Looking for Some Pointers in the EE Bene Market

[Googly Moogly]

I am looking to get into the EE benefit market and would love some advice.

I've been in the insurance business now for 3 years and have made it this far. That was in Florida working the senior market...... I just recently moved back home to the Huntsville, Al area and I see a lot of growth in this area due to some interesting happenings with all Military procurement being moved to Huntsville by 2011. NASA is also located here, which of course, means a ton of suppliers to both the Defense and Space Programs. Couple that with our manufacturing base, Toyota, 3M, Sanmina, Boeing, Lockheed, etc etc, this area is not slowing down anytime soon. We are also expected to get another 5-8K in military personal coming into the area with the BRAC program.

Anyways to make a long story short and with my feeling that more and more small business firms are going to pop up to support these industries in the next few years. What are some pointers that you could give a newbie?

Also I do not really want to do Group Health. I would prefer doing Group Life, STD, LTD, Dental, and voluntary benefits. I am interested in the carrier Sun Life out of Canada. They appear to be a very strong company and they are looking for reps in the state of Alabama.

I am also lucky enough to have good family connections with influential people in the area. So I feel I have a decent natural market to prospect. Maybe doing business to business marketing will beat the umm, industry practice of begging friends and family members to purchase your life insurance. Maybe not.

I consider myself an outgoing person and I have no problems knocking on doors of opportunity. I also enjoy business to business sales.

Please give some pointers............

or tell me to avoid this business all together.

Thanks in advance.

 

[ABC]

I think you are on the right path with specializing in one aspect of insurance. The problem you will run into on the ancillary products is most small group don't really embrace them. So you would really be chasing large group and large group can take some time to close.

I would also look to see if Sun Life is really competing in your area. I would think you would need to go in to a potential client and save the at least 10%.

 

[kaplanINS]

Why do you want to stay away from group health?

 

[somarco]

Ancillary business is tough and really not practical for small employers unless you are talking PRD (payroll deduction) using individual products. You may be coming home but I can bet there are agents there who already have a stakehold.

You will need to introduce/reintroduce yourself and build some credibility. You need something to differentiate yourself from the guys who share drinks at the Elks club.

Depending on how long you have been away, start by contacting your old network and build from there.

 

[Googly Moogly]

So forget the small biz....go after larger groups. 50 or more??

Thanks for the input.

 

[somarco]

50+ is where the money is on ancillary business. Still have to write a lot of it and the gestation period can be quite long.

Of course if you are independently wealthy then it doesn't matter.

 

[Broker007]

I would suggest a multi-marketing approach. Focus on accounts with less than 50ees. Learn to write individual life insurance in the evenings. And lastly, hook up with a real estate guy and write mortgage protection plans. Hope this helps.

 

[johndale]

Yes it's better to be flexible nowadays. ;-)

 

[Josh]

Yes it's better to be flexible nowadays. ;-)

Wise insight from an experienced agent!