P&C Guys Partnering/networking with Life Only Guy

[fla2cali]

I'm coming across more and more clients that ask me for help with homeowners and auto insurance. So I find myself in need of finding a 'go to guy' for p&c.

I've thought about doing that side of the business, but I like to keep things simple, and just focus on my life business. Also, I realize, p&c is much more service oriented.

I sell a lot of term insurance with living benefits to younger middle class folks. And I've heard a lot of agents say that p&c guys aren't really good at selling life insurance, since its not their main focus.

Do you think p&c guys would be interested in partnering with a life only agent?

I like living benefits, and its still not all that well known with the public. If I would partner with a p&c guy to set up a marketing plan to market life insurance with living benefits to his existing book, at my cost, but split business, would that be of any interest? They could continue to concentrate on what they do, but get additional income without the extra work?

Not just simply referrals to one another, but an actionable marketing plan.

I also realize that State Farm has a living benefits plan, but I think it's a UL or Whole life. Not sure, if they have a term option. Either way, I've replaced a reasonable amount of SF life business, just because they weren't that competitive. Not sure i would even approach SF, but I thought I would mention it, because I figured it would come up.

Just thinking I might try this in my local area. Any thoughts?

 

[Justin Bilyj]

I called indy P&C agencies until i found someone who wants to partner up.

 

[sludgesurfer1]

Here is a tip: All the newer SF agents are heavily incentivized to provide life insurance, so I wouldn't expect them to kick you back any business. The older guys can provide life upon request but don't actively market it.

I believe that perhaps an indy agent that is focusing on P&C and not life would be a good partner. But as you know, if the P&C guy doesn't actively market for life insurance I'm doubtful they'd find much.

 

[TXInsuranceAgent]

I called indy P&C agencies until i found someone who wants to partner up.

EE, I was curious if you owned a one stop shop agency. I noticed that you cross sell home and auto, etc. Do you split commission on those policies or direct your clients to them?

 

[Justin Bilyj]

EE, I was curious if you owned a one stop shop agency. I noticed that you cross sell home and auto, etc. Do you split commission on those policies or direct your clients to them?

I do have a one stop shop, health, life, di, ltci, annuities, medicare, dental you name it!

I had a client want a commercial quote, so I called agencies from google in my area. I learned real quick that it was easier to align with an independent agency and offer a comparative shopping service for auto and home in addition to commercial.
It was quite easy actually. Set up a 1099, auto-deposit, half first term's commission advanced upfront. I am a happy camper. It allows me to increase persistency and possibly save them money.
I network with other brokers at events, will start to on Linkedin. I think alot of people avoid other insurance agents, me I seek them out to see if there's something they don't offer i.e. disability, p&c, ltc, medicare, or health and then position myself as a resource for referrals i.e. make yourself referrable.
Especially now that the healthcare reform law is going into effect, I know no other broker doing health insurance at these events.

On my list to accomplish is a personal brochure and setting up a crm that will allow other financial professionals to log in and submit cases and review actions needed for referred cases and see commission splits.
I also find talking to agents (captives are weirdos, very possessive) is easy, noone else likes to talk insurance except us!

I will also tell you to make friends with a local SOC (send out cards) distributor, chances are they know great leads!
When I talk to the COI (center of influence) I will ask if they have ever heard of SOC, and if not I talk about it and have the distributor mail them a card, shows them quickly the value.