Last month's group prospecting is showing a disturbing trend to me.
On small groups under 20 lives there was a high level of groups canceling benefits. This has led to more individual sales for me but I would rather be selling group plans.
I got into the door on three prospects for group coverage. Of the 3 two have decided to go with individual plans because of cost.
There were a couple of other prospects that had dropped their group benefits so I have quoted individual plans for owners.
Is anyone else prospecting group and seeing this trend?
I have groups dropping coverage altogether. Some replace with individual coverage, some don't even go that far.
I also have individuals dropping coverage. It's pay the rent & buy food or pay health insurance premiums.
Seems to me there are over 1,600,000 more folks out of work since the stimulus than before in spite of the 150,000 jobs saved or created by the stimulus.
I don't know about you, but I am ready for Obamanan to save or create some new clients for me.
I have had wonderful saving my clients by introducing them to a hybrid protection modeled plan that I market. Where every sale I make in that scenario becomes too sales.
Direct mailing
I call and get a contact name
Then mail my brochure on my services
Call the contact person and get them to start talking about benefits.
Right now it very bad out there for group prospecting.
I have gone another 5 months without getting any new group papper on the books.
I use to write almost 2 small groups a month. (2007)
Direct mailing
I call and get a contact name
Then mail my brochure on my services
Call the contact person and get them to start talking about benefits.
Right now it very bad out there for group prospecting.
I have gone another 5 months without getting any new group papper on the books.
I use to write almost 2 small groups a month. (2007)
Where are you based?
I'm seeing interesting things here in IL, but I'm only getting 1-2 new groups monthly. There's a lot of opportunity, but I'm handling some relocation issues currently and not focusing on business.
Getting people to talk with me is the issue, not so much problems with dropouts, dropped plans etc. Matter of fact, I'm working with two small businesses now who are implementing group health insurance for the first time.
Am I the only one or does it seem like people are more adverse to change now than they were 8 months or so ago?
Even if you can save them big dollars they seem skeptical and more inclined to stay with their current situation.
Getting people to talk with me is the issue, not so much problems with dropouts, dropped plans etc. Matter of fact, I'm working with two small businesses now who are implementing group health insurance for the first time.
Am I the only one or does it seem like people are more adverse to change now than they were 8 months or so ago?
Even if you can save them big dollars they seem skeptical and more inclined to stay with their current situation.
Yes, many people are skeptical and confused a bit by what has happened over the past 9 months or so. It is almost a daily event that you turn on any financial news program and you hear repeatedly about fraudulent business dealings by the likes of the Bernie Madoff's, Allen Stanford's, and others, of the world...
The confused mind says "NO" everytime.
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"A successful man is one who can lay a firm foundation with the bricks others have thrown at him." David Brinkley
Getting people to talk with me is the issue, not so much problems with dropouts, dropped plans etc. Matter of fact, I'm working with two small businesses now who are implementing group health insurance for the first time.
Am I the only one or does it seem like people are more adverse to change now than they were 8 months or so ago?
Even if you can save them big dollars they seem skeptical and more inclined to stay with their current situation.
This is not a new thing.
People usually are worried about what they might lose in coverage if they switch. A lot of controllers will make their decision off of their personal situation when it comes to health insurance.
Try pitching a HSA plan to a controller that is on $800 a month worth of meds.
Agreed, but now it seems as though they are even more reluctant. Just what I need as a newbie in the business.
I may try focusing more on indi life insurance using leads. What I'm doing now isn't bringing in enough revenue so I want to find some other potential sources.
Agreed, but now it seems as though they are even more reluctant. Just what I need as a newbie in the business.
I may try focusing more on indi life insurance using leads. What I'm doing now isn't bringing in enough revenue so I want to find some other potential sources.
If you just got into the business you might want to consider picking up a night gig. First 3 years are tough and the economy is not helping matters either. I think we have another wave of layoff still ahead.
In my block of small groups no one is hiring. I usually avg about 8-12 new hires a month and right now its the big 0 zero. I use to get growth out of my clients and now I am just watching them shrink more and more.
Scarry Times
Group Prospecting
Linear Mode
