would you sell P&C or employee benefits and why?
- Thread starter d-f-0406
- Start date
- 5,365
I sell p&c because I understand it, and I am good at selling it. Another person might starve to death trying to sell p&c. Conversely, that same person could kill it in benefits, while I starve trying to sell benefits. Full disclosure, I've only sold p&c for 9 years or so since I left advertising. First personal and commercial, and now commercial only for the last 5 or 6 years or so and am very happy with that decision. Even with the inevitable closing of many small businesses that is coming.
For me, I am extremely logical, and understand black and white math and ROI, and I know exactly how to get in front of business owners, and quite frankly after 18 years I am good and fast at figuring out who to talk to and getting in front of them. I feel benefits has to do with more fuzzy logic and abstract concepts that I prefer to stay away from in my personal and professional life.
Perhaps the opposite would be true for you.
Furthermore, Big Brother has been getting more and more involved on the benefits end, and f*ing things up. They have too a little on the commercial p&c side, but just a little bit with work comp. It's not bad, just irritating. From what I understand, it's been devastating on the benefits side.
I've done very well in p&c (commercial specifically) and this is feedback from just one guy. I'm sure you'll get lots of other opinions, quite possibly from someone else who has been even more successful than me with an opposite viewpoint.
For me, I am extremely logical, and understand black and white math and ROI, and I know exactly how to get in front of business owners, and quite frankly after 18 years I am good and fast at figuring out who to talk to and getting in front of them. I feel benefits has to do with more fuzzy logic and abstract concepts that I prefer to stay away from in my personal and professional life.
Perhaps the opposite would be true for you.
Furthermore, Big Brother has been getting more and more involved on the benefits end, and f*ing things up. They have too a little on the commercial p&c side, but just a little bit with work comp. It's not bad, just irritating. From what I understand, it's been devastating on the benefits side.
I've done very well in p&c (commercial specifically) and this is feedback from just one guy. I'm sure you'll get lots of other opinions, quite possibly from someone else who has been even more successful than me with an opposite viewpoint.
- 2,301
I've done P&C plus commercial for 7 years. I started with Employee benefits over 10 years ago. Many employers see a place for benefits but don't want to take the steps to withhold earnings from paychecks and would rather have the employee pay for the benefit outside of the business. They view the withholding as an extra step for the HR dept which could cause additional issues between employee and HR. The selling to the employee was the easy part
- Thread starter
- #4
Happy Easter!
@Markthebroker thank you for your insightful feedback! I like that you mentioned what would be some of the successful contributing factors (logical, numbers-oriented mindset to convince biz owners) in selling P&C commercial insurance. I have a few follow up questions, thank you!
P&C Commercial insurance a nice to have or a must-have for businesses?
- Is P&C commercial insurance more necessary and easier to sell compared to employee benefits? For example, the Worker's Comp is a must-have by law. Do you sell both WC and P&C together, or do you focus on just liability P&C commercial insurance?
- Would like to know what large commercial accounts and businesses typically must buy despite a recession to stay in business
Business Prospecting for Clients and career path:
- Do you start off with a national brokerage such as Willis Towers Watson, Lockton, USI, HUB...etc. to move in its big commercial account department to obtain prospects and leads and then network for more clients or do you start off by your self with an indendepent agency? What is the typical end of the road career look like for people who work with a national brokerage? Can you move your book of business anywhere and anytime you'd like?
- For people in the brokerage and insurance company management roles, do they need to obtain an MBA to learn about mergers and acquisitions and to break into those roles? What about starting as a producer?
@Markthebroker thank you for your insightful feedback! I like that you mentioned what would be some of the successful contributing factors (logical, numbers-oriented mindset to convince biz owners) in selling P&C commercial insurance. I have a few follow up questions, thank you!
P&C Commercial insurance a nice to have or a must-have for businesses?
- Is P&C commercial insurance more necessary and easier to sell compared to employee benefits? For example, the Worker's Comp is a must-have by law. Do you sell both WC and P&C together, or do you focus on just liability P&C commercial insurance?
- Would like to know what large commercial accounts and businesses typically must buy despite a recession to stay in business
Business Prospecting for Clients and career path:
- Do you start off with a national brokerage such as Willis Towers Watson, Lockton, USI, HUB...etc. to move in its big commercial account department to obtain prospects and leads and then network for more clients or do you start off by your self with an indendepent agency? What is the typical end of the road career look like for people who work with a national brokerage? Can you move your book of business anywhere and anytime you'd like?
- For people in the brokerage and insurance company management roles, do they need to obtain an MBA to learn about mergers and acquisitions and to break into those roles? What about starting as a producer?
