With Jennifer and Lily skiing behind the boat and Mary at his side, waiting her turn, Jack was in heaven. He was finally at a place where he felt confident that he had everything he needed to make his family happy. His daughters’ laughter and his wife's contented smile only confirmed that Jack had, indeed, arrived. He waved at the girls, who yelled, “Faster, Dad, faster!” Mary gave him an approving nod, so Jack accelerated. The girls loved it, their “woo hoos” pushing Jack to drive even faster. Wanting to make sure they were still afloat, Jack turned to look back—only for a few seconds. Suddenly, Mary screamed, “Oh no!” Jack whipped around in time to see another boat directly in his path. He grabbed the wheel and tried to swerve to avoid impact, but he was simply going too fast. He hit the other boat head-on at top speed.

What happened next Jack only found out when he woke up in the hospital. Amazingly, he and Mary survived with only minor cuts and bruises. Thankfully, his daughters were OK, able to let go of the ropes and avoid the accident. Jack was relieved, grateful no harm had come to his family. But what the doctor told him next made his heart sink: two teenaged boys on the other boat died in the crash. Both had been knocked unconscious and drowned before the Coast Guard arrived on the scene. And if that weren't enough, X-rays taken to make sure Jack hadn't broken any bones revealed a dark spot on his pancreas that was of major concern. More tests would be needed to find out what it was.

Fortunately, the incident was officially deemed an accident, and Jack was not charged with criminal negligence. But according to his insurance company, he was definitely at fault. Worse, the parents of the boys were suing Jack beyond the limits of his homeowners liability coverage limits for the loss of their sons. Jack's watercraft policy would cover some of the costs, but much less what the victims were demanding. If only he had an umbrella policy, he realized too late, he could have had more than enough to cover the damages and the lawsuit.

As the old saying goes, when it rains it pours. The results of Jack's lab tests revealed he had inoperable pancreatic cancer. Without going into the painful details, within less than six months, Jack was dead. Not only was there a lien placed upon his home as part of the settlement, but a large portion of his death benefits and life insurance policy—which he’d never planned to use this early in his life—was transferred to the families of the teenage victims, leaving his own family to fend for themselves. A truly tragic tale.

A Lesson Learned Too Late

It's tempting to say a claims adjuster should have known better, and bought an umbrella policy at the same time he bought his motorboat. But that would be a bit too easy, and perhaps a bit naive. All of us are so close to the lives we lead that sometimes we just don't have the distance or perspective to judge the true level of protection we need. What happened to Jack is hard to fathom—it's simply not something we imagine will ever happen to us.

That's why a responsible property and casualty insurance carrier truly matters—one whose sales representatives care about their customers, take the time to get to know them, keep in touch, and encourage regularly scheduled coverage reviews to ensure their clients and families get the right protection. Ultimately, a responsible carrier will make sure their clients remain safe and secure, not left at sea, treading water.

The value of an insurance policy is more than just saving premium dollars. “Cheap and fast,” the marketing proposition of too many carriers these days, would not have served Jack or any other policyholders whose active lifestyles entail a higher degree of risk. Beyond discounts, which are undoubtedly attractive, what responsible customers need more are customized coverage, expert advice, and personalized service they can depend on to make sure that what they cherish most is protected at all costs—an absolute value that elevates insurance beyond its status as a commodity.

The True Value of Voluntary

When it comes to voluntary benefits for employees, it's important to think about products—like property and casualty—that are needed in employees’ everyday lives. It's also paramount to recommend a partner with a program that takes care of them, from purchase and payment through claims to renewal. Innovative products and services, exclusive savings, 24-hour claims assistance, multi-channel enrollment, 12-month rate guarantees, convenient payment plans including payroll deduction—you can't get these kinds of premium benefits from every carrier on the block.

Equally important, you want to sell an employer a program that takes care of them, too. One that implements and manages the employee benefits at no additional cost or administrative burden. One that provides an account team as dedicated to the organization as the sales reps and claims professionals are to their customers. One that provides custom communications, quarterly reports, marketing materials and education seminars to maintain, enhance and continuously improve the partnership. In short, what you want to sell is a voluntary benefits program that is truly turn-key, not just a lot of empty promises.

What it all comes down to is integrity. Think about it this way: Would you trust the insurer with your own protection? One way to help answer that question is to go beyond products and services and look more closely at the carrier's reputation: its history and heritage, mission and vision, financial strength and stability, and track record in the affinity marketplace.

Stepping Up to The Sale

Once you’ve identified a company that meets these criteria, I think you’ll find that their voluntary benefits program pretty much sells itself.

Of course, first you need to get the employer's buy-in. As a veteran of this industry, I’ve developed five simple steps to help you get started with a voluntary auto and home program and begin diversifying your product offering:

1. Ascertain the existing and prospected client base that could benefit from a voluntary auto and home program.

2. Obtain a P&C license if you have not already done so.

3. Introduce appropriate programs at stewardship meetings using an executive summary sell sheet.

4. Engage the carrier partner to assist with the close.

5. Develop and implement a communication plan.

6. Watch your revenues and client retention grow.

The Moral of the Story

Of course, the ultimate bottom line in the insurance industry is, and should be, the genuine human desire for safety and security that is our business to protect. As a fable with a moral to remember, Jack's story is best kept top of mind whenever we seal the deal.

*Names have been changed to protect privacy.