you often cannot do this until you have a certain number of people signed up. How do you tell them that as the first person to sign up you will get the going rate, but people that follow and hit the magic number will start getting discounts???

That is exactly it--there is not one carrier that can best fit everyone. That is why I am independent in the first place! I guess maybe that is the angle to take is that I have several programs and will meet with and review personally with each employee.

I do have Met and they do have a program, but yes they are not competitive right now. I don't have Kemper, but I have some companies that are very competitive right now, but those companies don't offer specific group discounts for working there. And yes, the ones that do have specific discounts are just cutting into the commission.

As far as getting all the choices, I am writing through an established agency. I am not sure what a BOB is. What is this?

So, what is the best way to approach this? Do you all print up flyers and email info out and set up a day to be on site and just try to talk to everyone that comes in, or do you have the HR rep send you leads and just follow up, or...??? This will be my first attempt, so any info would be appreciated. I am still figuring out this forum. Does there happen to be a good step-by-step write up on getting started with this type of thing?

 

[mjcompanies]

No other thoughts on how to approach this?

 

[1manshow]

I used my local Chamber affiliation. I started with getting Hartford and Kemper to approve the chamber for the affinity program...effectively locking out my competitors. Then started the marketing to chamber membership...benefits days at the factories, paycheck stuffers, etc. (pm me)

Bottom line...they agree to a quote based on your exclusive discount program(affinity) But that doesn't mean you can't quote it and write it with any carrier you have. Nobody seems too eager to refuse substantial savings once they've committed for a quote.

Here's a link to one of our flyers on the website