- Thread starter
- #5
@fed up I don't know EB well enough but are you saying that it's not a necessity so it's harder to sell to employers but the employees would be happy to pay for that so its not as hard to sell but you need to still speak to employer but they won't want to always pay for premium but would have employees pay the premium?
- 2,301
Employee benefits are generally indemnity plans which pay back to the employee if they go to the doctor or hospital, if they develop ancer or break a bone. They are usually paid pretax through payroll deductions from the employee which requires a payroll spot that the employer needs to keep track of, or paid after tax by the employee. When paid pretax some employers don't want the extra burden of deducting and sending in the premium. Go work for someone who does both and figure out which one you like. They are not mutually exclusive but you need to know what you are talking about.
- 5,365
P&C Commercial insurance a nice to have or a must-have for businesses?
It depends who you ask. Many business owners should have it, and don't. Many are required by law to have it and don't.
- Is P&C commercial insurance more necessary and easier to sell compared to employee benefits?
I don't know, I've never sold benefits. I would argue yes, but I know very little about the other side of the question.
- For example, the Worker's Comp is a must-have by law.
Huh. Jaywalking, drunk driving, speeding, and drug use are illegal. Hasn't stopped much of that. There are plenty of people skirting the rules on this.
Do you sell both WC and P&C together, or do you focus on just liability P&C commercial insurance?
I sell both. Most agents sell both. Some are very lazy and only sell one policy. I am very aggressive and want the whole account, and I usually get it.
- Would like to know what large commercial accounts and businesses typically must buy despite a recession to stay in business
I'm not sure I understand the question. I mostly write small businesses, and have a large focus on recession proof businesses like apartment buildings and auto repair shops. Despite what most people believe, most businesses can get away without buying insurance, though it often gets them in trouble later.
Business Prospecting for Clients and career path:
- Do you start off with a national brokerage such as Willis Towers Watson, Lockton, USI, HUB...etc. to move in its big commercial account department to obtain prospects and leads and then network for more clients or do you start off by your self with an indendepent agency? What is the typical end of the road career look like for people who work with a national brokerage? Can you move your book of business anywhere and anytime you'd like?
- For people in the brokerage and insurance company management roles, do they need to obtain an MBA to learn about mergers and acquisitions and to break into those roles? What about starting as a producer?
Reread my post about starting at a captive agency first. Go work for State Farm or Eerie or something like that. See if you can even sell insurance and if you like it first. You are kind of like someone that's never seen a car before asking for details on how to replace and engine, and you don't even know the difference between a wrench and a hammer. I was about 5 years into commercial insurance before I had a comfortable grasp.
Go work for a small captive agency, then let us know what your questions are after 6mos or a year. It's for your own good.
It depends who you ask. Many business owners should have it, and don't. Many are required by law to have it and don't.
- Is P&C commercial insurance more necessary and easier to sell compared to employee benefits?
I don't know, I've never sold benefits. I would argue yes, but I know very little about the other side of the question.
- For example, the Worker's Comp is a must-have by law.
Huh. Jaywalking, drunk driving, speeding, and drug use are illegal. Hasn't stopped much of that. There are plenty of people skirting the rules on this.
Do you sell both WC and P&C together, or do you focus on just liability P&C commercial insurance?
I sell both. Most agents sell both. Some are very lazy and only sell one policy. I am very aggressive and want the whole account, and I usually get it.
- Would like to know what large commercial accounts and businesses typically must buy despite a recession to stay in business
I'm not sure I understand the question. I mostly write small businesses, and have a large focus on recession proof businesses like apartment buildings and auto repair shops. Despite what most people believe, most businesses can get away without buying insurance, though it often gets them in trouble later.
Business Prospecting for Clients and career path:
- Do you start off with a national brokerage such as Willis Towers Watson, Lockton, USI, HUB...etc. to move in its big commercial account department to obtain prospects and leads and then network for more clients or do you start off by your self with an indendepent agency? What is the typical end of the road career look like for people who work with a national brokerage? Can you move your book of business anywhere and anytime you'd like?
- For people in the brokerage and insurance company management roles, do they need to obtain an MBA to learn about mergers and acquisitions and to break into those roles? What about starting as a producer?
Reread my post about starting at a captive agency first. Go work for State Farm or Eerie or something like that. See if you can even sell insurance and if you like it first. You are kind of like someone that's never seen a car before asking for details on how to replace and engine, and you don't even know the difference between a wrench and a hammer. I was about 5 years into commercial insurance before I had a comfortable grasp.
Go work for a small captive agency, then let us know what your questions are after 6mos or a year. It's for your own good.
