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How to Build on Your Success in 2019
We hope your new year is off to a great start! At The Standard, the outlook is bright. Here's a look at opportunities to grow your IDI business in 2019 and a quick review of 2018 sales trends.
Social Media Toolkit
Start Conversations in 2019
Encourage clients to protect their incomes in 2019. It's easy with these ready-to-share posts.
Looking Ahead to Sell More in 2019
Focus on the Millennial market. More than one in three American labor force participants (35%) are Millennials. That makes them the largest generation in the workplace.1 Now aged 22-37, they also have the most spending power, estimated at $200 billion.2 That means Millennials will continue to be your largest target market.
Two key sales points for Millennials? Portability and protection for growing incomes. Unlike prior generations, Millennials don't expect to stay with the same employer for decades. You can appeal to them by emphasizing flexibility. They can purchase an income protection insurance policy and take it with them whenever they change jobs. Another appealing feature is the potential to increase their coverage to keep pace with their incomes. Platinum Advantage includes the Benefit Increase Rider and Automatic Increase Benefit Rider.
Find new markets for yourself. Explore reaching out to more business owners and women — two groups with a lot to protect. Check out these recent articles on business owners and women to find great sales tips.
An ongoing growth area? Employer-sponsored plans. Industry-wide, employer-sponsored plans have grown year after year. Thanks to changes in tax law, plus record low unemployment, employers are likely to invest more to recruit great talent and retain current staff. General Agents and producers may be able to capitalize on increased interest in GSI products.
Building on Platinum Advantage Successes in 2018
One big key to Platinum Advantage's success? Flexibility. In today's evolving income protection insurance market, producers want the flexibility to tailor coverage to fit each client's current and future needs. For example, Platinum Advantage offers a choice of three residual disability riders. We also built in two options to increase coverage as clients' incomes grow.
“Having that flexibility, especially in the white-collar space, has helped us retain and expand our business,” notes Jeremy Horner, assistant vice president, IDI. “We're happy to report that we're seeing the results we anticipated with Platinum Advantage. It's performing well and competing where we wanted it to.”
Another success story? Defined occupation classes for physicians. Targeting key occupation classes also helped drive IDI sales in 2018.
“With Platinum Advantage, we introduced two new, more narrowly defined occ classes for physicians and surgeons. That helped producers pick up more business from physicians in 2018,” explains Jill Frohardt, 2nd vice president of IDI sales. “We expect that trend to continue in 2019.”
These new, more defined occ classes offer competitive pricing aligned with physician duties:
- 5P includes medical professionals not performing surgery or interventional procedures.
- 4S includes most surgeons.
Competitive pricing for medical and dental occupations got an additional boost in Q4 2018 with Platinum Advantage's expanded issue and participation limits.
With a strong foundation and recent product updates, Platinum Advantage is well-positioned to offer producers a competitive edge in 2019.
Count on The Standard for ongoing partnerships. “We appreciate our strong relationships with our MGAs, Securian Managing Partners and producers,” says Frohardt. “We look forward to helping you build your business even more in 2019.”
1 Millennials are the largest generation in the U.S. labor force, Pew Research Center, 2018, pewresearch.org/fact-tank/2018/04/11/millennials-largest-generation-us-labor-force
2 How to Tap Into the Millennial $200 Billion Buying Power With Social Media, Forbes, Oct. 31, 2017, forbes.com/sites/julesschroeder/2017/10/31/how-to-tap-into-the-millennial-200-billion-buying-power-with-social-media
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Jared's Story: Time for Family
Age: 36 - Occupation: trial attorney - Married, one child
How the Family Care Benefit provided the ability to care for a loved one
Jared's daughter was born with a heart defect. They visited multiple specialists to diagnose the condition and determine the appropriate treatment. Then his daughter underwent surgeries, hospital stays and months of follow-up appointments. Benefits from Jared’s Platinum Advantage policy helped make up for the income lost when Jared spent time away from work to attend physician appointments and to be with his daughter in the hospital and throughout her extended recovery — providing peace of mind during a trying time.
Supportive Office Equipment
Age: 42 - Occupation: accountant - Married, no children
Assistance on the road to recovery through a rehabilitation program
Jody's role as an accountant at a small firm requires a lot of computer work. After sustaining a serious back injury from a car accident, Jody was totally disabled under her Platinum Advantage policy. Jody’s doctor recommended she purchase assistive equipment to help her work comfortably at her desk without aggravating her condition. She was able to return to work full time after participating in a rehabilitation program in which expenses for a sitstand desk and other ergonomic accommodations were paid for under her Platinum Advantage policy. These modifications helped ensure she could return to work safely, without hindering her recovery.
David's Story: Starting a Medical Career
Age: 33 - Occupation: dermatology physician - Single, no children
Benefits that match career growth through the Benefit Increase Rider
David is completing his dermatology residency and just accepted an offer at a private practice. Before the end of his residency, he purchased a Platinum Advantage policy that included the Benefit Increase Rider, knowing his income will rise significantly after he starts his first post-residency job. The benefit also will allow his policy to grow with him as he progresses in his career and receives additional salary increases. David values the fact that his coverage going forward will match his developing career.
Jason's Story: Accidents Happen
Age: 35 • Occupation: orthopedic surgeon • Married, two children
Finding work in a new occupation with the Own Occupation Rider
Jason injured his right hand in an accident and was unable to return to his job as an orthopedic surgeon because he couldn't perform surgery. Due to his medical training, he was able to return to work as a family medicine physician. Jason was considered totally disabled in his regular occupation as an orthopedic surgeon — even though he earns an income from another occupation as a family medicine physician — because of the own occupation definition of total disability included in his Platinum Advantage policy. Because of this, he receives the policy's full basic monthly benefit, in addition to the income he receives in his new position.