Daily sales & marketing tips for insurance professionals

There’s not a lot going on by way of insurance news today, so I thought I’d point you in the direction of a couple lower-key insurance tidbits:

Health Insurance Premiums Up 87 Percent Since 2000 [Chicago Sun-Times]
Insurers Lowering Auto Insurance Rates in Virginia [Insurance Journal]
State Warns Consumers About Group Health Insurance Scam [WTVQ - Kentucky]

Of course, if your eyesight is currently experiencing a Friday afternoon slump, take a break from reading and view our latest Insurance Blog Wrap-Up to see this week’s happenings at the Insurance Blog. It’s pretty exciting stuff. We’re talking mullet wigs and jean shorts, people.

See you Monday!

My mother’s cousin has a farm in rural Iowa. He passed along this photo this morning to let us know how the 2006 harvest was going.

Pretty impressive, to say the least. Hope the owners of these vehicles (can you call a tractor a vehicle?) have good insurance.

Thanks, Lynn!

[Please note: the water jug that has amazingly remained upright on the tractor ladder. That, my friends, takes skill.]

That question is one that’s bounced around since Wal-Mart announced it would offer prescription drugs for as low as $4 per 30-day supply.

The plan, which will be available to the general public (including customers without insurance), has lead to some speculation that insurers will see a serious drop in individual health insurance policies.

Furthermore, it seems as if a new consumer-driven health market could drive up the popularity of health savings accounts. In a recent press release, HSA for America President, Wiley Long, pointed out that health insurance plans with $15 prescription drug co-pays don’t make a lot of sense when you can get you’re medications for under one Abe Lincoln a pop.

On the other hand, HSAs would give consumers a way to save for future medical expenses, the assets of which would grow tax-free. If consumers can handle higher deductible, says Long, HSAs could be a great solution for millions of Americans. Currently, deductibles start around $1,000.

“The higher deductible can take a little getting used to for people who are accustomed to low co-pays for prescription drugs and doctor visits,” admits Long, “but when you consider that premiums are 30 to 40% less than traditional co-pay plans, it really makes a lot of sense.”

Long also estimates that inquiries about HSAs have grown by 20 percent since Wal-Mart’s announcement.

Realizing that press releases are, in fact, used to get press, I do think that HSAs will continue to grow in popularity, especially as the health market continues to sway in favor of consumers. So what will that do to the individual health insurance market?

Predictions, anyone?

I’m such a doofus. For some reason I have forgotten to update you on the latest happenings with the InsureMe blogs. Please forgive me.

Recently, we’ve been putting together weekly wrap-up videos covering the recent posts on the InsureMe Insurance Blog. We’ve completed three videos so far, and although I’m sure I bring a fair amount of bias to the table, I think they get better every week.

To view the InsureMe Insurance Blog Wrap-Ups, click here. Of course, you can view new installments featuring myself and the rest of the InsureMe AV team by checking out the Insurance Blog each Friday.

In conjunction with National Life Insurance Awareness Month, Best Week is reporting a continuing growth pattern in the life insurance industry, based on the first half of 2006.

Now, I have to tell you that as a copywriter, the nitty-gritty details about financial growth doesn’t really start me up. Which is why, I suppose, I decided to write for a living and let you all ravage the insurance/finanical services industry with reckless abandon. But with that full disclosure out of the way, I have to tell you, it looks like exciting times in the life insurance world.

According to the Best Week article (which I found via Insurance News Net), written net premiums experienced “double-digit growth” during the first six months of ‘06, which is impressive when you compare it to the six-month 2005 increase of 4.5 percent.

As Mike, our chief financial officer would say, “Nice.”

Experts also reported that capital and surplus levels have also rebounded nicely after last year’s lackluster increase in aggregate levels–readying he life insurance industry for “an enhanced role” in the financial services marketplace.

