All About P&C Insurance

SHORTENING YOUR SELLING CYCLES & DRIVING REVENUES FOR THE P&C MARKETS!

2010-06-30T09:29:00.000-07:00

Providers of Insurance & Benefits Related: Plans, Programs, and Services - ie. H&L and P&C Carriers, Brokers, MGAs, Enrollment Companies, TPAs, Software Companies, etc. - can now become BP Trade Show Exhibitors. Visit our Grand Opening Page to learn more about our marketing advantages and Special Pricing. BP Trade Show is designed to "Shorten your Selling Cycles" while priced to be affordable and efficient in meeting Marketing Budgets and reaching your target markets.

In this Blog Post, and throughout the next weeks, working with BP Trade Show, BenefitPlace, Vesta Worksite, and Vesta h&l, our goal will be to explain how the BP Trade Show will optimize your opportunities in moving Insurance and Benefits Decision-Makers from the Research Phase to becoming Informed Buyers - "Shortening Your Selling Cycles"!.

Note - Many have asked - What differentiates BenefitPlace, BP Trade Show and Vesta p&c?

~ BenefitPlace.biz was created to serve as a Free and Unbiased Research Center for those involved in the Insurance and Benefits processes to gain a greater understanding of the complex and often integrated Plans, Programs, and Services. BenefitPlace.biz provides information about the Health & Life (H&L), Worksite/Voluntary, and Property & Casualty (P&C) Markets and those that provide services to those markets.

~ BP Trade Show is a virtual 24/7/365 trade show focused on the Insurance and Benefits Industries. Much like a traditional trade show, Exhibitors can display their Plans, Programs , and Services. Given the electronic venue, and no need for travel or lodging, the cost for Exhibitors is extremely affordable. Being open on a 24/7/365 basis provides the Exhibitors maximum exposure! The goal of BP Trade Show is to assist Exhibitors in "Shortening the Selling Cycles" while simplifying the processes for decision-makers. Visitors to the BP Trade Show - Insurance and Benefits Decision-Makers - enjoy: free admission. no travel or lodging cost, and the ability to research and compare from the comfort of their office, home, etc.

~ Vesta p&c is a consulting arm of BenefitPlace and BP Trade Show focusing on the Property & Casualty Marketplaces. When individuals or organizations have questions, Vesta p&c refers the decision-makers to the appropriate PA, Broker or Carrier.

Start driving traffic to your Plans, Programs, and/or Services to convert them into buyers! For more information - Call 216.921.1583! Find out more about our Grand Opening Discount and Take Advantage of Savings!

Have a Great Week!

NEW RESOURCES FOR THE P&C MARKETPLACE - "SHORTEN YOUR SELLING CYCLES" - From Prospect to Client!

2010-05-06T04:38:00.000-07:00

WHAT'S IN IT FOR ME? -- How can sellers and buyers of Plans, Programs, and Services cost-effectively access the Insurance & Benefits Marketplace to "Shorten the Selling and Buying Cycles"?

BenefitPlace (BP) - a Free Insurance & Benefits Research Center and
BP Trade Show (TS) - a 24/7/365 Virtual Trade Show

In this Blog Post, and throughout the next weeks, working with BenefitPlace, Vesta Worksite, and Vesta h&l, our goal will be to explain BP & TS and optimize your opportunities in taking Insurance and Benefits Decision-Makers from the research phase to becoming informed buyers.

BenefitPlace.biz was created to serve as a free & unbiased Research Center for those involved in the Insurance and Benefits processes to gain a greater understanding of the complex and often integrated Plans, Programs, and Services. Information about these Plans, Programs, and Services are generally unaccessible without costs, expertise, and time consuming research. BenefitPlace.biz will provide general information about two specific Industry Sectors:

Health & Life (H&L) Insurance Plans - Group, Voluntary/Worksite, and Individual
Property & Casualty (P&C) - with its Complex Sectors

In addition, BenefitPlace.biz has built, and will continue to expand, lists of Plan, Program and Service providers and differentiate them by their areas of expertise. As a service to those doing the research and the providing entities, we have provided links to the specific websites of providers.

Throughout the research process, visitors to BenefitPlace.biz will be invited to visit the BP Trade Show to gain greater information about specific providers of Plans, Programs, and Services of those who are Exhibitors at the permanent Trade Show! At this point in the process our goal is to convert the Decision-Maker into the Potential Client - A Qualified Prospect! Armed with the information gained at the BenefitPlace.biz Research Center, the Decision-Makers will enabled to select the Plans, Programs, and/or Services they require to meet specific and defined needs.

BP Trade Show has just begun the process of reaching out to Exhibitors for:

Company Directory Listings
Plan, Program & Service Listings
Company Profile Pages
Plan,, Program Service Profile Page Listings
Landing Pages, & Landing Page Design, to promote specific Plans, Programs & Services and convert researchers into buyers.

