Finding Opportunities in Today's Group Market
New agents to the group insurance market may wonder where to focus their efforts. While some experienced
individuals advise focusing on companies of 10 to 19 employees, others might shoot for higher or lower companies. A new agent asked the forum, “Is it easier to get an audience with companies who employ less than 10 people?”
As a starting point, experts advised considering possible compensation available as a starting point. He noted, “I can’t imagine making enough money on three life groups to make it worthwhile. Do your math first.” On the upside, he recommended not going over 200 life policies until the new agent had gained more experience.
Another consideration is that note all companies are created equal, and the size of the company is not necessarily an indication of the opportunity to write business. If a company needs the help of an agent, the prospect is positive. Knowing your product, knowing the demographics that the product is competitive for, being professional, and following up will improve your chances of securing business. One agent noted, “Some of the easiest groups I have written were larger companies that I pre-qualified, provided a solution to their problem, and serviced effectively. Don’t limit yourself to the smaller fish. If the group ends up being a pain to service, at least if it’s larger you are making decent money.
Does size matter, and if so, do you think there’s an ideal size for the new agent attempting to write business? Tell us here.
- Political reaction: Republicans propose The American Health Care Act
- State Farm reports $1.2 billion pre-tax operating loss in 2016
- DOL aims for initial 60-day delay in fiduciary rule effective date
- Report aims to put a stop to ‘Use It and Lose It’ homeowner policies
- Most LTCI claims begin and end at home; insurers pay out $8.65 billion in 2016 claims, new data confirms
- Record-setting fixed, FIA sales in 2016 can’t keep overall annuity sales from 6% decline
- 2nd annual ‘Insurance Careers Month’ trumpets fact 93% are proud to work in the industry; rallies recruiting efforts
- MetLife annuity and life products officially rebranded under Brighthouse Financial name