Life Agent Looking for Health Thoughts

[JFBAgent]

I'm a life and annuity guy working in a P&C agency. The idea is every agent here is a link in the teamwork chain...a life specialist, a health specialist, a commercial insurance agent, etc. And we all pass the referrals to the appropriate person.

All works well and we exchange referrals, except the health insurance agent. We send people in her direction, but aren't getting any back. We have talked about it and feel that business is being walked over because this agent is at her capacity and can barely handle the little she is writing now.

I am thinking about stepping up and doing health insurance as well and would like feedback and resources.

***I know what is going on in the health industry today and might not be doing it in 5 years. I just dont want to continue losing prospects and businesses for the agency for the next 1-2 years.***

 

[Mark]

If I sold health insurance I would be very scared right now with all the reform crap.

 

[YouGotMyMoney]

I'm a life and annuity guy working in a P&C agency. The idea is every agent here is a link in the teamwork chain...a life specialist, a health specialist, a commercial insurance agent, etc. And we all pass the referrals to the appropriate person.

All works well and we exchange referrals, except the health insurance agent. We send people in her direction, but aren't getting any back. We have talked about it and feel that business is being walked over because this agent is at her capacity and can barely handle the little she is writing now.

I am thinking about stepping up and doing health insurance as well and would like feedback and resources.

***I know what is going on in the health industry today and might not be doing it in 5 years. I just dont want to continue losing prospects and businesses for the agency for the next 1-2 years.***

Join the IHIAA.

 

[magagent]

" I would be scared if I exclusively sold Health only with no exit strategy in place".

That is not what the OP is talking about, this agent is selling life, annuities,p&c and considering adding on health.

If I sold health insurance I would be very scared right now with all the reform crap.

 

[Dave020]

In my experience as a health agent, it is a stand-alone conversation with most people. If people are calling into your agency specifically for health insurance, they are not interested in other insurance products. Their focus is one thing, major medical coverage.

Go and sell it yourself and you'll see.

I know a large CA P&C agency who partnered with a group health guy to "expand". It didn't work out and they parted ways. Same problem, groups talking about Blue Cross plans are not interested in construction insurance coverage. If they were, they'd have called about that in the first place.

 

[Frank Stastny]

Take a long hard look at Med Supps.

Typically first year commission for the first six years. The agent is the underwriter and there is virtually no service work.

 

[davidleekline]

Set-up a different arrangement. With the notable exceptions of MAs and PDPs your health agent can do a commission with you.

I have this arrangement with several Financial Advisors. Depending on volume I split 30, 40 up 50% oft the commission I make. I do it because I know that my close rate will be in the 90% range.

 

[BigAlan]

In my experience as a health agent, it is a stand-alone conversation with most people. If people are calling into your agency specifically for health insurance, they are not interested in other insurance products. Their focus is one thing, major medical coverage.

Go and sell it yourself and you'll see.

I know a large CA P&C agency who partnered with a group health guy to "expand". It didn't work out and they parted ways. Same problem, groups talking about Blue Cross plans are not interested in construction insurance coverage. If they were, they'd have called about that in the first place.

I agree, i think most calling for health covergae do not expect other products to be offered. Those looking for health coverage are not shopping for other products from the same contact, and most not looking for them at that time anyway.

 

[Full Throttle]

I agree, i think most calling for health covergae do not expect other products to be offered. Those looking for health coverage are not shopping for other products from the same contact, and most not looking for them at that time anyway.

At the outset, I agree. But service them and build a relationship and a few years later, you can get a good crack at the other business if they like you. I don't do P&C, but my group clients ask me for it all the time because they like me. This year I've been selling retirement plans (I always thought that was too far of a stretch until I started asking about it) and life insurance from what was initially a health insurance only relationship.

Health Insurance = got me in the door

Time & Effort Building a Relationship = other business
- - - - - - - - - - - - - - - - - -

I'm a life and annuity guy working in a P&C agency. The idea is every agent here is a link in the teamwork chain...a life specialist, a health specialist, a commercial insurance agent, etc. And we all pass the referrals to the appropriate person.

All works well and we exchange referrals, except the health insurance agent. We send people in her direction, but aren't getting any back. We have talked about it and feel that business is being walked over because this agent is at her capacity and can barely handle the little she is writing now.

I am thinking about stepping up and doing health insurance as well and would like feedback and resources.

***I know what is going on in the health industry today and might not be doing it in 5 years. I just dont want to continue losing prospects and businesses for the agency for the next 1-2 years.***

If you want to do it, you certainly can. The IHIAA is a great resource to learn individual sales, not sure what resources are available now days to learn the group side (send John a PM). There is definitely a learning curve and you will make some mistakes early on if you don't have someone helping you. That being said, it isn't rocket science and if you devote the time to learning it, you can catch on quickly.

The key is to get appointed with the carriers who are competitive in your market. Being in WI, it depends what part of the state you are located in. Some to consider:

Anthem (you can contract direct)
WPS (pain in the ass to contract direct, but available through GAs)
Humana (not appointed with them personally for WI group)
United Health (can go direct)

But these can vary drastically. For example, if you are in LaCrosse, there are two local HMO's competing and virtually nobody else. If you are in Western Wisconsin, you may want some MN based carriers like Medica and Health Partners in your arsenal. If central to east WI, the carrier mix will likely change as well.

P.S. I just reread your post, you didn't mention group insurance specifically. If you are talking individual sales, it still depends on your area of the state. However, the list above would be a good starting point.

 

[Dave020]

At the outset, I agree. But service them and build a relationship and a few years later, you can get a good crack at the other business if they like you. I don't do P&C, but my group clients ask me for it all the time because they like me. This year I've been selling retirement plans (I always thought that was too far of a stretch until I started asking about it) and life insurance from what was initially a health insurance only relationship.

Health Insurance = got me in the door

Time & Effort Building a Relationship = other business
- - - - - - - - - - - - - - - - - -


If you want to do it, you certainly can. The IHIAA is a great resource to learn individual sales, not sure what resources are available now days to learn the group side (send John a PM). There is definitely a learning curve and you will make some mistakes early on if you don't have someone helping you. That being said, it isn't rocket science and if you devote the time to learning it, you can catch on quickly.

The key is to get appointed with the carriers who are competitive in your market. Being in WI, it depends what part of the state you are located in. Some to consider:

Anthem (you can contract direct)
WPS (pain in the ass to contract direct, but available through GAs)
Humana (not appointed with them personally for WI group)
United Health (can go direct)

But these can vary drastically. For example, if you are in LaCrosse, there are two local HMO's competing and virtually nobody else. If you are in Western Wisconsin, you may want some MN based carriers like Medica and Health Partners in your arsenal. If central to east WI, the carrier mix will likely change as well.

P.S. I just reread your post, you didn't mention group insurance specifically. If you are talking individual sales, it still depends on your area of the state. However, the list above would be a good starting point.

I agree, over time you can build into cross-selling opportunities. Health builds a high level of trust for some reason, people value the agent who helped them get a good major medical plan. They will often come back later for life, dental and other products since you did a good job for them with the Blue Cross plan or whichever plan you got them.