How we approach each market
In this market, rates are primarily based on a "pool" of people. Rates are based solely on age and location.
Our approach to this market is as follows:
1. Market to EVERY carrier every year... sometimes even in the middle of the plan year.
2. Look at every possible option. There are literally hundreds of plans and different combinations of plans. We look at them all!
3. Consider alternative funding arrangements to maximize benefits and reduce cost.
This middle market has some nice alternatives to the small market. The main one is the rates can be adjusted by the insurance carriers if needed.
While the claims experience is not 100% credible for underwriting purposes, carriers will be aggressive under the right circumstances. That's why its important to always look at every carrier and every option.
We can get very creative in this market and have shown huge reductions in cost. In fact, we showed one manufacturer with 52 how to reduce their cost by $160,000 by switching carriers. When the current carrier saw the competition, they reduced their rate increase by close to 10% just to try to be competitive.
That's the power of marketing and engaging the underwriter!
The Large Market is where all things are possible. In this market, our underwriting and claims experience can really come into play. Everything is on the table in this market.
We can negotiate plan designs, carrier pricing, utilize carve-outs of prescription plans, etc... This market is like a playground for us. We can get as creative as we need and really engage the underwriter.
“You saved our company over $157,000. As the new CEO, you just made me look VERY Good!”
CEO of 500 Life Manufacturing Firm
“You've done more for me in 2 weeks than my other broker did in 2 years.”
President of 120 Life Manufacturing Company after negotiating a 13% decrease