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When asked who plans to be doing the same job, in the same way, three years from now, not one broker raised a hand Tuesday during a session on growth and profitability at the 7th Annual Employee Benefit Adviser Summit.
Having spent my entire career in the insurance industry, I’m not sure how much of an understanding I can claim for other industries. However, it’s hard for me to imagine an industry where the purchasing decision has historically been tied to the “relationship” as much as it is in ours.
In the immortal words of Albert Einstein, “the definition of insanity is doing the same thing over and over again, expecting a different result.” Are you trapped in this pattern? If so, embrace the guiding principle of evolve or perish to take your career to the next level. As I travel the country, speaking with my colleagues at state and local health underwriter association meetings about surviving and thriving in a post-health care reform world —
Benefits Advisors Network members rally to tackle market uncertainty says executive director of 45-member BAN.
Mel Schlesinger shares how brokers salesperson can double their income using a sales mindset
There are four words that sum up the tremendous growth experienced by San Mateo, Calif. brokerage Sequoia Benefits and Insurance Services in 2012: "Coming through for people." To Greg Golub, CEO and founder, it is that simple, and it all comes back to impeccable customer service. In a year when other firms struggled to remain solvent, Sequoia brought in 135 new clients and 50 new 401(k) plans, developed an innovative smartphone application and overhauled its online customer service portal.A client-first attitude yields tremendous growth and employee admiration for Sequoia's Greg Golub, EBA's 2012 Employee Benefit Adviser of the Year.
Recent research indicates that more people are being affected by major legal events in their lives and so is their productivity.
Two new studies amplify the benefitsespecially for womenof working with financial advisers, and provide insight into a changing demographic for life insurers.
Kevin Trokey has coached hundreds of producers but it sees what attribute that seems to hold them back. What is that, how does it even keep good producers and from being great, and what can be done to overcome it?
With more than 8.1 million Americans protected by long-term care insurance coverage, there is no doubt its a product that appeals to baby boomers who dont want to end up in a nursing home or be dependent on others. However, its not a fit for everyone. For example, most young married men would be better off focusing on building a nest egg and buying life insurance protection.
For decades, health care consumers have been told once you have a problem, then you should go to the doctor. But now, as high-deductible health plans become ever more prevalent, employers are encouraging employees to go to the doctor first – before they get sick – and in turn the employer will often cover the visit at 100%.
After the June 28 Supreme Court ruling that found the Patient Protection and Affordable Care Act to be constitutional, many group medical producers felt that their business was over. I want to begin by saying that there has never been more opportunity than there is right now and that there will be for the foreseeable future.
The recent ruling of PPACA has created even a greater need for accurate benchmarking data proving the age old adage that if you can’t measure it then you can’t manage it. Advisers armed with information that drills down through national, regional, state, industry and company size will be better prepared to assist larger employers with employee acquisition and retention, and helping smaller employers make intelligent decisions on whether or not to pay or play.
Voluntary accidental death and dismemberment coverage received the highest rating (43%) from leading carriers selecting it as a very profitable product line, according to The Frontline Report, Worksite/Voluntary Product Trends 2012.
Today, this one market is estimated to be a $40 billion industry in the United States, says EBA contributor Sam Fleet. He shares in todays BeAdvised why approaching this market with a broader view can provide an opportunity for brokers to adapt their business models and thrive, especially as the new health care landscape takes shape.
If you are looking for an idea that can capture the attention of employers, consider helping them provide employees the means to bridge the gaps in their medical plan. I have identified five distinct gaps that, if addressed, can create a huge sales opportunity for group health agents.
All too often we get caught up in day-to-day activities and forget who it is that we ultimately serve: employees. Without employees signing up for benefits, querying accounts, using services provided and generally trying to take care of themselves and their families, we wouldn't have businesses to run. To bring this point home, I offer the following composite sketches (based on anecdotes from brokers, vendors and employers) – oh to be a fly on the wall …
Employees know very little about disability coverage. But when they learn about it, they often want it and are willing to pay for it. A Consumer Federation of America and Unum national survey finds that only 13% of surveyed workers know "a lot" about disability insurance, and less than half (47%) know what its benefits are, according to the survey of 1,200 employees. Yet, when informed about DI, a majority (90%) want the coverage, and 86% are willing to pay half of a $30 average monthly premium, and 56% are willing to pay the entire premium in order to gain income protection should they become disabled. According to a 2012 Social Security Fact Sheet, almost 1-in-4 of today's 20 year olds will become disabled before age 67.
When asked about their experience with selling workplace voluntary benefits, most brokers often give one of two replies:
