Selling Group Health

[Justin Bilyj]

I have a question, I am reading a new book called SPIN selling, and it talks about how selling large value accounts is different from selling small value accounts, different probing questions, different value building, different closing, and this guy backs it up with great research.

My question is:

1. Do any of you know a great Group Health/Life insurance trainer? or training books, seminars etc.?

I am learning that TIME is the most valuable commodity I have, and I am glad to be learning this lesson at a young age, so I figure, why not go after the big fish, more fun anyways, would you rather catch a marlin or a minnow?

Any input is very appreciated.
Have a nice day

 

[moonlightandmargaritas]

why not go after the big fish, more fun anyways, would you rather catch a marlin or a minnow?

Until you develop some expertise with the minnows, when you go for the marlins, you're the one that's gonna get eaten up.

 

[ABC]

Until you develop some expertise with the minnows, when you go for the marlins, you're the one that's gonna get eaten up.

There is a lot of truth to this. The small deals don't just give you experience but they add up.

You will have a hard time hooking a Marlin if you have no experience.

 

[Justin Bilyj]

I understand that, and I dont intend on jumping in straight to group health, I gotta do something in the meantime to keep myself occupied anyways..
So back to my original question, anybody know any good books, trainers etc???

 

[Jeff]

Find a local IMO/GA that specializes in group. The smaller ones may walk you through the first few cases and even go on the sales call with you. They can get you started. I've found the larger ones (benefitmall,...) will not do this but the smaller regional ones will. Once you do a few small groups you'll be fine.

Plus if you market IFP to small business owners you'll run across small groups to work also.

 

[Todd King]

I understand that, and I dont intend on jumping in straight to group health, I gotta do something in the meantime to keep myself occupied anyways..
So back to my original question, anybody know any good books, trainers etc???

I think you have asked at least one question for every line of insurance that there is. Are you really floundering that much. Do you not have your niche figured out yet? If you think somehow you're going to be the greatest ever in every line, you're fooling yourself. Find a niche, go to work, make money, then try to add on as you go. Right now you're spinning your wheels and not going anywhere.
I'm not trying to criticize (or criticise for some of you) you, I'm just trying to tell you, pick one and go with it. Make a mark in one area, get yourself settled in, learn it, then add to that. You're going to drive yourself nuts trying to figure it all out at once. You might be a smart feller, but you're not that smart! It takes years to actually become an expert in just one niche. Become an expert at one thing before you try to become master of the insurance universe.

 

[Dave020]

I read your original post a couple of times trying to figure out exactly what you are getting at. Are you wanting to go into group like small and medium or, like it sounds in your post, are you thinking about large group?

Large group, until you have the requisite experience and staff, forget it. It is a whole different animal from small and mid-market. There are a couple of people on here, Sam and Somarco at least, who work in the mid-market and large group markets. I am sure that they will tell you that you really need to be a group expert on small group before you try that one out. There are a lot of moving parts to a 15-person group, especially if it is wrapped with more than one carrier. Now mutiply that by 100 the number of moving parts on a 1000-person group. Add in self-funding arrangements with carrier ASO, 105, 125 and so on and it takes an agency with some back office staff to sell it and maintain it.

If you are talking about just getting into the group market, start small and learn. Use your carrier sales managers (or whatever they call them in your state) or a good GA like Benefitmall to learn it. Small group can be a fun market, however it is, like all group, somewhat predatory (did I say "somewhat"?). BOR (AOR) changes are not uncommon and the group you write today will be on another agent's radar sooner or later. I've had BOR on 1-person group before, yeah, a freaking 1-person group! Learn one carrier's product line at a time and find out who the most popular carriers are in your state.

The one main advantage of IFP market is that the plan is vested for the life of the contract. No BOR, at least not in my state. That being said, unless you are moving and grooving a lot of IFP, small group will be more profitable.

 

[Justin Bilyj]

thank you all for your input. Todd, theres nothing wrong with planning for the future, i dont intend to jump into it, i just know where my strengths lay and I want to POSITION myself for that, i plan on getting my feet wet, i plan on learning small group, individual before i graduate, its so sweet you guys worrying for me lol. But i do appreciate the input keep it coming
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Whats wrong with thinking about college when you are in elementary school?? If we did what you suggested, we would have some stunted growth going on (not like there already is)

p.s. did you know india has more honors students than we have TOTAL students??

 

[Alston]

Until you develop some expertise with the minnows, when you go for the marlins, you're the one that's gonna get eaten up.

That is good advice. However, there are several times in my life where I would have benefited from moving to the next level a little earlier.

I have a problem with taking unnecessary risks when trying to move to the next level. But, if you can test a new idea without losing the opportunity to go back to what you were doing, I say go for it.

Sometimes in business you can steal second base with one foot on first.

 

[Dave020]

its so sweet you guys worrying for me lol.