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​THE RESOURCE

Tips for Successfully Selling Insurance

8/22/2019

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1. Professionalism is at the top of the list. You have one time to make a first impression. If you blow it, that's on you. Dressing the part, speaking intelligently and avoiding slang or industry jargon will lend itself well to gleaning more clients. The first step to having your clients entrust you with their future insurance needs is to act accordingly. Would you buy insurance from yourself? Trust is huge when it comes to purchasing insurance and financial products. 

2. Knowledge is next. If you don't know what you're selling, how do you expect your clients to purchase from you? Study your insurance products and understand what benefits they provide for your clients. If you don't know the answer, simply tell your client you'll research the answer and will get back to them. On the flip side, you don't want to come across as a "know-it-all" and overwhelm your clients with non-essential information. Moderation is key.

3. Technology is on deck for number three. If you aren't technologically savvy and struggle with basic web navigation and software, then it's time to bone up on those skills. Successful insurance agents today submit their business electronically and monitor their business online. They also run quotes and illustrations for clients online at any time of day or night. Everything you need to be successful in insurance is online. 

4. Marketing is number four on the list. Carriers will provide you with consumer-facing materials, but at the end of the day, it's up to you to market yourself and your agency. You are your own brand, and you must convey your professionalism (see tip #1) via your email address and online presence. That means ditching the Yahoo email account and purchasing a domain (they're incredibly economical) and doing business with a verified business email address. And while we're talking about online presence, having a website or at the very least a landing page or micro site, is prudent. Many agents get a way with just having a facebook business page and their LinkedIn profiles, but if you can afford a small website to direct your clients to, you're on your way to a successful career.

5. Listening is imperative. You can spiel about the importance of insurance all you want, but if you don't listen to your clients and their needs, you're shooting yourself in the foot. Listening is half of selling. You need to create solutions for your clients and since they can't pick up a Medicare Supplement or Life Insurance policy in their hands and have a tangible product to identify with, it's up to you to listen and then relay the benefits of the solution you create for them,
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6. Attention to details. Paying attention to yourself is imperative, whether it be in meetings, how you speak to your clients, how you respond to emails or voicemails. Paying attention to how you conduct your business will go a long way in helping you correct your mistakes and becoming more versed in this industry.

7. Digging deep. That's right. Selling insurance is not for the faint of heart. It takes dedication, commitment and hard work. Yes, you're your own boss, but with that comes accountability. It's up to you to monitor your business, market yourself, bring on new clients, set goals for future growth, make time for continuing education and taking care of your existing clients. 

8. Connected is up next. Being involved in your community, networking and having a social presence is paramount. You don't have to be the town mayor, but you do need to be social. Reach out to your clients, follow up with them, let them know about new products and find out how they're doing. Life is not static. It's up to you keep up with the pace and be socially aware.

9. Receiving advice is important. If you have a mentor or someone you value who works in the insurance industry and can impart knowledge and tips, then listen and take advantage of their wisdom. We all know we learn best by actually "doing", but when you can learn from someone who is successful in this business, why wouldn't you?

10. Patience. Lastly, we must address the elephant in the room. Success doesn't happen overnight. If it did, we'd all be jumping on the next bus to Money Town. Remember that hard work and dedication DO pay off and every year you should see incremental growth. If you're not, then you need to unearth why you're not growing and what's contributing to your lack of success. Each day is a new day to call prospective clients, learn about a new product and grow your business by thinking forward. If you take the time to invest in yourself, you will undoubtedly be a successful insurance agent.
​By Carolyn Portanova
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Are you talking to your clients about Disability insurance?

5/8/2019

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No one plans for a tragedy to strike...

...but if one should, having Disability Insurance ensures your clients are covered, allowing them to focus on their road to recovery, while having the means to pay the bills. May is Disability Insurance Awareness month. It's the perfect time to open up the conversation about having disability income.

​​Speaking to your clients about DI (Disability Income/Disability Insurance) is a conversation worth having. Having insurance that insures the beneficiary's earned income will be provided should they become disabled not only gives one peace of mind, it's just good common sense. Nearly 18.5% of Americans currently live with a disability. One out of every four Americans will suffer a disabling injury before retirement. Statistics like these are hard to ignore.

Life Happens poses this question:
"Without your paycheck, how long would you be able to make your mortgage or rent payment, buy groceries or pay your credit card bills without feeling the pinch?"

"If you’re like most, it wouldn’t be long at all: 7 in 10 working Americans couldn’t make it a month before financial difficulties would set in, and one in four would have problems immediately, according to a Life Happens survey.¹"

¹”What Do You Know About Disability Insurance” survey, Life Happens, 2018
Download the 2018 Annual Report on People with Disabilities in America
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By Carolyn Portanova
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Free Agent or Captive Agent?

4/5/2017

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Yesterday was Opening Day in Major League Baseball and all captive agents were on deck to kick off the season. Captive. That’s the key term here: being a captive agent in the American League or National League, playing ball for a specific franchise for a set number of years with a compensation package all spelled out.
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What does this have to do with insurance? Captive agents in the insurance industry have a similar contract with a specific carrier: a document outlining which products they can sell, compensation, bonus structure, etc.

That’s where the similarities end.
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Most free agents playing major league baseball want to get picked up by a club so they can advance their career and enjoy lucrative income for years to come.

For free agents in the insurance industry, it’s a slightly different story. They are actually limiting themselves by signing with one insurance carrier. Why? Because they have to play by that carrier’s rules and guidelines. Is that so bad? No, but truth be told, if you’re a captive agent you are bound to that carrier’s product lines, you’re limited in your choices and options for your clients, and you’re limited by whatever the pricing structure is for those products. Ultimately? You’re bound. That’s not a very freeing concept now is it?

As a free agent, you can work with a BGA who will assist you with contracting with numerous carriers. BGA’s don’t cost you anything. You contract with them, but all of your compensation comes directly from the carrier. The benefits of being a free agent are endless. Let’s take a look at the most compelling:
  • Freedom to choose when, where and how you work. You’re the boss. You report to no one. You make your hours, you decide where your office is, you decide on every aspect of your workday.
  • Freedom to work with whatever insurance carriers you choose. Let’s face it, there are a lot of options out there. You can choose from the best, and that will open doors and possibilities for your agency.
  • Freedom to quote your clients from an array of products and options. And what does that mean? You’re doing your due diligence, and you’re researching all options for your clients. So what does that mean? You’re a good insurance agent. Pat yourself on the back.
  • Compensation, bonuses, trips and renewal commissions from every carrier you choose to work with. Insurance carriers offer leaders trips to some pretty fabulous destinations every year, and they foot the bill while you have fun with your companion. Renewal commissions are exactly that. You continue to get paid for your work long after you’ve submitted your policy applications. That’s right. It’s the gift that keeps on giving…
  • Freedom to market any products you choose. The sky’s the limit. You want to offer life insurance, auto insurance, Medicare Supplements, dental insurance, annuities? You can do it all. The world is your oyster.

​So, yesterday was opening day and all the captive agents in the country went to work for the club (or carrier) they signed with. Were you one of them? You can change that. It’s up to you though. If the idea of being a free agent sounds somewhat appealing, we’re here to help. We can’t assist you with an MLB contract if you play ball, but we can assist you with adding an arsenal of products, carriers, choices and possibilities to your portfolio that will lead you down a path of success….and hopefully fulfillment.
By Carolyn Portanova
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25 Things You Must Know Before Recommending a Medicare Supplement Plan to Your Client

3/23/2016

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Medicare Supplement plans. They’re absolutely necessary for Medicare recipients, and yet only 25% of the U.S. population are purchasing them. Close to 4 million individuals will turn 65 this year according to the National Census, and that, in and of itself is staggering.

​Medigap policies are what close the gap on health related insurance costs that traditional Medicare does not cover. Seniors struggle with the complexities of the Medicare system, and assisting them with their choices and giving them solid advice on which plan to purchase is what can set you apart from other insurance professionals. However, before you go writing your clients into Medicare Supplement or Medicare Advantage plans, here are some things to consider…not only for them, but for you, yourself.

