Seeking advice from veteran health agents

ovaleagent · 10-29-2007, 09:48 PM

Hello all,

New to the forum and am seeking advice from some vet agents.

I am a marketer for a large life brokerage. My goal for 2008 is to bridge the gap between independent health brokerages that don't offer life products to their clients or market it to their client base consistently. This is more of a research question for myself and I was trying to think of all the reasons why brokerages DO NOT do it. I am seeking input into this matter so I can build a program that works.

Below are some of the reasons agent's I've spoken to expressed:

* completely different sale that they are uncomfortable with
* time intensive - very busy with their regular daily operations
* fear of unknown with no life ins. experience
* lack of product/marketing support

Again, I am hoping some health agents could tell me why you personally haven't sold life. And for those that have what HAS made the difference for you to cross-sell. Thanks in advance.

insuremojo · 10-29-2007, 11:54 PM

I don't know...maybe they need to just ask? I have never had any problem with writing Life insurance as it is still one of my main sources of income even though I love to write health insurance. I will always ask for their life insurance after I write the health. All you have to do is ask "can I give you a quote for life insurance?". Always works for me anyways.

Mr. Bill · 10-30-2007, 12:09 AM

It really depends on the type of sale. Term, yep, just ask the question. For big cases, it can easily take 6-8 months and what we really need is assistance in follow-up, case updates etc., no surprises.

The worst I had was an FMO owned by Marsh Mclennan that requested a 2nd paramed, and the same paramed (employee) went out to the client and could not believe they had to go out a 2nd time. Neither could the client. Since this was a simple over the phone sale, I lost the case. I was ticked off and won't do business with that FMO ever again. So with that, I'm saying agents don't like to be surprised, and neither do clients.

MIBizInsurance · 10-30-2007, 12:10 AM

Oval one thing you need to understand is we get alot of recruiters/GA types here and these "survey questions" often turn out to be a sales pitch.

You know- "Oh, really- you have a problem cross selling! Well we can help just go to our site..........."

Thus, if you don'te get alot of responses.....

djs · 10-30-2007, 03:21 AM

What are you going to do with this knowledge after you figure out why agents do cross-sell? Knowing that would help me provide an answer.

Dan

somarco · 10-30-2007, 07:10 AM

I don't do a lot of cross-selling of life (or any other lines) for a couple of reasons.

1) I am too busy writing health and don't have time for other distractions.

2) Every life case I have sold is a 3 - 6 month process from the time the app is taken to when I am paid. Who cares about waiting 6 months to earn a $400 commission? Not me.

bluemarlin08 · 10-30-2007, 08:24 AM

Originally Posted by somarco

I don't do a lot of cross-selling of life (or any other lines) for a couple of reasons.

1) I am too busy writing health and don't have time for other distractions.

2) Every life case I have sold is a 3 - 6 month process from the time the app is taken to when I am paid. Who cares about waiting 6 months to earn a $400 commission? Not me.

Send those health clients to me and I will call them and split the commission 50/50, win/win for everyone.

MIBizInsurance · 10-30-2007, 09:12 AM

Originally Posted by bluemarlin08

Send those health clients to me and I will call them and split the commission 50/50, win/win for everyone.

LOL...here it go's!

See my prior post above.

djs · 10-30-2007, 11:00 AM

I agree that good agents learn to focus on what they do. Cross-selling can be a HUGE distraction.

Successful agencies might have a person who follows up with cross sell opportunities (i.e., multi-person offices), but when your by yourself, you do what makes you the money.

To make money selling life, you can't sell term or low face-amounts. That means its a pretty hefty departure from your normal routine. Selling low face amount term doesn't make you any money compared to your core business.

I value my relationships with my clients, and won't sell their information to another company/agency, therefore, outside cross-selling isn't an option.

All that said, I do offer my clients a life policy. I don't push it, but I do offer it.

Dan

insuremojo · 10-30-2007, 11:43 AM

I want to go on the record and say that I usually offer term and recommend to invest the rest so the whole process from application to policy is about 3-4 weeks and is not hard at all. I don't deal with the investment part...I just don't have the time.

And the commissions can be extremely good....

al3 · 10-30-2007, 12:23 PM

Originally Posted by insuremojo

I want to go on the record and say that I usually offer term and recommend to invest the rest so the whole process from application to policy is about 3-4 weeks

Is 200K of term a faster UW process than 200K of WL for the same person (say a 40 year old in good shape.)

One nice thing about health is that the sale cycle is usually short and even with an APS it is not usually more than 30 days for a yea or nay. I'd like to sell life and am learning about it but I think I agree with the poster who said that you need to go after the larger face amounts given the long sale cycle.

Al

bluemarlin08 · 10-30-2007, 12:55 PM

Originally Posted by MIBizInsurance

LOL...here it go's!

See my prior post above.

Not sure what you mean? I have many relationships with guys that sell other financial products, i.e. securities, P$C, that refer business to me all the time and we split the commission. It helps their client obtain quality information from an expert in that field. If someone has clients that they aren't servicing from a life or disability standpoint, it would make sense to establish a relationship with someone that can. BTW, I'm not an FMO looking for recruits. Just an agent looking to expand my business.

MIBizInsurance · 10-30-2007, 01:13 PM

Originally Posted by bluemarlin08

Not sure what you mean? I have many relationships with guys that sell other financial products, i.e. securities, P, that refer business to me all the time and we split the commission. It helps their client obtain quality information from an expert in that field. If someone has clients that they aren't servicing from a life or disability standpoint, it would make sense to establish a relationship with someone that can. BTW, I'm not an FMO looking for recruits. Just an agent looking to expand my business.

Then come out and say it. If you have been in this business for any time you know the answers to your own questions. Hell, you pretty much answered them in OP.

Only a lame brain would hand over his/her book for an unknown agent to call. You really need to have a good relationship with a agent to turn over established clients.

No problem with you growing your biz just come out and say it. No biggie. Good luck.

newmindfashion · 10-30-2007, 02:23 PM

A major ditto to Somarco's post.

I've done 8 life cases this year and it takes my eye off the health insurance ball. I'd like to do more but its a major distraction. If term had better renewals I'd make more a point of it.

bluemarlin08 · 10-30-2007, 03:41 PM

Originally Posted by MIBizInsurance

Then come out and say it. If you have been in this business for any time you know the answers to your own questions. Hell, you pretty much answered them in OP.

Only a lame brain would hand over his/her book for an unknown agent to call. You really need to have a good relationship with a agent to turn over established clients.

No problem with you growing your biz just come out and say it. No biggie. Good luck.

What questions was I seeking answers to? I don't follow.

The first step in getting to know someone is a discussion. I have met other on other forums that started with a simple discussion and it led to a relationship. I didn't know it was important to come out and say what I inferred. Try not to get your panties in such a wad, I was making a suggestion that could be profitable whether they work with me or someone else. I write about 300 life policies a year as well as many disability and health cases, I would think many agents are interested in growing their revenue.

insuremojo · 10-30-2007, 05:07 PM

Originally Posted by al3

Is 200K of term a faster UW process than 200K of WL for the same person (say a 40 year old in good shape.)

No, it's about the same...I don't understand why it takes 6 weeks for some people. Just a couple more requirements in my experience but nothing to drag underwriting out another month, then tack on 1 week for paycheck, from Nationwide anyways.

bluemarlin08 · 10-30-2007, 05:38 PM

What are you talking about? I don't have 2 screen names, explain what you mean!