Best Door-Opener Product For Small Biz Canvassing?

AllenChicago

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January 21, 2015

After ACA open-enrollment concludes next week, I will start canvassing small businesses by phone at first, and in person as the Chicago weather warms.

Before subsidies screwed things up, I used to drop off sample health insurance quotes which were structured to generate immediate interest. As most of you know, life, critical illness, and annuity sales also result, if you can get that business owner or receptionist's, immediate interest in your "door opener" product.

What product is most likely to generate interest nowadays? Usually it's something which solves a problem. A problem that the prospect is already aware of, but hasn't gotten around to addressing yet.

Any constructive input is appreciated. Thanx in advance!

-Allen
 
If it were me, I'd focus on critical illness.

Business owners are more acutely aware that they are in a higher stress position, regardless of how successful the business is. Buying a policy that will pay THEM in the event of a heart attack, stroke, or cancer. Assurity will issue CI up to $500k with financials and underwriting. Decent premiums and commission too.

You could sell two policies - one for personal expenses and one for business expenses. The personal policy can be paid out of their personal funds and the business one out of the business checkbook as long as the business entity is the beneficiary. It's kind of like a "key man" policy and you'll help insure that the business will still be there in case of such an incident occurring.

Your approach could be something like: "You know how health insurance pays doctors and hospitals if you get a heart attack, stroke, or cancer? Well our policies pay YOU and YOUR BUSINESS up to $500,000 in a lump sum! I just need 15 minutes to show you how it works, and you can judge it for yourself."

You can also cross-sell personal disability and/or business overhead expense disability policies after that. These policies pay an ongoing income, rather than a lump sum up front.
 
January 21, 2015

After ACA open-enrollment concludes next week, I will start canvassing small businesses by phone at first, and in person as the Chicago weather warms.

Before subsidies screwed things up, I used to drop off sample health insurance quotes which were structured to generate immediate interest. As most of you know, life, critical illness, and annuity sales also result, if you can get that business owner or receptionist's, immediate interest in your "door opener" product.

What product is most likely to generate interest nowadays? Usually it's something which solves a problem. A problem that the prospect is already aware of, but hasn't gotten around to addressing yet.

Any constructive input is appreciated. Thanx in advance!

-Allen

Can you still sell PPO on Indy? I'm getting new groups right now because that's the only way to get them a PPO plan in DFW.
 
Why start off with ANY product? Offer a free business valuation. If you get that far then you're in the door. MetLife for one offers this. Then see what they actually need.
 
The best way is not to offer an insurance product at all..... Why be like all the rest.

I made my bones selling other business products to cross sell insurance. Payroll, Credit Card Processing, Business VOIP, Time Clock Systems and yes even Supplemental Retirement Plans for Owners Only, etc etc.

These approaches opened more doors to business for me than going in with your insurance product ah blazing.

Skipper
 
If it were me, I'd focus on critical illness.

Your approach could be something like: "You know how health insurance pays doctors and hospitals if you get a heart attack, stroke, or cancer? Well our policies pay YOU and YOUR BUSINESS up to $500,000 in a lump sum! I just need 15 minutes to show you how it works, and you can judge it for yourself."

Thank-you for this insight, DHK. I've sold a couple hundred (Assurity and Colorado Bankers) C.I. policies as part of Health Insurance packages. But that was before the ACA lowered OOP, and exploded the premiums.

And you're right... people love hearing that they will receive cash for illness..but I've never LED OFF with this product. Thank-you!
-Allen

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Can you still sell PPO on Indy? I'm getting new groups right now because that's the only way to get them a PPO plan in DFW.

Yep KGMom. We still have 3 companies in IL that are PPO. Blue Cross, UHC subsidiary, Harken Health (Harken is still paying commissions), and Coventry.

However, when you get more than 20 miles from Chicago, these PPO's are either not offered, or don't include the physicians/hospitals out that way.

Blue Cross is SWAMPED and backlogged 2 weeks, due to receiving so many small group applications from the counties away from Chicago. Their big PPO, the one that has a 98% medical provider inclusion, is only available to small groups for 2016. All individual policyholders who had this PPO in 2015 was shifted over to the stripped-down PPO for 2016.

When I read the weekly Small Group newsletter that Blue Cross of Illinois e-mails out to us, it intimidates me out of learning how to do group. So many rules and procedures. I think ObamaCare's simplicity of enrollment has spoiled me...and I'm no longer an aggressive fireball like you youngsters are!

But if I'm out canvassing and someone asks about Group, I'll put my quick-study hat on. Hopefully BCBSIL has a current Group training video in the agent's area of bcbsil.com. Much obliged (as always!) for your guidance and advice, KGMom.
-Allen
 
That should make it a MUCH easier transition for you since it's a product you already know thoroughly. Plus, it's a quick presentation. Just show them how it works and let them make a decision.

Here's a couple of articles you may find helpful.
 

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  • Critical Illness Gap.pdf
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  • Criticall Omissions in Succession Planning.pdf
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The best way is not to offer an insurance product at all..... Why be like all the rest.

I made my bones selling other business products to cross sell insurance. Payroll, Credit Card Processing, Business VOIP, Time Clock Systems and yes even Supplemental Retirement Plans for Owners Only, etc etc.

These approaches opened more doors to business for me than going in with your insurance product ah blazing.

Skipper

Skipper, you've obviously mastered a wide range of non-insurance products. Leading with non-insurance products/services can generate a good income in and of itself.

In fact, when ObamaCare first started affecting commissions and making people in the country angry, we (our agency) contracted to market systems to small businesses that enabled them to be paid 100% of a product's cost up-front, even though the customer enrolled in a periodic payment plan. But for some reason, that company crashed/burned before we could finalize arrangements with them.

If I can't get their ears to perk-up with Critical Illness, or a Retirement Annuity, your approach will be next for consideration. Thank-you Skipper for taking the time to share what works for you!
-Allen

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That should make it a MUCH easier transition for you since it's a product you already know thoroughly. Plus, it's a quick presentation. Just show them how it works and let them make a decision.

Here's a couple of articles you may find helpful.

Thank-you for those articles, DHK. I like the "Financial Recovery" terminology. It sounds far more appealing than "Critical Illness protection". I'll study them in more detail tomorrow.

Appreciatively,
-Allen
 
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