Brokers Getting Solicited by Captive Companies

[tvchild]

To all you brokers out there,

How have you been or have you been approached by major insurance companies to sell their products? I am about to go on a big broker blitz through my state to help promote our product. To be honest, it is one of the big mutual insurers and I have complete faith in all the products offered through my company (Guardian). What would be most effective, in your honest opinion, if I was to approach you and train you on our products? Thank you!

 

[GoCubsGo]

Your brave

 

[BNTRS]

Either there's a new GA in New Mexico or else Stu Jaramillo (no I don't know him personally, but had their '09 Annual Report handy) is doing something crazy.

You're about to get 50 different opinions from about 15 different people, and if you're lucky a little less than a handful might speak to your original question.

But if I may offer up a recommendation, you don't "train" an agent on a product. You merely make them aware of it, and tell them why it's good. They'll assess whether or not it's something they want to bother with.

 

[DHK]

tvchild,

You'll need to do some preliminary research as well as remember some elementary information regarding marketing.

What's the #1 product that Guardian is known for? (I won't tell you this one, because if you don't know it, you shouldn't be there.)

Who is that product best suited for?

Now, find the agents that are already targeting that market and let them know what they (should) already know.

Then, on a consistent basis, contact them regarding your other product offerings and what the advantages are to the client for combining more of their insurance plans with Guardian.


Now, if you're trying to recruit brokers to become captive agents... good luck with that. I wouldn't have any additional ideas for you there.

 

[Franz Kafka]

To be honest, it is one of the big mutual insurers and I have complete faith in all the products offered through my company (Guardian). What would be most effective, in your honest opinion, if I was to approach you and train you on our products?

$$$$

Every wholesaler has complete faith in their products.

You sell life and DI? No need for training then.

 

[Larry Tew]

What is the compensation? Captive commissions plus benefits can compete with indy commissions. But if you're offering a broker the standard 55% minus the benefits for the occasional case, what is the value? Guardian is a good company, but in my 8 years with them in the 90s, I never had a prospect buy just because it was Guardian.

 

[tvchild]

I appreciate the feedback, but I was thinking more from a customer service standpoint. I know brokers will do what they want. That is why they are brokers and not working exclusively for a specific company. I know my products and so that isn't an issue. So this is more about support and refreshing. I was amazed when I talked to a few brokers and they didn't know Guardian even was in the LTC market.

 

[Larry Tew]

Independents like being able to call their home office and talk to underwriting, etc. My experience with Guardian was that EVERYTHING had to go through the agency bureaucracy. I don't know if that's the case with every agency. Maybe the procedures have changed since 1998?

 

[BNTRS]

Larry is correct, Guardian is not the most broker friendly company on earth, nor the most let's get business done friendly company either.

The biggy is access to underwriters, and you're going to have a tough time competing with some of the bigger names in the independent channel on that one.

Comp is another issue. Why write with you, when I can get paid a third or more with a different company.

You said help promote our product no plural. This is either a typo, or it begs the question: What product are you promoting?

 

[Larry Tew]

... You said help promote our product no plural. This is either a typo, or it begs the question: What product are you promoting?

Good point. Do you mean product line or a single product such as DI? If you're referring to DI, you may have something to offer a broker.