Just Do It

Round your accounts, use technology, take advantage of industry experts, such as general agents, and view the changes in the health/benefits arena as an opportunity, advises one health and benefits expert who’s bullish on the idea of property/casualty agents broadening the scope of their agency’s business.

“Jump into the employee benefits pool,” said Misty Baker, head of the life and health insurance services division at the Independent Insurance Agents of Texas (IIAT). “I really encourage people to do it. There is a lot to learn, but the growth potential is huge. When you look at studies and you study homeowners and auto insurance and what those premiums are over the last, say, 10 years versus what health premiums are in the same last ten years, it’s more than double. There is a lot of room for growth on the health side. It may not look the same as it does today, but in five years, people will still be around selling health insurance-type product or an employee benefit-type product.”

Baker’s response to those that bemoan the drop in group health commission is matter-of-fact. “I always say, ‘Well, did you round the account? Are you making sure that your client has all the insurance products they can use?’ The second thing, I tell them is, besides the ancillary products, you have got to streamline your agency. That’s really important. Then, also, you just have to use technology in your favor. …

“Think about technology that’s going to drastically improve the streamlining of your agency. Is it a comparative rater type thing? Using a GA, using people in the industry who can help you, who are experts at, say, a life insurance product. …. Teaming up with those kinds of people is a very smart business practice,” she said.