We encourage providers of Insurance and Benefits related Plans, Programs, and Services to click below for access to the Trade Shows Home Pages that explain your opportunities:

Call to Action! Please assist BenefitPlace in developing BP Trade Show into the primary hub for connecting Insurance & Benefits providers of Plans, Programs, & Services and the Decision-Makers - Employers, Employees, and Individuals. Your Steps:

Click on topics above to learn more!
Contact BP Trade Show for more information or call 216.921.1583!
Become an Exhibitor - Direct traffic to your plans, programs, and Services to convert them into buyers!
Drive Sales & Revenues at Reduced Costs!
Our Grand Opening Discount - Take Advantage of Savings!

In our next Blog Posting will discuss "Optimizing your positioning in BenefitPlace and BP Trade Show with Social Media!". Have a Great Week!

GRAND OPENING - BP TRADE SHOW!

2010-04-19T08:55:00.000-07:00

BP p&c is pleased to announce the Grand Opening of the new virtual, web-based BP Trade Show - click on Trade Show to visit the site! BP Trade Show will assist in reducing the time and cost for delivering and decision-making for the:

Insurance and Benefits Industries &
Insurance and Benefits Decision-Makers.

Assisting us with the creation of this permanent, 24/7/365 Insurance and Benefits Trade Show site are: BenefitPlace, Vesta Worksite, and Vesta h&l!

Our Current Focus - We are contacting Companies and Organizations in the Insurance and Benefits Industries to explain the process for becoming an Exhibitor - how to spotlight the Plans, Programs, and/or Services they offer. Visitors to the Trade Show will have free access and be enabled, by category, to isolate and meet their specific Insurance and Benefits related needs. The Trade Show will act as a bridge between those who offer plans, programs, and/or services and those who are in the benefits decision-making process.

To accomplish the above we divided BenefitPlace into two parts:

BenefitPlace - A web based Research Center to assist Insurance and Benefits decision-makers in better understanding the plans, programs, and services available. This site, www.benefitplace.biz also provides a level playing field for those who offer the plans, programs, and services - Carriers, Wholesalers, PAs, Brokers, TPAs, Technology Companies, etc. to show and explain what differentiates them in the marketplace. While the site will have advertising space available, access and listings will be free to all parties. For more information email: max@benefitplace.biz or call 216.921.1583.
BP Trade Show - A virtual trade show opened 24/7 to assist Insurance and Benefits decision-makers in gaining access to the providers or plans, programs and services. The goal of BP Trade show is to be a natural extension of BenefitPlace for meeting Insurance and Benefits needs. As we expand the number of Exhibitors in the various sectors of the Insurance and Benefits Industry, visitors will be enabled to meet their Insurance and Benefits needs from the comfort of their offices or homes. For the visitors their will be no cost for attending the Trade Show. For Exhibitors the cost will be a fraction of the normal cost for Trade Show participation. In addition, the Trade Show will be open year round and as current as the information provided by the Exhibitors.

We encourage those who provide Plans, Programs, and Services to contact us for information -

Click on: Becoming an Exhibitor

Email: max@benefitplace.biz

Call: 216.921.1583.

A New P&C Marketplace - BP Trade Show - Inbound Marketing vs Outbound!

2010-03-30T06:58:00.000-07:00

Participants at this weeks meeting with affiliates included - Vesta Worksite, Vesta h&l, and BenefitPlace! Again we postponed our discussions about Def-Con Plans to further explore the mission of the new BenefitPlace subsidiary, BP Trade Show - A virtual trade show for the Insurance & Benefits Industry!

Over the past years we, and most of our clients and associates, have come to agree that the insurance and benefits industries remain in the dark ages of marketing and communications - as well as extremely inefficient and wasteful in the allocation and utilization of marketing dollars. Over the past few years the concept of "Inbound Marketing" has matured to augment, if not replace, traditional marketing techniques referred to as "Outbound Marketing".

In its most simplistic form Inbound Marketing puts the customer in control of researching and meeting their needs for plans, products and services utilizing: the internet, websites, blogs and other social media resources.

The historic Outbound marketing techniques had the sales process in control customer acquisition and communications utilizing common techniques such as: the field sales force, telemarketing, magazine and TV advertising, direct mail, physical trade shows, seminars, etc.

BenefitPlace was created to begin a process of Inbound Marketing to bring efficiencies and cost-savings to the insurance and benefits industries. The concept was to provide a research hub, much like a library for the industries, bringing together the numerous parties to the insurance and benefits decision-making processes. Throughout the ten year evolution of BenefitPlace - with thoughts of both physical and virtual sites - we always had in mind the addition of a permanent Insurance & Benefits Trade Show.

BP Trade Show - opening its virtual doors Wednesday 7 April - will be a permanent, virtual, 24/7 "Inbound Marketing" Expo for the Insurance and Benefits Industries bringing together buyers, sellers and the providers of services.

It is not are intent to replace the traditional insurance and benefits related trade shows that have been in existence for years - they provide an excellent service! Through the internet we will provide consumers of insurance and benefits free access to exhibitors and their plans, products, and services. Exhibitors will be able to differentiate their plans, products and services at an affordable cost with out the need for travel, lodging, lost time and the cost of a physical exhibit.

