Why would an employer not offer

Labman · 07-21-2008, 06:14 PM

Why would an employer not allow or support voluntary benefits in their business. Having ran a small 30 employee business before making the decision to enter insurance, we had supplemental products from Colonial. I really don't understand why these products are such a hard sell. The cost to the employer is relatively nil, the admin part is a piece of cake and employees get portable coverage where they may not in the the group setting. I'm just a bit perplexed about what objections you guys usually run into. Thanks for any info!!

moonlightandmargaritas · 07-21-2008, 06:18 PM

Simple. Apathy.

Labman · 07-21-2008, 06:34 PM

You are probably right. One of the worst excuses I have heard is the human resources person didn't believe in the products, so refused to let the products come in. About six months later his wife was diagnosed with cancer. Do you reckon his perspective has changed??????? Maybe I should call him pronto.

B Ray · 07-21-2008, 07:58 PM

Quote:

Originally Posted by Labman

You are probably right. One of the worst excuses I have heard is the human resources person didn't believe in the products, so refused to let the products come in. About six months later his wife was diagnosed with cancer. Do you reckon his perspective has changed??????? Maybe I should call him pronto.

I was doing some cold calling last week, was talking to a man and noticed he seemed distant and non responsive, I was calling to talk to his wife about med supp, she was turning 65 soon and his response was that his wife was just diagnosed with cancer and was given a few days to live, that was on Tuesday and noticed in the paper on Friday ,she had passed on Thursday.Death or illness is nothing to tread lightly, that bug is just waiting around the corner..I know he has hit my family too many times this year.But yes, it will change the perspective of how one sees the need for insurance.

mcleanbr · 07-21-2008, 09:35 PM

Business owners are burnt out with people walking in their door and "selling stuff". Unfortunately, some people in our profession have underwealmed them. We need to build credibility to our profession by providing value. Many agents have walk in with a brochure in hand and barfed all over them. Unfortunately, some leading companies in our profession teach new agents the least professional way to approach potential buyers. If we don't change our approach, we will never establish value.

Bob_The_Insurance_Guy · 07-21-2008, 09:41 PM

Quote:

Originally Posted by mcleanbr

Business owners are burnt out with people walking in their door and "selling stuff". Unfortunately, some people in our profession have underwealmed them. We need to build credibility to our profession by providing value. Many agents have walk in with a brochure in hand and barfed all over them. Unfortunately, some leading companies in our profession teach new agents the least professional way to approach potential buyers. If we don't change our approach, we will never establish value.

You are 1000% correct. You hit the nail on the head. I couldn't agree more.

Stonewall · 07-21-2008, 10:13 PM

Everyone's thoughts are appreciated but it's always easy to knock things-------------what's the approach, how should an agent approach the business correctly?

I can knock things all day long----I'd prefer to offer a solution.

mcleanbr · 07-21-2008, 11:58 PM

We should approach the business with the respect of the business owner's time and resources. Our approach should offer them an improvement to their business. The challenge is to find "buyers" in a professional manner. We need to demand better marketing tools from the carriers that show benefits to their business. We should demand that the agents that we train and team up with produce professional marketing approaches that build our credibility to our market. Insurance professionals are rated quite low in "trust" ranking. I know that many people in this business are professional but there is a large movement of unprofessional practices of interrepting business owners in hope a landing one prospect at the expense of being a nuisance to a large quantity of other prospects. We need leadership at the corporate level to change this. We are offending our market and I do not like the future if we keep this up. We need business owners for the long term.

ABC · 07-23-2008, 01:12 PM

I run into this often.

The supplemental policies Aflac & Colonial can be viewed as not the best options for the employees. Most of the plan designs are for people that can't save money. I do like the cancer policy. I was on a case where the controller flat out said she would no allow these plans to be sold to her employees this was because of the cost vs benefit.

When it comes to Group voluntary products STD, LTD, Dental. The big problem I run into is out of a group of 30 I have a hard time getting the minium particapation to take the plan. Most of the time I need atleast 10 to take it. Dental is a bit easier to sell.

Right now with the high gas prices any voluntary policy is going to be tough.

