Insurance Marketing | Outside The Box
North Carolina Mortgage Protection, Disability and Unemployment Insurance
About Me
I am an Insurance Marketer; by definition, that means I’m also an insurance agent. I’ve been (mostly) what’s known in the business as a wholesaler because I work independently between the insurance company (home office) and the agent who actually sells the policy.
It’s every Insurance Marketer’s “dream” to have his own idea of a policy created and sold. I was fortunate to have that happen during my career, even though the story of that did not have a “happy” ending.
The product was called Paycheck Guardian. It was unique enough to have an article published on the New York Times.
We developed an insurance policy which would pay insureds if they became unemployed. We began work on this back in 2005 and brought the product to market in late 2007, sold it for about 18 months, then the insurance company made a decision to cease sales. This was in April of 2009, six months after Lehman Brothers went down. Losses were beginning to get way out of hand, and I do not blame the company one bit for withdrawing it from the marketplace.
You learn very early on in the insurance business about a ‘three-legged’ stool: the policy must be good for the customer, the agent, and the company. If it’s not in “balance” for all concerned, it’s not good. (Isn’t that like life?)
Great Product, Great Execution of the Sales Plan,…Bad Timing.
We still offer protection against Job Loss, but only if a vendor (mortgage company, auto company or other vendor) purchases the coverage on a ‘blanket’ basis and gives the coverage away as a product enhancement.
We’re always thinking about opportunities for marketing insurance on a widespread basis. We have been fortunate to have grown relationships over the years and count many agents as friends and for that we’re most thankful.
We actively seek to work in markets which are unique, creating one-of-a-kind relationships which serve meaningful purposes for consumers, agents and insurance companies. Our current efforts are in the Job Loss Protection marketplace and the Pension Marketplace.
We welcome comments, questions, and suggestions. If you’re not growing and learning, and ’standing still’…well, then you’re not going to go anywhere.