The BP Trade Show will put the "customer" in charge of the buying process on an "Inbound" basis for the benefit of Exhibitors. Two quotes help explain Inbound vs Outbound Marketing!

“If you have more Money than brains, you should focus on Outbound Marketing. If you have more Brains than money, you should focus on Inbound Marketing.” Guy Kawasaki

"Rather than interrupt the unqualified masses with traditional marketing strategies such as direct mail, telemarketing and advertising, you can connect with qualified consumers online when they are actively looking for what you offer." PR 20/20

Next week we will share with you the web link to the BP Trade Show and information about pricing and Inbound Marketing opportunities for potential exhibitors! Should you have any questions or comments in the interim, please email: max@benefitplace.biz or call; 216.921.1583.

Grand Opening Date for the New Virtual Insurance & Benefits Trade Show Announced!

2010-03-23T07:26:00.000-07:00

The BP Trade Show Grand Opening Date Announced! Participants at this weeks meeting with affiliates included - - BenefitPlace, Vesta Worksite, and Vesta handl! We postponed our discussions about Def-Con Plans to explain the new BenefitPlace subsidiary, BP Trade Show - A virtual trade show for the Insurance & Benefits Industry!

A Tremendous Opportunity for Marketing P&C Plans, Programs, & Services! BP Trade Show will offer a cost-effective and efficient opportunity for Carriers, Wholesalers, PAs, Brokers & Service Companies to reach out to clients and potential clients - the Corporate, Organizational and Individual Markets.

The Target Date for Opening the new web based Trade Show is Wednesday, March 31. The BP Trade Show marketing staff will be opening the show to the Insurance & Benefits marketplace for promoting plans, products and services. Directory listings by industry, specialization, plans, services, etc. will be available to assist in "Shortening Sales Cycles" and more efficiently reaching the organizational, group and individual H&L and P&C Markets. For more information, please email - max@benefitplace.biz or call 216.921.1583!

The BP Trade Show Trade will help the Insurance & Benefits Industries more cost-effectively deliver their Plans, Products & Services to Individuals, Families, Groups and Organizations. As an internet based trade show, our site will be open to all parties 24/7, requiring no travel or lodging costs for vendors or visitors, and will create time and cost savings for all parties to the decision-making process!

For Carriers - The BenefitPlace Trade Show will allow you to spotlight your Company and what differentiates your Plans, Products & Services for specific target markets. Wholesalers, PAs, Brokers, Organizations and Individuals will be empowered to visit this show at no cost and have access to the information your Company selects to provide. This showplace will "Shorten Your Selling Cycles" on a "Cost-Effective" basis!

For Brokers, Wholesalers, PAs and Consultants - The BenefitPlace Trade Show will provide an opportunity to tour the Insurance & Benefits marketplace for H&L, P&C Carriers, and Service Companies. In addition, visitors to the Trade Show can learn more about your Organization and the Plans, Products & Services you provide. This show will "Shorten Your Selling Cycles" by simplifying your prospects decision-making process.

For Organizations, Employers and Individuals - The BenefitPlace Trade Show will provide an opportunity to tour the Insurance & Benefits marketplace for Plans, Products & Services in the H&L, P&C, and Service Company arenas. The show is designed to reduce the time and cost of decision-making in an environment conducive to the cost-effective integration of Insurance & Benefits risk management. The show will provide access to Carriers, Brokers, Consultants and Service Companies to assist in meeting a full spectrum of your needs and cost points.

We hope you will visit the BP Trade Show and provide us input on how to improve the site! Email - max@benefitplace.biz or Call - 216.921.1583.

Retaining & Building Your P&C Block of Business!

2010-03-15T06:31:00.000-07:00

Weekly Meeting Update: Attendees included - BenefitPlace, Vesta Worksite, and Vesta handl. We discussed a section of an article from Rough Notes, a magazine we thoroughly enjoy, titled "TRUCKING MARKETS SEE BEYOND PROBLEMS TO OPPORTUNITIES" by Dave Willis. The section was titled "Trucking Tips" and was based on insights by several P&C industry professionals.

While their focus was on success for retail agents in the trucking market, their "Tips" were universal in working with clients, or potential clients in any marketplace. In brief, they suggested:

Learn all facets of the customer's operations!
Understand the financial stability of a carrier!
Are Carriers Pricing the premium to the risk?
Understand the specific needs and operations of each customer!
Deliver value!
Develop a strong rapport and sustained relationship!
Communicate with insureds!
Service is a competitive advantage!
Provide "Control Consultations" and "Investigative Consultations"!
Increase the amount of time worked on each account!
Visit clients on a regular basis!
Educate your customers!
Use online systems!
Attend industry events with customers!
Find a niche where you feel comfortable!
Learn to walk away & Say-Next"! - Don't waste your time!

While these may seem obvious, I think they are great reminders in tough times while most of us are trying to hold on to business while struggling to attract new accounts!

Please share your comments! You are invited to join our Lindedin Group, "Insurance Forum" and visit our website: Vesta p&c!

Have a Great Week!

