Question

Topic: Branding

Help Me Design Pitch For New Insurance 2010 Marketing Strategy To My Company And Prospects

Posted by Anonymous on 12/22/2009 at 11:24 AM ET 250 Points
I am a life insurance agent (MDRT etc) with 20 yrs in the business (took a 6 yr break but came back in 2004). At 59 I'm not as active so earning less, but I'm determined to change that for 2010!

I serve on the board of an umbrella organization with over 30 affiliate associations, but I've not had much success with approaching individual members (who already have an agent).

There are over 30,000 individuals served by these association and I want to approach my insurance company about designing a special plan for this organization - or re=designing an existing plan that would target this group specifically. Members are not all particularly affluent, some lower income so I'm going for volume sales, which would complement anything already in existence,

Desperately seeking ideas as to anything else that could be used as a 'hook' in selling this idea (1) to the Company and (2) the Association at the next Board meeting in January.
One idea was a rebate on the 13th monthly premium (pay for 12 get 13th free - refunded amount going to the individual's particular organization towards operational costs).

Please help me with innovative, cost effective ideas that I can sell to a rather conservative company which rebranded a year ago, so looking to create a new public image. I'd like to claim agent's commission on EVERY policy sold but if accepted they'd probably open it up to all agents. should I therefore claim some sort of copyright/creator's fee AND a percentage of each application sold by another agent?

grateful for quick and workable ideas. Thanks!
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RESPONSES

  • Posted by Jay Hamilton-Roth on 12/22/2009 at 11:37 PM Accepted
    Before you can sell a plan, you need to find what plans they have...and what holes are in their coverage. Otherwise, you're asking them to change allegiance...why?

    The company/association may be interested in sponsoring the plan if they get a cut of the premiums (especially an ongoing source of revenue).
  • Posted on 12/24/2009 at 6:41 PM Author
    The plan i'm thinking of re-designing is a sort of low cost, non-medical plan that covers life, disability and critical illness while allowing the client to also cover up to 3 children under 18 years for 25% of the adult coverage, as well as a savings component. It would not replace existing plans but rather enhance them.

    My informal research via meetings with heads of these various entities is that because members operate as independents they are expected to put their own insurance portfolio in place. Most are too busy or cry 'no money' so a large percentage are woefully under or un-insured.

    The suggestion to involve the Association in a cut of the premium because they are all struggling financially and this would become a valuable income stream, and motivate them to support the proposal. Thanks much.
  • Posted by michael on 12/28/2009 at 2:16 PM Accepted
    It's been a lot of years since I sold insurance, but aren't there still some rules that would classify this as a rebate? Aren't rates filed with the state? I might be hazy on this. Unless this is a mutual company?

    I would try to sell it as a member benefit more than a revenue stream. Most associations are struggling to keep their base. The more benefits, the better chance of renewal.

    Michael
  • Posted by incitrio on 12/29/2009 at 3:29 PM Accepted
    I would put together a brief survey on behalf of the Associations that includes questions like:

    * If we were to offer ____ plan that includes ____ benefits as part of our membership benefits...
    * How likely would you be to renew your Association membership?
    * What is the most you would be willing to pay for this plan?
    * Please rate the following items (different items: life, disability, critical illness) on a scale of 1 to 10 in terms of importance and need.

    Use survey monkey - set it up so that each Association can send out the survey link to their membership and collect the results. Then, use the findings to present a business case to both the Association and your Company with real market data to prove your case. Good luck!
  • Posted on 12/30/2009 at 2:13 AM Author
    Michael,
    Thanks for your timely reminder about 'rebates' and yes rates are fixed and subject to scrutiny by regulatory agencies (in my enthusiasm I overlooked that important aspect). No, this is not a mutual company but pretty big, several branches. The suggestion of selling it as a "members' benefit" is definitely worth exploring.

    incitrio,
    My thanks for your contribution. From the 3 responses received it's obvious to me that I need to do some research into the area of 'needs' before trying to sell or make a pitch (basic principle of life insurance). The Associations can quite easily email the survey questions to their membership, and the response received would be valuable info that will determine my future direction.

    My thanks to you both.
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