Niche Markets

[NYinsurance417]

Im a current broker in NJ. I was wondering if anyone had any good ideas for some niche markets to attack? Lives from maybe 10-40. Any help or ideas would greatly be appreciated thanks.

 

[Tony T]

Federal employees...Postal, VA, etc. for disability coverage...Any employee who works for an agency of the Federal Government...They do not have disability income as part of their benefit package...You do not need the employer's approval to submit an application for coverage since the employer is Uncle Sam...The challenge is getting in front of the employee...The market for this coverage are pretty much simplified issue with virtually no underwriting...If you're interested in this market, shoot me a PM...Tony

 

[stuy119]

Tony, am I mistaken, or is that Aflac business? I remember hearing about that from them a while back, but it only sounds familiar. Maybe I'm off ...

 

[somarco]

I believe PIA had a DI product that was marketed to postal workers at one time. There were a few carriers that pursued that market with some success.

 

[Tony T]

AFLAC's DI policy will only cover a Fed. Employee for accidental coverage...It does not cover sickness...The Fed. employee needs true sickness/accident DI coverage..There are a couple of companies that are currently offering this coverage...Assurity-At-Work, Trustmark and GE (PIC) have all deloped a disability product for the Federal Employee market and within a few years,dropped out....It seems that the initial influx of a large premium volume is attractive, then the losses start piling up...LOL Tony

 

[NYinsurance417]

Thanks for the replies. Im in employee benefits selling group medical insurance. Any ideas for this market?

 

[somarco]

Concentrate on 50+ lives. The under 50 market is too volatile right now. Under 25 will probably disappear. Closer you get to 50 lives will have issues as well.

Look at self funding options.

 

[ABC]

I.T. Firms are good to go after. They usually are healthy and young.

What industries are doing well in your area? Go after them!

Really there are no niche markets. You are after anyone with a group health plan or in the market for a group health plan.