Labman · 07-23-2008, 03:19 PM

I don't find the controllers thinking to make sense. I've had Colonial for about ten years and have used the accident policy twice. Where was she getting her numbers? Short term disability and cancer insurance are two of Colonials products I really like. I know people who have said the Cancer policy saved them financially after being diagnosed.
I bet the Controllers opinion would change should she become disabled, have a critical illness or God forbid be diagnosed with Cancer. All insurance, except Life is a game of chance. I'd rather let someone else carry the risk.

mcleanbr · 07-23-2008, 03:30 PM

You are right about some of these thoughts. The problem is that your discussion is subjective and not business oriented. I offer Colonial to my clients with the following thoughts. 1. STD has a strong possibility of happening. (give a percentage that you can justify). Colonial only requires 5 enrollees for guaranteed issue. 2. Cancer is very inexpensive when you pretax the premium and receive the preventative care rider. 40% of women will have cancer and 50% of men. Lead with %, close with the true cost. 3. I am not a big accident policy person but it might make sense if you children play organized sports.

Other carriers offer STD with 5 person guaranteed issue. This would be the primary product. Use dollars and sense. Please do not pretax STD. Prepare with financial information and start the conversation this way. Move to the emotional and close with more financial.
I hope this helps.

Delta76 · 07-23-2008, 09:58 PM

Quote:

The challenge is to find "buyers" in a professional manner. We need to demand better marketing tools from the carriers that show benefits to their business.

I'm of the personal opinion that it's not the carriers responsibility. As far as marketing tools, what are the carriers going to offer: better slick and glossies, direct mail campaigns, more media advertising, or video presentations. I can't think of a single marketing tool that the carriers could pay for that would actually help and that is not directly related to direct lead generation. If they could accomplish that on their own, why would they need us.

Even if we all of us in the insurance business approached the owners in a "professional" manner, we would still be lumped together with all the other industries making approaches to the owners all day long. Bottom line: there is a tremendous opportunity for those that are creative to standout from the crowd.

moonlightandmargaritas · 07-23-2008, 10:10 PM

Quote:

Originally Posted by Delta76

Bottom line: there is a tremendous opportunity for those that are creative to standout from the crowd.

Pretty wise insight, if you ask me.

Yup, if you do the same old stuff, you'll get the same old result...

Most don't possess the bollocks to be bold. They would rather be safe. And boring.

Labman · 07-24-2008, 07:09 AM

Well what do you guys do to be different? I'm new at this and will to learn. My approach in sales is to be more of a relationship builder with a consulting orientation.

As far as Cancer products go, I get a LOT of positive response from women who have Colonial's cancer product. They know they are at risk and love the wellness benefit.

djs · 07-24-2008, 11:22 AM

Quote:

Originally Posted by Labman

Well what do you guys do to be different? I'm new at this and will to learn. My approach in sales is to be more of a relationship builder with a consulting orientation.

What sales person doesn't say this?
To be different, you need to not say this, but actually do it. Keep in mind that most people don't really want a personal relationship with their insurance agent, just a professional one.

Consulting is tough turf. It took me a while to realize that I get paid to be the professional. Consulting isn't just about educating and offering choices, but it's more about listening to the concerns and leading them to the correct choice, without being a pushy sales person.

After that, it's all about followup and customer service. Of course, this is a much bigger issue on the P&C side of the world, but it's true with everything.

Dan

mcleanbr · 07-24-2008, 06:57 PM

You are absolutely right about the creative approach being the winner. I am probably not wording this right but I went out into the street with the same tired old program and felt the pain. The companies are training agents (and a lot of them) to run out and throw brochures in front of business owners. I do not market this way any more and I have more success with creativity. The insurance industry reputation is being lowered by the current approach that these companies are teaching. So, try something new and bold and take the training given by the company with a grain of salt. I don't want brochures but I think if they offered marketing intellegence we would all benefit.

padthaiforlunch · 07-24-2008, 07:05 PM

Please provide a source for your cancer %. I would like to use this, but in the interest of professionalism, I prefer to restrain from citing posts on internet forums. Of course, I could just print your post and highlight the numbers.

Quote:

Originally Posted by mcleanbr

You are right about some of these
thoughts. The problem is that your discussion is subjective and not business oriented. I offer Colonial to my clients with the following thoughts. 1. STD has a strong possibility of happening. (give a percentage that you can justify). Colonial only requires 5 enrollees for guaranteed issue. 2. Cancer is very inexpensive when you pretax the premium and receive the preventative care rider. 40% of women will have cancer and 50% of men. Lead with %, close with the true cost. 3. I am not a big accident policy person but it might make sense if you children play organized sports.

Other carriers offer STD with 5 person guaranteed issue. This would be the primary product. Use dollars and sense. Please do not pretax STD. Prepare with financial information and start the conversation this way. Move to the emotional and close with more financial.
I hope this helps.