The article went on to note that out of the top 25 life insurance groups, 23 experienced increases in their admitted asset bases. The top 25 also increased their share of overall admitted assets to 79 percent, which is up from the 76 percent recorded in June of last year.

If you’ve been considering a career in life insurance sales, now might be the time to look into it. You can get started by visiting our Agent Resource Center and checking out our article, Your Guide to Becoming a Life Insurance Agent, to get the low-down on life insurance sales.

And, if you have special securitly clearance a membership, you can view the full AM Best report at BestWeek.com. You can also browse the highlights in full here, courtesy of INN.

I realize I’m probably a little slow on the uptake here, but the Insurance Journal is doing a [video] series with the nation’s respective insurance commissioners. I watched an interview for the first time this afternoon, with Indiana insurance commissioner, Jim Atterholt, regarding the state’s insurance jobs.

It’s pretty cool stuff. You can watch the video directly on the Insurance Journal homepage, and you can get caught up on previous interviews by clicking here.

My only suggestion is that they rename the series something more dramatic. Like, maybe, “The Commish: Insurance USA.”

Homeowners in Hawaii who have taken precautions and steps to strengthen their homes against hurricanes may be eligible for grant money from the state.

According to the Insurance Journal, qualified homeowners could stand to get one-third of their costs covered by the Loss Mitigation Grant Program, which will begin next month. State Insurance Commissioner J.P. Schmidt said that about $4 million is available for the program this year, and an additional $2 million will be available next year. The goal, Schmidt said, is to increase state protection against natural disasters, as well as to lessen the impact of those disasters.

While a more in-depth description of the program will be available via the Web in October, IJ reports that eligibility requirements include things like foundation strengthening, roof wood sheathing fastening and roof-to-wall restraint ties.

Thumbs up, Hawaii. This sounds like a great way to protect properties and encourage residents to be proactive in disaster prevention and protection. Well done.

Really digging this recent post by Seth Godin, where he talks about the “advantage of the small.”

What advantage is that, you ask? The advantage of getting personal with prospects and clients. The ability to build relationships versus email contacts.

Here’s a taste:

Small organizations have the privilege of looking their customers in the eye. Small doesn’t necessarily mean small in numbers. It’s an attitude. Does your organization require a form to get something done, or does one human choose to interact with another?

Conference Calls Unlimited has gone so far as to practically ban email in communication with clients. They call you after each call to see how it went. When I went to Stanford, the director of admissions called every single person they admitted to share the news. Compare that to the anonymous ALL CAPITAL LETTERS notes you get from your car insurance company. [Emphasis mine]

Here’s a challenge for this week, ends Godin: “Try to do as much as you can in person. Or by phone. Especially the hard stuff.”

As a subscriber to Health Insurance Underwriter (HIU) magazine, I generally enjoy their monthly column, The Referral Coach.

This month’s topic: 10 Questions to Bring More Value and Get More Referrals.

The article shares the best practice of a financial advisor named Kiernan O’Connor, which helps him bring immediate value to prospects–increasing the chance of converting them to new clients. The author, Bill Cates, does offer a couple of disclaimers in his article, which I’ll share with you as well:

1. O’Connor’s 10 questions were inspired by two colleagues, the source of which you can find at www.mitchanthony.com.
2. Since O’Connor is a financial advisor (investments, insurance, etc.), some of these questions may need to be modified or eliminated to fit your line of financial services sales.

Alright. On with the 10 questions that could change your life insurance career.

…Read the rest of this entry »

So, I’m in San Francisco where there’s no short abundance of free wifi. [Full disclosure: I'm kind of a nerd.] And while there’s something to be said for taking an occasional break from technology, wireless networking brings many benefits to working folks like you and I.

Not sure what the whole wireless thing is all about or how it can help you stay on top of your insurance sales game? We’ve got the remedy: check out our great article in the Agent Resource Center on wireless networking. I think it’ll take care of those burning wireless questions that have been keeping you up at night.

Have a great weekend, everyone. See you back in Denver on Monday.