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Marketing LTCI to Non-Traditional Producers

FIELD MARKETING. Marketing LTCI to Non-Traditional Producers. Session 4: February 27, 2008 Session Producer: H. T. (Skip) Liddell Corporation for Long Term Care Certification. Focused on Solutions: The 6th Annual Intercompany LTCi Conference. Marketing LTC Insurance

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Marketing LTCI to Non-Traditional Producers

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  1. FIELDMARKETING Marketing LTCI toNon-Traditional Producers Session 4: February 27, 2008 Session Producer: H. T. (Skip) Liddell Corporation for Long Term Care Certification Focused on Solutions: The 6th Annual Intercompany LTCi Conference

  2. Marketing LTC Insurance to Non-Traditional Distributors Working with Financial Advisors & CPAs Steve Cain, CLTC, CSA – Marsh Private Client Services Bruce Heymont, CFP – Linsco/Private Ledger Karl Romero, CFP – Linsco/Private Ledger

  3. BGA’s Perspective Steve Cain, CLTC, CSA Senior Vice President LTC Practice Director Marsh Private Client Services (formerly Centrelink Insurance and Financial Services)

  4. The Future of LTC Insurance Distribution is about INFLUENCE The CONSUMER has CHOICE, Why? so... The CONSUMER is in CHARGE

  5. “The Biggest Problem of Business Is Denying Reality” -- Peter Drucker

  6. Who are the “Non-Traditional Producers” of LTC Insurance ? • CPAs & Accountants • Banks and other Financial Institutions • Financial Planners • Attorneys • Group Benefits Brokers • Property & Casualty Agents

  7. What do these “Non-Traditional Producers”of the Future want? • To DO NO HARM to their current relationships • To ENHANCE those relationships • To make the sales and delivery process as much of a TRANSACTION as possible. • To be FAIRLY COMPENSATED

  8. But there’s a new wrinkle...

  9. The BGA Has Multiple Customers • The Macro Customer: -- The Retail Broker/Dealer and • The Micro Customer: -- The Registered Rep

  10. What value does a BGA provideto its Macro customers? • Trust • Credibility • Suitability • Maximized Profitability • A Seamless Extension • Appreciation by their Customers • A Real Strategic Alliance

  11. The Macro Customer has Choices: • Build it • Buy it • Lease it

  12. Those things you do well, do. Everything else... The Law of Comparative Advantage: ...Outsource! -- Edward Ricardo

  13. What value do we provide to the Microcustomer? • Trust • Credibility • Suitability • Neutrality • Exposing the “unaddressed needs” of their customers • Additional Revenue to their practice

  14. Additional Value a BGA provides to the Micro Customer • Competitive Compensation • Cementing even greater client control • The Appearance of a transaction-based Insurance sale • Seamless extension of their practice -- For Long-Term Care, Life Insurance and Annuities

  15. Challenges that a BGA Faces • Profit margins • Transparency • Low closing ratios • Service expectations/standards • Underwriting • Reporting requests • Competition • Relationship management (carriers and macro customers) • Marketing costs (meetings, supplies and training) • Technology (investment in appropriate systems) • Appropriate staffing & compensation

  16. Financial Advisor’s Perspective • Bruce Heymont, CFP • Background • Size of branch? • Firm profile & focus? • Why did you start marketing LTC Insurance? • How do you build LTC into your financial & retirement • planning? • What percentage does LTCi play in your practice? • Have you ever sold “group” LTCi? Worksite/multi-life? • What product designs appeal to you? • What do you look for in a BGA? • Do you see the lack of LTC planning as a professional • liability? • Do you work w/ CPAs? • Who do you compete against?

  17. Financial Advisor’s Perspective • Karl Romero, CFP • Background? • Size of branch? • Firm profile & focus? • Why did you start marketing LTC Insurance? • How do you build LTC into your financial & retirement • planning? • What percentage does LTCi play in your practice? • Have you ever sold “group” LTCi? Worksite/multi-life? • What product designs appeal to you? • What do you look for in a BGA? • Do you see the lack of LTC planning as a professional • liability? • Do you work w/ CPAs? • Who do you compete against?

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