MEASURABLE VALUE & CAPACITY OF THE P&C INDUSTRY

2010-03-08T09:54:00.000-08:00

At our weekly meeting of affiliates that included - BenefitPlace, Vesta Worksite, and Vesta handl - we discussed the incredible number of worldwide tragedies that have occurred recently. One in particular, the earthquakes in Chile, pointed out the risk management capacities & value the P&C marketplace bring to Countries, Organizations, Populations, Individuals, etc.

According to Insurancenewsnet.com, "The 8.8 magnitude earthquake that struck Chile on Feb. 27 -- one of the five strongest quakes recorded in the past century -- could be the costliest ever if the insured losses come in at the high end of early estimations". Estimates insured losses cold be between $3 and $8 billion.

An article published in PR-insider.com states that "Fitch Ratings believes that the Chilean property/casualty insurance industry will likely be able to absorb losses from the earthquake and Tsunami that hit the central-south part of Chile on Feb. 27". Fitch continues to say that profitability ratios will be negatively impacted for the industry and that "the 2010 fiscal year could end with net losses and higher leverage ratios".

For those in Chile who had the foresight to evaluate the "Cat Risk" of living and doing business in a region prone to earthquakes, the payments from their carriers will be essential for restoration of business and life. Timely payment of claims is both expected and traditionally the norm. This is what the coverage is for!

Our meeting's discussions also drifted to the current plethora of proposed governmental legislation, regulation and controls facing the P&C Industry. It has been out position that the P&C Industry is systemically sound. While all industries have their problems, and parties that abuse the systems, the P&C Industry sets a good example for acting and reacting well to dealing with needs and problems.

Washington's ongoing problems with FEMA and other agencies - See The Huffington Post - suggests that rather than attacking the P&C Industry, the Government Entities should work with, and learn from, the P&C Industry. The use of improved "cat. models" and a focus on organizational efficiencies, that are essential to the P&C Industry's survival, would be a better investigation and implementation by our Congressional and Agency overseers!

Join our "Insurance Forum" on Linkedin for discussions and comments about the Insurance Industry!

Please share your thoughts with our Blog's Community and Have a Great Week!

ISOLATING UNIQUE RISK MANAGEMENT AND COVERAGE ISSUES!

2010-02-28T15:57:00.000-08:00

At our weekly meeting of affiliates that included - BenefitPlace, Vesta Worksite, and Vesta handl - we discussed building business opportunities given the economy. One common thought from each of these insurance market sectors was to look for "needs" and "areas of risk" that may be uncovered or may need additional coverage.

One attendee provided an article from the Insurance Journal titled "Top 7 High-Growth Industries and Their Unique Insurance Needs".

This article isolated seven growth industries and pointed out that each had at least one unique risk and coverage need. Our discussion turned to assisting carriers and brokers work with existing and potential clients to uncover the "unique insurance needs". We realized how important it is to fully understand the nuances of industries, organizations, and their product and/or service lines.

One of the seven growth industries included in the article was "Home Health Care Service". The article pointed out four risk considerations that we may not considered:

Medical Malpractice
Sexual Assault & Harassment Coverage
Crime/Fiduciary Coverage
Workers' Compensation issues for providers with independent contractors.

The article further noted, and we understood, that each of these areas of risk provide an opportunity to advise, manage risk, and build business. We closed our meeting with a resolve to look more closely at various industries to better determine how they have changed, their risks, their needs, and who are the program providers to cover the unique exposures.

Please share your thoughts with our community and Have a Great Week!

THE VALUE OF TRADE SHOWS & CUSTOMERS vs PROVIDERS

2010-02-22T17:23:00.000-08:00

At a weekly meeting with several of our affiliates, including: BenefitPlace, Vesta Worksite, and Vesta h&l, we covered a number of important topics, including "The value and ROI generated from attending and/or exhibiting at Trade Shows?". For a review of this discussion, please visit the BenefitPlace Blog! We'd appreciate your opinion!

Following the above conversation, the discussion turned to "Customer Service" and a J.D. Powers & Associates study reported by National Underwriter p&c titled "Agents Give Most Business To Insurers That Satisfy". The recap stated that agents give their business to "insurers who provide contact people, prices, products, and other factors they like..."! While our first reaction was"That's obvious", further review lead to additional considerations. These included:

A wide "point gap" was reported in the rankings of insurers. What it takes to attract business must not have been obvious to, or a concern of, those insurers with lower rankings!
Policyholders have a stronger bond with agents than with insurers. The closer the contact the closer the bond!
According to Jeremy Bowers of J.D. Powers, the bond between insured and the agents makes "it essential for insurers to satisfy their appointed agents".
The more frequent the contact by the insurer with the agents, the greater the satisfaction!
While these results may seem obvious, one of our affiliates pointed out that the same rules hold true between agents and their clients.
Clients equally gravitate, and stay with, agents who provide contact, pricing, products, and other factors they like.
Clients tend to have a stronger bond with the agent than the agency.
Agencies must satisfy their agents to maximize retention.
Agents need to keep in frequent contact with clients.

We wrapped up the meeting realizing that we are all both Customers and Providers. We must all learn and play by the same rules to succeed! It's back to "Do unto other as you would have others do unto you!

NOTE: We, with BenefitPlace & the other Vesta Cos. have created a business trade group, the "Insurance Forum" on Linkedin. We invite you to join on Linkedin or contact us for more information - email max@benefitplace.biz or call 216.921.1583!

We, and our Community, appreciate your thoughts and comments! Have a Great Week!

WHAT IS VESTA P&C AND WHO IS IT FOR?

2010-02-15T11:25:00.000-08:00

At a recent meeting with our Affiliates, including BenefitPlace, Vesta Worksite, and Vesta h&l, a participant noted he had received several calls asking "What is BenefitPlace" and "Who is it for"? This question has been answered on the BenefitPlace Blog.

As the President of Vesta p&c (Property & Casualty), I wanted to answer the same questions about Vesta p&c. I believe these are important questions and should be answered with clarity!

Vesta p&c has developed and evolved over the past several years to provide Brokers, Agents, Consultants, Organizations, and Individuals access to "Best-of-Class" P&C Carriers, Plan Administrators (PAs), Insurance Plans, and Related Services on an unbiased basis.

Vesta p&c acts as a conduit between the Carrier/Providers, and their PAs, in the P&C Marketplace and the Brokers, Agents and Consultants who are introducing, evaluating, or expanding the Plans and Services offered to Organizations and Individuals. We do not work directly with Organizations and Individuals. Our compensation is either "Fee Based" or through the Carrier/Provider - much like the Wholesale Marketplace.

The Vesta p&c's Mission Statement Includes:

Centralizing a market for the P&C Industry - A Permanent Trade Show
Maintaining an open and convenient marketplace for Carriers, PAs and Brokers
Providing an ever expanding Resource Center focused on the P&C Coverage
Expediting the P&C decision-making process
Assisting the P&C Industry with Education, Communication, forms of Data Management
Creating an enhanced and cost-effective experience for Organizations & Individuals
Establishing a set of "Social Media" platforms utilizing Blogs, Linkedin, Twitter, etc. to encourage and expedite industry related discussions, social interaction, discussions, etc. I invite you to join this valuable Industry Group - Click on INSURANCE FORUM.

I hope the above provides some clarity! If you have any questions, please give me a call at 216.921.1583 or Email Us.

Have a Great Week!

THE WHITE HOUSE, CONGRESS & OUR INDUSTRY'S NEW YEAR?

2010-02-08T10:34:00.000-08:00

At a regular weekly meeting with our affiliates, including: BenefitPlace, Vesta Worksite and Vesta h&l , we reviewed the potential impact of various proposals in both the Health and P&C Insurance Markets. As happens whenever these topics are discussed, the conversations revolved around uncertainty, confusion and some degree of paranoia.

While the White House and Congress have proposed many threats to the Financial Services, Banking, and Insurance Industries, there does not seem to be a consensus of opinion or strong leadership.

A study by Deloitte seemed to wrap-up our main themes for the P&C industry: The study found that the "...insurance industry has had a lower competitive intensity because of regulatory and capital requirements" and that "increased competition from outside the industry and other developments will impact competition in the future".

In addition, the Deloitte study went on to note that customers were becoming less loyal to brands and that "transparency in pricing, service and features" would become even more important as the Gen X and Gen Y become more influential.

While all of the above certainly have a macro-impact, it was agreed that the most direct hits to P&C revenues and profit were caused by the economy! Quite simply, insureds are working with limited resources and are tightening budgets. In this economy, all lines are effected!

A major challenge for the P&C Industry is maintaining revenues and service without downsizing staff while working through slow recovery.

Please share your thoughts with our Community and Have a Great Week!

Social Media (Part 2) - Changing the Marketing Paradigm!

2010-01-30T12:54:00.000-08:00

At our regular meeting with affiliates, that included BenefitPlace, Vesta Worksite and Vesta h&l (only recently formed) we continued our discussion about Social Media. At this session we focused on change in paradigm Social Media brings to traditional marketing and sales norms.

There was a common consensus within our attendees that the effective utilization of Social Media required willingness to embrace specific strategies - some old and some new! These included:

Continual Communications with Clients using Internet Social Media Tools
A Consultative Approach and Thorough Fact Finding with Prospects
Expansive Carrier and Product Knowledge
Need Selling Based on Extensive Research
Following-Up with Clients to Track their Experience with Programs, Products, and Services
Open-Door Policy for Concerns, Questions, Answers, etc.
Transparency About Fees and Commissions

I would further add to the above what we at Vesta p&c have recently learned from our research into Social Media Marketing and this New form of Marketing. The important changes in this form of marketing include a focus on:

Adding Value First
Creating Trust Next
Filling a Need / Alleviating a Pain
Aligning Marketing & Sales
Creating a Dialogue - These lead to:
Demand Generation
High Quality Inbound Leads
Optimizing Results
High Quality Inbound Referrals

We firmly believe that Social Media, especially Linkedin, provides an exciting new frontier for better serving clients and attracting new clients. Should you have any questions about our Social Media research and our vision for Social Media please email - vesta-pandc@benefitplace.biz or call - 216.921.1583.

IMPORTANT NOTE: Please CLICK ON - AVATAR to view BenefitPlace's new avatar. These avatars are effective, flexible and affordable for conveying your message! Give us a call to find out more!

Have a Great Week and Please share your Thoughts and Questions with our Community!

SOCIAL MEDIA - YOUR NEW MARKETING TOOL & THE FUTURE!

2010-01-22T14:06:00.000-08:00

Last week we, Vesta p&c, had a meeting focused on "Marketing for 2010 and Beyond". Attending were: BenefitPlace - that acts as a permanent trade show for the Insurance & Benefits Industry), Vesta Worksite - that focuses on the Worksite/Voluntary Benefit Markets; and other Affiliates.

The discussion quickly centered on questions about Social Media - its Implications and Applications. The specific questions included:

What is Social Media?
Social Media for Insurance Relationships and Marketing? - Is it viable?
Social Media Outlets? - Which of the 50, or more, are most appropriate for Agencies and Brokers?
Social Media vs Traditional Insurance Marketing? - What differentiates Social Media?
Strategies for Using Social Media? - What are they and which ones are best?
Rules Surrounding Social Media? - What are they?
Start-up Cost For Creating a "Social Media" Initiative?
Getting Started?
Getting Information & Help? - What and who are the resources?

Let's start with the 1st question - What is Social Media?

According to http://blog.socialmedia.com : "Social media are primarily Internet-and mobile-based tools for sharing and discussing information among human beings." Participants from BenefitPlace, who were already involved in developing a Social Media strategy, mentioned that Blogs and Media Websites - like Linkedin and Twitter - provide a number of cost-effective opportunities. These, and other forms of Social Media, embrace a number of accessible and affordabe tools that include:

Providing quality content and information to clients and potential clients
Answering questions with speed, accuracy and efficiency
Forming interest groups with common interests
Creating and participating in conversations
Disseminating industry related news to interested parties
Providing access to products and services for current and potential clients.

In future postings we will pass along additional answers we have generated to the above questions. We would appreciate your input to assist our community in better understanding the use of Social Media in the Insurance and Benefits Sectors! Please share your input!

Introducing Errors & Omissions Coverage for Main Street America!

2010-01-13T13:25:00.000-08:00

While we at Vesta p&c were discussing marketing opportunities for the new year with affiliates, including BenefitPlace and Vesta Worksite, the topic drifted to small busineses, their owners, and E&O Coverage.

Small business represents over 99.7 % of all employer firms and employs just over half of all private sector employees according to the "Insurance Journal". The question was asked, "How many of these employers have been introduced to the potential need for E&O Coverage?"

One of our affiliates pointed out an article in the National Underwriter - Property & Casualty, Nov. 9, 2009 that emphasized the needs of self-employed and small business owners for E&O Insurance. On Jan. 13, 2010 the Insurance Networking News published an article titled "Small P&C Insurers Flourishing". This article noted that small insurers were gaining sizable market shares by addressing unmet needs and by building strong insurer-client relationships.

As agents and brokers, we all know the necessity of carrying E&O Insurance. Most carriers require it! It is our responsibility, and a great door opener, to discuss E&O with clients and potential clients. Most small business owners are to busy, and lack the expertise, to recognize their exposure. Given Americans bent toward litigation, established small business owners and entrepreneurs have considerable risk.

Agents, with education and due diligence, have the opportunity to better serve existing clients, open new doors and increase sales!

Please share your thoughts and experiences with our P&C community. Have a Great Week!

Disability, Coverage, Workers' Comp & Communications

2010-01-08T10:13:00.000-08:00

Recently we at Vesta p&c had a meeting with our affiliates, BenefitPlace and Vesta Worksite to discuss a recent study about employee disability insurance sponsored by Northwestern Mutual and performed by Harris Interactive.

Quite simply, the results showed that only 10% of the 2,100 workers responding were insured for disability with 30% receiving the coverage through the worksite. In addition, nearly 80% of the respondents indicated they would be "Devastated" if a disability prevented them from working. EmployeeBenefit News", in covering the study, pointed out that it was ironic that "73% of the respondents have insured their home or rental property and 88% have auto insurance".

The participation in our discussion was interesting:

Worksite Specialists pointed out that while they encourage Employers to offer disability (DI) coverage, many Employers are reluctant to make voluntary DI Plans available and believe the additional protection will encourage employees to stay off the job and negatively impact on their Workers' Comp. It was also indicated that many Employers do not believe Employees would be willing to participate at their own cost and discretion.
Employee Benefit Specialist, working with the "Core Benefits", indicated that Employers were cutting back on Employer paid DI plans to focus their contributions to the Health Plans. It was further indicated they had only a limited knowledge about the Worksite/Voluntary Plans that could be offered to the Employees.
The P&C Group indicated that Employers complain about Worker'Comp costs and yet are often reluctant to implement a well planned and sponsored safety plan. It was also indicated that P&C brokers seldom interface with the Health & Life Brokers, Core or Worksite, to discuss disabilities and coverages.
Worksite, Core Benefit & P&C Contributors all agreed that Employees: have little information about the impact of disabilities on the Employers costs; believe that disabilities only happen to others; consider Workers' Comp a Government Funded Plan; and have limited access to disability plans whether Employer Paid or Voluntary.

