What Would You Do?

[jhuang]

You have a business plan lined up. You have a particular product line that you want to promote, actually a few lines, but not alot. But all of a sudden someone asks you about a line of product that you don't have and you don't want to miss an opportunity.

A little about my situation. I'm planning the Life/Health side of the business, starting with Med Supps/FE, but I am not new to P&C and not shy about talking about auto/home insurance. However, my plans were to do Med Supps.

I have a professional person that would like to refer me business, P&C business. I've already planned out my cost of starting up the Life/Health portion and taking on a P&C side would be extra costs of start up.

Would you do it? Start E&O and appointments with Superior Access and incur the start up costs and become the Med Supp Auto/Home agent?

 

[Insurance-Guy]

Well it depends do you want to service the p and c side? The e and o cost will be much...much more for p and c vs l and h. You kind of answered your own question in the post...just remember that you can't be all things to all people.

 

[Guest]

IMHO, you cant be an expert in all types of insurance or products, surround yourself with experts in the products you dont offer.

Say someone calls you and wants health insurance, but you dont offer it, how are you going to know anything about the product to discuss with the client?

WAY too many products to know everything about each one.

Become an expert in a few products or areas.

 

[DHK]

Beware of becoming an "opportunist" - to do things because you're afraid of leaving money on the table.

Network to find others to refer that business to. Build an "inner circle" of referral partners. You need to do what you know best. Delegate and refer out the rest.

For more information on this, take a look at Precision Launch and http://cottonsystems.com.