Question for Experienced Health Underwriters

[curly212]

Hello,
I thought this forum might be better place to post this. I own a small and young P&C agency in Pa. and I'm looking to grow my commercial book of business. My thought is this and I'd like your feedback:
I want to bring a health agent in and license/teach P&C. They would be straight commission earning typical splits on the P&C they create. They can continue to do what they do best (health) and solicit P&C to their existing group health clients. They could solicit health to my current commercial (and personal) book.

My benefit is that it allows me to get more commercial production and not have to supplement a new producer's salary (money I don't have)

His/her benefit is it allows them to add an additional revenue stream

As a health producer/underwriter/agent - Why would you be interested or not? Why does it seem that rarely does someone prospect P&C or health but not both. What am I missing?

Thanks in advance for any thoughts.

 

[ABC]

Why would someone with experience come to work for you?
Even if you have a large block of pc clients that might not result in a large block of health clients


What might be more realistic for you is if you partner up with a small health agency.

 

[curly212]

ABC,

Thanks for your response and I hear you loud and clear. I don't mean to imply that coming to work for me would be a huge "windfall" for a health agent. I just thought it would be a successful cross sell and extra revenue stream. I do have health brokers I work with, but I thought about bringing it in-house and wanted this exact kind of feedback.

Thank you for your constructive advice. Any comments are appreciated.

 

[ABC]

I did not mean to sound like a prick.

I have seen where a PC shop and Health shop can have success with referring business back and forth.

Those type of partnerships are successful if your willing to put in what you are getting out.

ABC,

Thanks for your response and I hear you loud and clear. I don't mean to imply that coming to work for me would be a huge "windfall" for a health agent. I just thought it would be a successful cross sell and extra revenue stream. I do have health brokers I work with, but I thought about bringing it in-house and wanted this exact kind of feedback.

Thank you for your constructive advice. Any comments are appreciated.

 

[dgoldenz]

I get a lot of people asking about P&C, but don't have a P&C license and don't really want to get into selling it. Health/life/disability/LTC is enough to keep anyone busy, let alone throwing a whole new side of the industry on top. Would be nice to get more leads from the people we refer P&C to though...

 

[curly212]

Thank you ABC & Goldenz,
I know what you are saying about traditional relationships. The health broker contact I have gets a number of referrals from me and I get about the same.

I guess not being a health guy, it always seemed to me a much harder in-road to an owner/decision maker's confidence on health care than to help with P&C. I always felt once you had a business contact you were a trusted partner and the idea of you helping him with him measly ($) GL or building coverage, or Work Comp would be an easy opportunity.
But I do understand the feeling of not wanting to learn another set of terms, underwriting, rating systems etc.

Thanks again for your input.