We all agreed that their seemed to be a "Lack of Communications" creating many of the problems! It would benefit the Employers, Employees, and the overall Brokerage Community to become more interactive and to integrate Programs, Products and Services.

Please share your thoughts and Have a Great Week!

Have a Happy, Healthy, Prosperous & Valued New Year!

2009-12-31T08:27:00.000-08:00

Those of us in the Benefits and Insurance Industries seem to be ending the year, and decade for that matter, with more questions and problems than answers and solutions. Central to the questions and problems are the economy and pending legislation.

Discussions within Vesta pandc, and with our affiliates - Vesta Worksite and BenefitPlace - have come to one specific New Year's Resolution! In that we have little control over the economy and the direction of the Congress, we are going to focus our concerns and efforts where we can have the greatest effect - Our Clients, Affiliates, Friends and Families!

If we can be effective working with - and meeting the needs of these constituencies - we'll probably be able to adjust to whatever the New Year and Decade Deliver!

Happy New Year!

Have a Happy Holiday and Healthy, Prosperous New Year!

2009-12-24T07:48:00.000-08:00

As we end another year, and enjoy the Holidays, we hope that all involved in the Insurance Industry, and those who depend on our Programs, Products and Services, will reflect on how blessed we are. While the media would have us believe everything is a crisis, and certainly there are a number of situations and economies that require informed action leading to changes, there are viable solutions. Those who have tested and abused the limits of the free enterprise system are in the vast minority and those who have stuggled to improve the systems are in the majority.

As the New Year gets under way, we at Vesta p&c, Vesta Worksite, and BenefitPlace hope the energy of those who can make a difference will be focused on solutions rather than dwelling on retribution, financial self-interest, concentrating power, being re-elected and spinning diatribes. While solutions may require time to take effect, sacrifices, and uncomfortable change from a deteriorating but comfortable norm, the results could have a positive impact on all.

One of the 60's outcries was "If your not part of the Solution, you are part of the Problem", is as true as ever!

Have a Happy Holiday and a Healthy, Prosperous New Year!

Working Together (Continued) - Establishing Relationships!

2009-12-17T11:50:00.000-08:00

During recent meetings with our affiliates BenefitPlace and Vesta Worksite, as well as several Brokers, we at Vesta p&c further discussed the concept of P&C Brokers working more closely with Traditional Employee Benefit and Worksite/Voluntary Benefit Specialists. Six specific ideas are worth passing along:

Talk to client(s) with whom you have a good relationship and find out who they work with in the complementary insurance/benefits industries, explain your reason for asking, and ask permission to contact the broker.
Contact the referred broker(s) and determine if there is a potential for working together without a conflict of interest and that they are not a competitor.
Once a preliminary relationship is established with a complementary broker, select a specific number of client's, or potential clients, that you and they will contact for meetings.
Discuss the division of revenues generated when business is generated, "Splits", based on time and effort required to close and maintain the accounts. It was suggested that these discussions should lead to guidelines. Formal agreements should be set on a case-by-case basis.
Meet with the client, or potential client, together. Pre-determine and practice how the meetings will be conducted; the questions to be asked; and the specific programs, products and/or services you intend to discuss. Prior to meetings, you should have discussed the specific carriers that will be recommended.
Following the meetings, review the results and formalize the responsibilities for follow-up!

Please share your ideas on working together and "Cross-Selling"! Have a Great Week!

Working Together (Continued) - P&C Brokers & Worksite Benefit Specialists

2009-12-09T09:23:00.000-08:00

Vesta p&c, works with two close affiliates, BenefitPlace and Vesta Worksite. During recent discussions about Insurance and Employee Benefits Marketing interaction and integration, a reasonable question was tabled by our P&C Group: "Is their inherent value for the Client Organization, their Employees, and the P&C Broker for working with Employee Benefit Specialists(EBS) Brokers and Worksite Benefit Specialists(WBS)" - in this case specifically the WBS. While there were a number of opinions and concerns, there were some common areas on agreement:

The Broker who has the existing account is considered a "Trusted Advisor" and in that position must be extremely cautious when introducing programs, products, and services outside of their areas of expertise. The Client, their employees and relationship could be jeopardized.
If the P &C Broker has completed due diligence and is comfortable with the Worksite Broker, the Carriers utilized, and the types of plans offered, the client may be better served with by introduction.
Clients are often overwhelmed by "Cold Calls" from the Carriers and Brokers in the Worksite Benefits Marketplace. As a "Trusted Advisor" the professional input and advise from a person in the insurance industry is appreciated and adds value to the relationship.
Brokers - P&C, EBS, and WBS - are all in the business of "Risk Management" for their clients. Whenever the different areas of expertise can join together to reduce the risk for the Client and Employees, all parties will benefit.
WBS often assist in opening lines of communication between the Employer and the Employees during the enrollment process. These communications can be an excellent time for the introduction of wellness, safety, and other loss prevention plans.
As long as there is full disclosure, "transparency", when making a referral to the client, value-added revenue streams can be established for the participating Brokers. The division of commissions or fees, "Splits", should be agreed upon in advance and in writing.
Tracking the activities of the referred Broker with the Client is essential to preserving relationships and Keeping the Trust!

