It seems today that everywhere you turn, radio, television, other forms of media, we are constantly besieged with advertising. As I was listening to somebody on the radio today saying they were the best and you could trust them, it reminded me of two old sayings I’m sure everybody is familiar with.
“All hat and no cattle.” And “lots of flash but no cash”.
Both of these are meant to refer to somebody telling a great story but who may not actually know what they’re talking about.
So, my question to you today is, would you want your insurance representative to be that kind of person? It’s easy to wander around saying you know the market and you understand the insurance carriers, but it’s quite another thing to actually represent clients in their best interest.
To underscore this, let me tell you about an email I received today. I will not disclose the company that sent this to me and I’m changing the wording, but I think you’ll get the point.
This provider of insurance and other services felt that I should work with them because they would:
- Guarantee no other broker could take the client away from me, frequently referred to as a BOR (broker of record).
- And they would pay me much more to place that client with them than any other insurance carrier.
The provider I’m speaking of is actually a quality company and provides a valuable service. What bothers me is that they are appealing to insurance brokers not based on their high-quality product, but with their ability to protect the broker and pay them more. Are those the kind of brokers you would actually like representing you in the market?
That brings us back to that term “All hat and no cattle.” Let’s look at what they’re offering and if that is in your best interest as an employer.
When you guarantee to a broker, they will not lose the client if they place your business with this benefits provider, you are also agreeing that broker never has to work again on your behalf. This is because the only avenue left open to you to obtain a new representative is to change both your representative, and your benefits provider. Focus Benefits has always been based on earning your trust and your business every day, in every transaction. You are paying us for our knowledge and service, and any benefits plan you implement you should be able to retain whether you use us or not.
And then there is broker compensation. Most insurance brokers earn what they are paid and in many cases their service far exceeds what they are paid. However, guaranteeing a broker they cannot lose the client, and then that they will be paid more than at any other benefits provider, is not conducive to the best advice and ongoing service.
Focus Benefits Group brings focus to the confusion of insurance and we would like to show you what we can do for you.