Another Down Month

[ABC]

Kids going back to school and family vacation always makes July a slow month for group sales.

Anyone having success in the month of July for prospecting?
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Funny, after I posted this a couple of deals are going to go to underwriting.
I should post more about being slow

 

[Markfilzen]

Actually having a record sales month. Working past quotes and refferals has made us a record month. Update old quoates and resell them! Works for my agency.

 

[CHUMPS FROM OXFORD]

Must be that Texas Chili!

 

[ABC]

Actually having a record sales month. Working past quotes and refferals has made us a record month. Update old quoates and resell them! Works for my agency.

How do you calculate a record month? Lives? or Premium Amount?

I use to work old group quotes but I always feel like I am begging for business.

Do you have a technique for working old group quotes?
Better question would be how do you reignite the conversation?

 

[HarryDaBroker]

Anyone having success in the month of July for prospecting?

I set up 14 enrollments for voluntary benefits spanning from Aug - Nov, picked up 7 BORs for health and got 3 consulting agreements signed. Group sizes range from 50 - 800.

I use to work old group quotes but I always feel like I am begging for business.

Do you have a technique for working old group quotes?
Better question would be how do you reignite the conversation?

My HR 3962 technique works like a charm 90% of the time for new and old quotes. It transitions you from a salesman to a consultant so your not begging for business, but providing a valuable resource:

Step 1. Start the conversation off with a question they most likely dont have the answer to.
Step 2. Offer them a complimentary 1hr consultation. (I charge $250/hr 10hr retainer upfront.)
Step 3. At meeting ask them for documentation they are supposed to already have (sbc's, plan documents, mlr policies, etc...)
Step 4. Go over the checklist and let them know how much they need you.
Step 5. Close the deal

Here a few of my ice breakers:

1. Who modified your existing plan documents to reflect the mandatory changes for H.R. 3962
2. How did you go about providing your plan summaries and material notification to your participants
3. Whats your MLR rebate policy

I attached a copy of my checklist flyer.

 

[ABC]

It looks like you are getting traction with this approach. If you are picking up 800 life groups I would say you are rolling.

You must be spending a lot of time on compliance.

 

[HarryDaBroker]

The larger groups are all voluntary. I dont have the staff to support that on the health side yet. My largest health group is 230 and I co-broker it with another broker to service it for me.

I just scare them with stuff they're supposed to know and then put other people in place to close the deal. I'm just the expert at knowing the experts. I have to split my pie a little bit more, but it opens up a lot more doors and we look WAY bigger than we really are.

 

[ABC]

If the business model is working then run with it.

What happens when you have a compliance issue? If your are selling yourself as a compliance consultant what will you do then?

Voluntary benefits sales is much easier than compliance of health insurance in the current environment.

Retention is a big part of employee benefit sales.

 

[HarryDaBroker]

If the business model is working then run with it.

What happens when you have a compliance issue? If your are selling yourself as a compliance consultant what will you do then?

Voluntary benefits sales is much easier than compliance of health insurance in the current environment.

Retention is a big part of employee benefit sales.

I use other experts to handle the compliance issues. they give me a discount rate and I take it out of my $250. I just do the upfront discovery.

i only use compliance as a door opener. i disclose the only value I have is being the expert on finding the experts. I don't hold myself out as a compliance consultant.

I am confident that I have the right team in place regarding the attorney's, CPA's and other brokers that I deal with, however this is America and I can definitely be sued.

Great feedback, I like your train of thinking.

 

[ABC]

Thanks for not taking my post the wrong way.

If you are connecting the dots for the client then I see value in your services.

I use other experts to handle the compliance issues. they give me a discount rate and I take it out of my $250. I just do the upfront discovery.

i only use compliance as a door opener. i disclose the only value I have is being the expert on finding the experts. I don't hold myself out as a compliance consultant.

I am confident that I have the right team in place regarding the attorney's, CPA's and other brokers that I deal with, however this is America and I can definitely be sued.

Great feedback, I like your train of thinking.