Some of us in the insurance and benefits business tend to think we know everything. Can you imagine that? Though I've been in insurance since the Baltimore Colts of the NFL moved to Indianapolis, I'm still in learning mode. It's pretty tough, even for a genius like me, to keep up with the various company benefit changes, underwriting requirements, and paperwork needed to write business. That's why your insurance company representatives are a great resource, aside from buying you lunch or giving you a sleeve of golf balls every so often.
I got a telephone call from a business owner who ran a medium-size company that provided call-center services to surrounding manufacturers. The referral came to me from a pretty unlikely source – my plumber. In the course of fixing my toilet we struck up a conversation about insurance, and i learned his girlfriend worked for this call-center business. She tipped off the owner that I was in the insurance business and that lead to the inquiry. Who would have thought sewer gas and medical insurance would have been a meaningful courtship?
I met with the owner who was interested in medical and long-term disability quotes.We hit it off since we shared similar interests in baseball and our kids being close in age. The demographics of this group were great, with a young average age and limited to no medical issues. He did mention that two other brokers were vying for the business. But, with the referral and my first meeting I really felt that the stars were lined up in my favor.
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Within two weeks I had three group medical quotes and two LTD quotes. One of the group medical quotes was from a quality carrier I had not yet worked with that appeared to be pretty competitive. The company rep had been calling on me for the past year about placing some business with him. He was a likeable and knowledgeable guy; I just hadn't placed any business with him. There are a lot of great companies out there and we all have a tendency to zero in on the companies where we are more familiar. I was no exception. Heck, why should we learn anything new, right?
I met with the business owner, and reviewed all of the quotes with him. He asked me several questions about the carrier I hadn't placed business with. Since I was not as familiar with the company and its benefit plans, I advised the owner that I would get the answers to his questions and get back to him. I called the rep the next day; got the answers I needed and called the business owner the following day. Just three days had passed since I met with the owner.
When I spoke to the owner, he told me he had decided to go with another agent for both the medical and LTD. The amusing part was that he chose the company that I had yet to place business with. It seems the other agent brought the rep to the meeting to present the very same quote. The business owner was so impressed with the professionalism and detail the rep exemplified he made a decision on the spot. The other amusing part of this sad story is this rep had asked me if I would like to have him go to the meeting with me. I declined on the grounds that I could handle it on my own. Big lesson learned … company representatives by and large are a tremendous extension of our business. We should never by-pass the opportunity to work with them. The insurance companies who hire them just don't do this for them to take you golfing or buy you a meal. The large majority of reps I've met are quality and professional individuals, set on marketing and showcasing their product. Leave your ego at the door and utilize these important resources to make you more successful in this business. In a book by Atelia I. Melaville, called "What it Takes," she comments, "Instead of focusing on their individual agendas, collaborative partnerships establish common goals." Shouldn't we collaborate with those who are going to make us better?
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