  1. Consider the number of years the carrier or parent company has been in business. Specifically, how many years have they been offering Medigap plans.
  2. Who owns the carrier? Is it a domestic company or is the parent company overseas?
  3. What other types of insurance and lines of business does the carrier represent?
  4. Is the company a stock or mutual company? A mutual company being owned by the policy holder wherein short-term earnings are less important.
  5. How many states is the carrier entrenched in?
  6. What are the financial ratings for the carrier? S&P, A.M. Best ratings are key in deciding which plan and which carrier to offer.
  7. How often does the carrier implement rate changes and when was the last hike?
  8. Does the company have sister carriers? If so, how many?
  9. Tobacco rates are always higher, and that has to be considered when you have clients who use tobacco products, as they are a liability.
  10. What are the family and household discount rates like? Are they worthwhile and substantial enough to make a difference in a client’s policy?
  11. Competitiveness of the rates. A carrier must have competitive rates to even be considered. If their rates are exponentially higher than other carriers, that’s a red flag.
  12. What types of preexisting conditions are included, if any?
  13. What is the size of block in each state?
  14. Understanding the loss ratio of plans in state and nationally is critical factor.
  15. Are their re-insurers involved and fronting? Who is actually insuring the client?
  16. Who owns the product you’re offering? (i.e. Amerilife, AIMS, AARP)
  17. Knowing the carrier distribution channels is an important factor.
  18. How are the plans issued? Are they attained age or issue age?
  19. What is the average for attained age annual rate increases?
  20. Researching the loss history rate changes should be part of your “homework” when researching a carrier and the plans they provide.
  21. What does the upline hierarchy look like for you as a producer? How many levels are between you and the carrier?
  22. How user-friendly is the carrier? Do they offer electronic applications and quick Underwriting decisions? Ease of doing business makes your life and your clients’ less stressful.
  23. What are the compensation/commission schedules?
  24. Support and back office assistance. If you need help understanding where your policy is in the system and what is holding it up or what key components might be missing, having a carrier with knowledgeable staff and timely support is crucial.
  25. Knowing your contract, your vested interests and releases from the carrier are to safeguard your income and potential earnings.

By Sam Corey, Jr. and Carolyn Portanova
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A Little History Lesson...   How it All Began... "Wuz ya dere, Charlie?"

11/25/2015

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South Broad Street, Philadelphia (then and now)
PictureOffices at 19th and Spring Garden Street, Philadelphia
Foreword, by Who May be Generously Termed the 'Author' of the Following Pages

Years ago, probably well beyond the memory of any reader, there was a radio program in which one of the punch lines was: "Wuz ya dere, Charlie?" The answer was always: "Yes, I wuz dere."

This article is an attempt to trace the history of a not very important insurance enterprise, from about 1888, then termed the 'Provident Friendly Society' for the next one hundred years to its demise in the mid 1980s as the 'Provident Indemnity Life Insurance Company'.

Wrapped into the history is a father and his two sons. The father, William B. Corey, a South Philadelphian, aristocratic, dignified, entered the employ of the Society in 1895 as a boy fourteen years old. As mentioned on Page 1, his salary was $2.50 per week.
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One of his sons, William S. Corey (note, the father's middle initial is "B", the son's is "S". "B" for big one, "S" for small one), entered his father's employ in 1933. His salary wasn't much bigger.

The younger son, Samuel C. Corey, followed in 1946. Nor could he splurge on his salary. ​

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Penn Square, Philadelphia (then and now)
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As the father was a cautions man, loathe to take a chance, with a famous saying, "Always leave the back door open. You don't know when you might need to escape.", his sons were the opposite. They, especially the younger, knew no restraints. Enthusiasm and confidence, he thought, conquered everything. The older was somewhat more subdued. Both, however, were unconventional, and might even be termed "screwballs".

And so the history progresses, through the ups and downs, the joys and the heartaches, of a company trying to achieve respectability, and in the process, hopefully make a buck.

I write this history because "I wuz dere".

~ William S. Corey
   February 18, 2004

​

​By Carolyn Portanova

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    Author

    Carolyn Portanova is the Director of Marketing at The Brokerage Resource and has been with the firm since 2012. 

    She handles all marketing and communications for The Brokerage Resource including web and graphic design projects. 

    She works closely with independent agents to help them promote their brand and grow their businesses.

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