BY: David Rowe
Employee Benefits Consultant
drowe@bankersinsurance.net | (804) 729-5105
Business is never stagnant, but today moves at an ever-increasing pace. This progress, regardless of the driving force, frequently requires the insurance industry to adjust. Coverage details can change from year to year, new coverages become available, and laws update frequently. This need to adapt and remain current is particularly true in employee benefits insurance where government regulations pose a distinct challenge. These regulations change often, sometimes multiple times during the year, requiring both businesses and insurance companies to respond. Updates may be broad and apply to all business sectors, or narrow and target only specific industries. Being a subject matter specialist enables insurance brokers not only to remain current on these topics, but stay ahead of them, better advising clients on key issues.
Bankers Insurance encourages sales executives to become subject matter specialists in a chosen business sector. We call it choosing a major. This better serves our clients by providing deeper insight and more meaningful consultation. It means enhanced service and more targeted insurance products, leading to better coverage. Insurance companies give more attention to our clients, realizing a professional agent with specific industry knowledge is their advocate. Our specialization also allows insurance carriers to offer industry-targeted products with more meaningful coverages.
Case Study in the Public Sector
I specialize in employee benefits insurance for public sector businesses such as city and county governments, school districts, and regional jails. I built industry knowledge while working at Anthem for over ten years where I managed employee benefits insurance for more public sector business than anyone else in the state. When I transitioned to being an insurance consultant at Bankers Insurance, these former contacts with whom I’d forged relationships became prospective clients. By already knowing these groups, understanding their needs and how they think, I was able to better serve them, providing a distinct advantage to my clients.
Public sector entities are usually risk adverse, meaning they are conservative and prefer to reduce and minimize risk. They also communicate among themselves to the point where they mimic each other in the way they manage risk. Most utilize the Commonwealth of Virginia’s health insurance program titled The Local Choice. These clients are fortunate to access this program which combines the buying power of the state’s 100,000 enrolled employees along with the broad network and negotiated discounts of Anthem. This program is a perfect fit for small to mid-size employer groups. My large clients, because of their size, not only have access to this same plan, but also other similar plans which are more flexible.
But specializing in an industry means being involved in activities that help all industry members, not only my clients. For example, for property and liability coverages most clients utilize VaCorp, the insurance arm of The Virginia Association of Counties. Although I cannot offer coverage from VaCorp to my clients, being a specialist in this industry means I still forge relationships with the decision makers at VaCorp, network with them at conferences, and call them when needed to help my clients. I also attend public sector tradeshows and speak to special interest groups when possible. Through such industry involvement, my name is frequently passed around when insurance questions arise. I bring insurance knowledge to the table and combine it with industry skill from public sector businesses, ultimately leading to better coverages and more options for my clients.
Many advantages exist when purchasing insurance coverage from a broker with industry-specific experience, and Bankers Insurance has industry specialists in most sectors. We stay current on industry matters, anticipate issues, and use this knowledge to benefit our clients. By having a deeper understanding of challenges faced, we are in a better position to anticipate client needs and offer unique solutions based on that knowledge. We coach clients on what to expect and offer guidance on changes to consider, all to make them more attractive to insurance companies. This ultimately leads to a combination that every business desires: less risk, better coverage, and lower prices.
Questions on employee benefits insurance or whether we have a specialist in your industry? Contact your Bankers Insurance agent. Not a client of ours? Let us earn your business! Each client is assigned a personal agent in our office, given their email address, and provided a phone number that rings right on their desk.
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