Group Q

[nanoworld]

Hey guys.

I've been lurking on this forum for at least a year now. Really informative stuff, and it seems whenever I have a question I can just search the forum and find the answer.

I have a quick q. I sell individual policies (Almost 2 years and I'm doing ok. Just starting to expand my limited client base with some referrals) so I don't know much about groups. A friend of mine works in HR at a small company (80) and wants me to be their broker as they want to switch carriers. Before I say yes, I have a quick question. How strict is the participation requirement? They want the cheapest carrier so I'm thinking Humana. I believe for small groups it's 75% coverage including waivers. Do individual policies count? And does Humana require proof of outside coverage (copy of insurance card)

 

[Delta76]

You need to find someone to work this case with you. Maybe someone in Florida knows a GA outfit that will help you and allow you to get full commission on the group (they make their money off the over ride)? If no, I would still find an active group producer in your area and split the business 50/50 as their is a lot to know.

 

[ABC]

You found yourself a gimmie.
You have the connection with the HR person.

Call the sales reps your working with now and ask them for the group rep contact information. Even through you don't have any group business with them tell them about this juicy 75 life group and they will meet with you the next day.
At that point you can get all your questions answered.

Even if there is only 50 on the plan your looking at making atleast $12,000-$15,000 CHA CHING!

Good luck

 

[nanoworld]

thanks guys for your advice. Ended up calling a guy I know that does groups. He's going to help me out, and is only asking for 25%. I've given him a few group referrals in the past, so it evens out.