Need Help with a Large Group Health Case

[taiko]

I was just introduced to the owner of a small restaurant chain 9 locations totally, and about 150 employees. I got his ear because I worked in the restaurant business for 10 years. They also have a 401K that I would like to go after.


I am Life/ Health licenced but have only written like 2 individual health policies in my career. Life and investments have been my focus.

Anyway, he told me to put some proposals together and we can sit down and go over them. Right now it looks like they are using some low cost company called starbridge for there health benefits.

I think cost is the real issue, because most people in the restaurant business like waiters, bartenders, are young and healthy and they don't want to or can afford to pay a lot. In addition Senior and corporate management might be interested in a more expensive and comprehensive plan.


Can anyone give me some advice on where to begin. I have no clue, But this could turn out to be a nice case and worth the effort. This case has locations in both NJ and NY.

Any advice would greatly be appreciated.

Thanks

 

[arnguy]

You should team up with an experienced agent who does large group cases and then determine an equitable commission split on the case. BTW, good luck!

 

[moonlightandmargaritas]

Anyway, he told me to put some proposals together and we can sit down and go over them.

This approach is basically a waste of your time.

You have no agreement on conditions under which they'll make a switch, nor any commitment that they'll do it with you. You need to get a bunch more information on why they would make a switch before you start wasting time with proposals.

There are many highly successful group brokers who wouldn't dream of proposals and/or quotes until they have obtained a BOR (Broker of Record) letter.

You're way in over your head. arn's suggestion is the smart one...

 

[taiko]

This approach is basically a waste of your time.

You have no agreement on conditions under which they'll make a switch, nor any commitment that they'll do it with you. You need to get a bunch more information on why they would make a switch before you start wasting time with proposals.

There are many highly successful group brokers who wouldn't dream of proposals and/or quotes until they have obtained a BOR (Broker of Record) letter.

You're way in over your head. arn's suggestion is the smart one...

Well, yes and no. The GM who introduced me is a guy I used to work for so he put in a good word for me, so i think they will take me seriouslly.

As for the rest I have no idea what to due. I think finding a good experienced group person is a great idea, anyone know anybody.

 

[encbenefits]

I specialize in group health in NJ metro area. Give me a call 973-220-9202 and I can help you or point you in the right direction. Thanks,
Adrian

 

[LGilmore]

Take a good look at what they are doing. Ask about what they were doing before. Who does he insure? management or waitstaff? Dig very deep into what they do right now and what they did before that. You need to find what is important to the owner. Look at what they actually do over what they say... If the guy talks about wanting the best for his employees, but has a shite plan in place.. you should be able to figure it out.

Good luck. You may find it's a dry well, but at the same time an educational experience.

 

[maksim]

How did this turn out? I am in NJ myself.

 

[moonlightandmargaritas]

How did this turn out? I am in NJ myself.

It was dead in the water from the get-go.

 

[maksim]

thats what i figured... but lets see from the OP.

 

[Health Insurance St Pete]

Make 2 groups of employees Senior Management and Junior Staff, different policies for both of them, for senior management higher coverage and higher premium and for juniors lower premium and lower coverage.