We at Vesta p&c appreciate your input on the above to help better assist the Insurance and Benefits Marketplace. Have a Great Week!

Working Together - P&C Risk Managers & Wealth Managers?

2009-12-02T09:01:00.000-08:00

Vesta p&c, the parent company of this blog, works with two close affiliates, BenefitPlace and Vesta Worksite. One basic mission of each entity is to provide risk management for Organizations and Individuals. While increased referrals are often discussed, they occur on a limited basis. I'd like to suggest this is true of the P&C and Wealth Management industries in general.

While both P&C Risk Managers and Wealth Managers (CFPs and others) attempt to mitigate the risk for their clients and insurance based plans are often the major tool, the two parties tend to work in different worlds with the same clients. It would be a tremendous failure for the advisors in "sister industries", and the client, to see assets that were accumulated over years evaporate overnight.

We at Vesta have been able to isolate several reasons for the reluctance of advisors to discuss the alternative risks with clients and to make referrals:

A lack of general knowledge about the sister industry - they are quite different.
A lack of qualified professional contacts in the sister industry to whom they are comfortable in making a referral.
The question of licensing and compensation.
Fear of litigation and increased professional liability generated from the referral.
Fear of client loss.

While all of the above reasons have some level of validity, they can be overcome to the betterment of all parties, the clients and the advisors.

We would like to suggest that the "Risk" to all parties in not creating these professional relationships is far outweighed by the value created.

We, and our readers, would appreciate your thoughts on the above! Have a Great Week!

Regulation - The Federal versus State Regulation?

2009-11-24T12:34:00.000-08:00

At a recent International Risk Management Institute, Inc. (IRMI) conference, one "Hot Topic" was the potential shift from state to federal regulation of the insurance industry. The near and longer term impact of such a shift could be significant and the results unpredictable. Vesta p&c offers the following topics for discussion and input:

With regulation important, but already a burden for all parties, can a federal system, or an optional federal charter, improve upon the existing state system of over site?
Will an optional federal charter hinder competition for small insurers and brokers?
Is the federal government capable of creating and administering a regulatory agency at the local level for such tasks as handling complaints?
Is an approach similar to the National Association of Insurance Commissioners' (NAIC's) Uniform Producer Licensing Model Act - that is already passed in 39 states and is in the legislatures of 11 states, a better direction for upgrading the insurance regulatory system to address a national and global economy?

Vesta p&c looks forward to your input! We will better address these questions and issues in future posts.

Thanks and have a Great Week!

Is There a Disconnect in the P&C Industry?

2009-11-13T09:01:00.000-08:00

A recent Survey conducted exclusively for National Underwriter by Deloitte looked at Broker Carrier relations! The survey of 1,596 qualified independent agents and brokers, large and small, pointed out a consensus of dissatisfaction with a number of relationships including "Communication".

Having reviewed the producers input and the findings generated by the study, several ancillary thoughts were generated in regard to communications.

Between the Insurers and the Brokers:

Has anything changed? Generally, Insurers' home offices have always sought out the field force opinion on a limited basis and then proceeded to do what had already been planned and designed. In addition, as the study pointed out, the carriers generally reach out to the larger firms and big producers for their input.
Smaller firms and producers, as well as the specific needs of their small clients, are seldom solicited for input unless the carriers or their GAs and PAs recognize a "niche market" that could be broadly approached. While in aggregate the production of the smaller firms is significant, and the breadth and depth in numbers of potential smaller accounts is significant, this marketplace is evaluated severally and has no ear.
While it could be relatively simple for competitive carriers to capitalize on this disparity and reach out to this broader market, historically their has been little indication of a trend in that direction.

While not evaluated in the study, we suggest another relationship that may suffer a lack of communications with some of the same misunderstanding.

Between the Brokers and the Clients and Potential Clients:

Has anything changed? When it comes to marketing, prospecting, and client retention, the discussion often turns to becoming a better listener. In nearly every Publication, Webinar, Seminar, Training Session, etc. the emphasis is placed on asking open-ended questions and being "consultative". While this technique sounds good, too often larger and smaller producers continue to approach their client or prospect, of any size, with a pre-conceived agenda rather then utilizing "needs based selling" .
While the P&C marketplace offers a wide variety of specialized programs, products and services that could open new doors and generate production, Brokers too often remain in their comfort zone of plans and carriers.
Brokers of all sizes have an opportunity to "mine" for the risk management needs of their clients and potential clients, large and small, and to communicate those needs back to the carriers. If the client and prospects become more involved and feel they are part of the product creation and distribution channels, client retention, and even referrals could be on the increase.

Please share your thoughts and experience! You may also choose to participate in the Poll on the right side of this page to help you and us better understand the P&C Community trends.