tm trademark and marketing identity of the empire life insurance company. policies are issued by the...
TRANSCRIPT
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TM Trademark and marketing identity of The Empire Life Insurance Company. Policies are issued by The Empire Life Insurance Company.
The Empire Life Insurance Company
Group Marketing & Distribution
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Empire Life
“Tell me and I will forget. Show me and I might remember. Involve me and I will understand.”
- Confucius
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The Group Marketing Process
Typically Involves:
Negotiated Placement
Closed Bidding
Competitive Bidding
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Pre-Sales Activities We are going to examine some Pre-Sale activities:
Prospecting
Preparation & release of RFP
Decision to quote/no-quote
Analysis of proposals
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You Can Sell Group Insurance
Selling Group Insurance is not that much different than selling Individual Life Insurance
Group Insurance goes hand in hand with personal and business insurance
Small groups often go untouched because the agent is unaware and the group specialist can’t be bothered with small cases
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Help through Group Representatives
Help is available through Group Representatives
1. Most insurance companies can provide you with presentation material
2. Use the carrier’s material to develop your own reports
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What’s in it for you!
• You currently have the customers
• If you have sold business insurance, you have a potential group sale
• Chances are your individual clients work somewhere - they can give you key information on their group benefits
• Group Insurance is an ideal hunting ground for individual sales - you have an easy and frequent lead to prospects
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What’s in it for you!
• Commissions are substantial and renewable annually - build yourself a base salary
• Can be an entrée to other sales - no other sales activity provides you contact with both management and rank and file employees.
• You can show them the value of working with a qualified insurance consultant so they can engage without fears of obligation or high pressure tactics
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Getting Ready to Sell
1. Know your products and services
2. Follow up on requests for information immediately
3. Return phone calls / emails immediately
4. Maintain contact with all parties
5. Put everything in writing
6. Never assume that something will be taken care of
7. Send thank you letters
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Literature on Products
Study literature on products
1. Take courses such as CEBS or RHU
2. Research your prospect, your prospect’s company, their business conditions and the competition
3. Be aware of your competition
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Empire Life
Companies don’t buy group insurance, people do –
BUILD RELATIONSHIPS
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Prospecting
1. Does the prospect have or need group insurance?
2. Is your prospect the decision maker?
3. What is the track record of your prospect - how is their business?
4. Does the prospect have an understanding of the services you can provide them?
5. Will an insurance carrier accept the risk associated with that group?
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Where to look for Prospects- Warm Leads• Your own client files• Personal acquaintances• School Alumni• Former co-workers• Social interests, hobbies, political organizations • Business organizations• Cultural commonality - Religious Organizations• Contacts do not have to be prospects themselves
- they can be referrals - do you work with an Accountant or Lawyer who can refer you to businesses?
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Where to Look for prospects
- Cold Leads• Business directories• Annual Reports• Business or trade publications• Magazines or newspapers• Locals Chamber of Commerce or BBB• Public Libraries• Association membership lists• Government Publications• Internet
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Be Referable
The most common source of referrals are satisfied clients
Before you ask for a referral, reconfirm their confidence in you and your products and service.
When asking for a referral, describe in broad terms what you are looking for in a qualified employer.
Report back the outcome of the referral to the referrer
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Preparation & Submission of Proposal
1. Determine the employer’s objectives
2. Ascertain the resources required
3. Confirm compliance with requested benefits
4. Verify if financially competitive
5. Confirm benefit maximums matched or exceeded
6. Present a high quality professional submission
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What Insurance Needs are Required?
LTDLifeAD&DGroup HomeLong Term CareDentalEAPWellnessWeight Loss
STDDependent LifeTravellers InsuranceGroup AutoEHBVisionHome Health CareStress ReductionFitness Club
Health Care Spending Account
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To Quote or Not To Quote the desirability of the risk – Is the group
acceptable to the carrier? the completeness of the RFP reasons for marketing the competitiveness of the current premium
rates ability to match current or requested plan
design capability to provide requested administration
& claims the timing constraints who the current insurers are
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Check-List
Information Included in a Proposal
• Description of deviations, if any• Description of eligibility for coverage• Schedule and description of benefits• Monthly premium rates• How renewal rates and reserves are calculated• Underwriting assumptions or conditions• Description of services provided
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Muddy Waters Insurance Services11111 – 111 StreetEdmonton AbT6J 2P1
Employee Benefits Request to Quote:
For
Company Name
April 2006
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Empire Life We have been requested to provide quotation for Employee Benefits for XXXXXXXXX Company. We are marketing this plan because they are have received several substantial increases in the past few years
Nature of BusinessXXX Company is a printer and bookbinder. They are affiliated with a National printing organization and are able to take some spin off contracts. This company has grown substantially in the last 3 years and has planned for steady growth in the futureCompany AddressThis is an Edmonton company with locations in Calgary and Red Deer or11795 – 124 Street Edmonton, AlbertaT5P 2L5Phone 780-424-6666 Fax 880-424-6661
WebsiteWWW.XXXcompany.net
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BUSINESS Nature of Business Affiliates and Subsidiaries Length of Time in Business EMPLOYEES Number of Employees Union Employees Contract Employees Waiting period for new hires Waiting period for current employees Coverage is Mandatory or Optional EE’s not covered by Workers Compensation Definition of Full time Definition of Part Time Bonus or Commissions
Empire Life
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DISABLED EMPLOYEES Number of Disabled Employees Prognosis DURATION of Disability/Return to Work date Has Life waiver been accepted Current Carrier How many years with current carrier Reason for marketing Benefit ER ContributionEE Contribution Life AD&D Dependent Life STD LTD Health Dental
Empire Life
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Empire Life
Rates Eff ective Rates Eff ective Rates Eff ective Benefit Mar 1/ 99 Mar 1/ 01 Mar / 02
Basic Lif e $0.21 $0.21 $0.27
AD&D $0.05 $0.05 $0.05
Dependent Lif e $1.67 $1.67 $1.89
Short-Term Disability
$0.67 $0.73 $0.79
Long-Term Disability $1.29 $1.29 $1.37
Health Benefi ts
Single $23.17 $35.00 $35.00
Family $42.04 $63.50 $63.50
Dental Benefi ts
Single $34.21 $32.00 $32.00
Family $55.07 $52.50 $52.50
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Empire LifeClaims HistoryShort Term Disability
Policy Year Paid Premiums Incurred Claims Loss Ratio
J an 1/ 01-Dec 31/ 02 $0 $0
J an 1/ 02-Dec 31/ 03 $0 $0
J an 1/ 03-Dec 31004 $0 $0
Extended Health Benefits
Policy Year Paid Premiums Incurred Claims Loss Ratio
J an 1/ 01-Dec 31/ 02 $0 $0
J an 1/ 02-Dec 31/ 03 $0 $0
J an 1/ 03-Dec 31004 $0 $0
Dental Benefi t
Policy Year Paid Premiums Incurred Claims Loss Ratio
J an 1/ 01-Dec 31/ 02 $0 $0
J an 1/ 02-Dec 31/ 03 $0 $0
J an 1/ 03-Dec 31004 $0 $0
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Empire Life
Name/ Employee number
Occupation Birthdate/ Age
Earnings Start Date
S/ F/ W Gender Province
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Analysis of Proposals
1. Compliance with RTQ
2. Service capability
3. Financial competitiveness
4. Guarantees
5. Quality of provider (stability)
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Empire Life
Benefit Volume Rates Premium Rates Premium Rates Premium Rates Premium Rates Premium
Life Insurance 3556000 0.156$ 554.74$ 0.174$ 618.74$ 0.120$ 426.72$ 0.120$ 426.72$ 0.150$ 533.40$ per $000
Accidental Death 3556000 0.050$ 177.80$ 0.050$ 177.80$ 0.050$ 177.80$ 0.060$ 213.36$ 0.050$ 177.80$ and Dismemberment
Dependant Life 22 1.87$ 41.14$ 2.090$ 45.98$ 1.750$ 38.50$ 1.400$ 30.80$ 1.250$ 27.50$ per family
Weekly Indemnity 14267 0.470$ 670.55$ 0.520$ 741.88$ 0.450$ 642.02$ 0.400$ 570.68$ 0.360$ 513.61$ per $0
Long Term Disability 56566 1.397$ 790.23$ 1.490$ 842.83$ 1.550$ 876.77$ 1.700$ 961.62$ 1.400$ 791.92$ per $00
Extended HealthSingle 7 71.01$ 497.07$ 65.47$ 458.29$ 26.00$ 182.00$ 25.00$ 175.00$ 22.00$ 154.00$ Family 16 167.87$ 2,685.92$ 154.78$ 2,476.48$ 50.00$ 800.00$ 52.00$ 832.00$ 52.00$ 832.00$
Dental CareSingle 7 66.29$ 464.03$ 31.08$ 217.56$ 20.00$ 140.00$ 21.00$ 147.00$ 19.00$ 133.00$ Family 16 66.29$ 1,060.64$ 77.70$ 1,243.20$ 49.00$ 784.00$ 52.00$ 832.00$ 45.00$ 720.00$
Total Monthly Premiums 6,942.12$ 6,822.76$ 4,067.81$ 4,189.18$ 3,883.23$
Marketing Comparison
XYZ Company
(Carrier #4)(Carrier #2) (Carrier #3)Current Carrier Empire Financial
Print Sheet
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Extended Health
-AnnualMaximum Unlimited Unlimited
-Annual Deductible 0/0 0/0
Reimbursement
Drugs 80% 80%
Health Coverage 100% 100%
Drug Plan
Pay Direct Drug Card Yes Yes
-Generic Drugs(Y/N) Yes Yes
Life Style Drugs LM:Fert$4000(50%)/Smk$300 LM:Fert$4000(50%)/Smk$300
Stop Loss Minimum Pooled Pooled
All Other Coverage
-Paramedical Maximum $500 $500
-Paramedical Per Visit Maximum no maximum no maximum
-Private Duty Nursing Maximum $10,000 $10,000
-Vision Maximum $200 $200
-Eye Exams (Y/N) Yes Yes
-Semi-Private Hospital Yes Yes
-Private Hospital Not available Not available
-Hearing Aids $500/5 years $500/5 years
Empire Life
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Extended Health
Travel Assist
-Out of Country Emergency (Y/N) Yes Yes
- Out of Country Duration (# days) 60 60
Other Notes
-Termination Age Retirement or to age 70 Retirement or to age 70
-Survivor Benefit ( # years) 2 2
-Other Notes
Empire Life
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Post-Sale Activities
Enrolment of employees
Installation and administration
Ongoing service and renewals
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Enrolment of Employees
Explaining the group benefits
Completing the enrolment material
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Installation and Administration
Deliver billing, contract, ID cards, certificates, employee booklets, claims forms, administration forms
Train administrators
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Ongoing Service and Renewals
Establish rapport with client and employees
Provide ongoing statistical information
Resolve problem issues
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Becoming a Better Sales Person
The Seven Deadly Sins in Selling– This valuable information comes from the book
“If You Were Arrested For Selling…. Would there be enough evidence to convict you?” from author Ian Selbie who is also the founder and CEO of Conselleo. http://www.conselleo.com/
– Ian’s book discusses the effectiveness of being a good sales person, which are tools I am sure all of us can use.
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THE SEVENDEADLY SINS
IN SELLING 1 Calling at non-decision making levels
2 It’s about “qualifying” not “closing”
3 Not using a consistent, systematic sales process
4 The premature proposal trap
5 Lack of a documented and measurable sales plan
6 Not using customers as a powerful sales tool
7 Thinking that “software” alone will correct aninconsistent or ineffective sales process
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SIN #1
Calling at non-decision making levels
• “yes or quick no” vs “slow no”
• most precious sales asset... time
• beware of the influencer lock
• double your win potential by calling high first
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SIN #2
It’s all about qualifying not “closing”
• the closing problem perception
• the harder they push, the further away the deal gets...
• understand the client’s pain, why they need it…
• then qualify: why, who, when, how much, who else...
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SIN #3
Use of a systematic sales process
• sales people & sales processes
• client inconsistency
• sales management nightmare
• inaccurate revenue forecasting
• best sales practices... consistent approach
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SIN #4
The premature proposal trap
• fastest way to get rid of a sales person?
• no commitment to needs assessment... no proposal
• “just fax me your proposal”
• trusting them to sell it for you
• forecasting fluff
• always present your proposal
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SIN #5
Not having a documented & measurable sales plan
• if you fail to plan, you plan to _______
• annual sales plan documenting: - strategies, activities, goals, revenue targets
• resting on the laurels of past wins
• assign revenue AND activity quotas
• you can’t manage results, just the activities that lead to results
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SIN #6
Not using your very best sales tool
• most powerful sales tool is “proof”
• the customer reference letter
• relationship, reference, repeat referral
• put your clients on your sales team
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SIN #7
Thinking that software alone will correct an inconsistent sales process
• good process must come first
• 70+% of CRM projects fail to meet expectations: - no process prior to software - no buy-in from sales (time/ROI)
• the right process, with a methodology, then the tool
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How to be Successful!
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Empire Life
Conclusion and Questions?