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By Lucretia DiSanto Jones

Whether you are an established producer or new to the industry, you can increase your profit potential by learning the strategies of worksite marketing.

Susan C. Bianco, CLU, principal and owner of Benefit Enrollment Services, Inc., in Cleveland, will present the session Insurance Sales Using Worksite Wizardry at the 2002 NAIFA Convention and Career Conference in Charlotte, N.C., on Tuesday Sept. 24.

Here is what AdvisorToday.com learned from Bianco, a 20-year veteran, about what it takes to create a successful worksite marketing business:

Advisor Today:Why is worksite marketing a great way to get into the business market?
Bianco: Because it’s simple. Let’s face it; established agents are going into the affluent market. That can be intimidating for the new agent without years of experience. With worksite marketing, the policies we sell are very simple. It's not high-end financial or estate planning. Sometimes one policy is the extent of an employee's estate planning; it's the only insurance they have. So for a new agent it’s much less intimidating to sell an employee a policy than trying to sell a larger policy. Because of the volume, it's also much more cost effective.

"If you don't at least talk to the business client you already have about worksite marketing, you're missing a great opportunity."

—Susan Bianco

It can be difficult, too, for newly recruited agents to establish themselves. They can go to people they know, but then where do they go if they're not good prospectors? Worksite marketing provides a good source of prospects. Because you go back to a company and there are new employees, it opens the door for more product sales.

Advisor Today:What's necessary to create a successful worksite marketing business?
Bianco:You have to locate your prospects. You have to have carriers with specialized units that can handle the worksite unit. Your carriers have to be financially strong and above all committed to the worksite market. Many companies say they're going to do it, but they don't have the marketing strategy and they're not willing to stick with it for the long haul to see how profitable this segment of the market can be.

In my opinion, the company also has to have very strong administrative support to handle the volume. It's easy to handle the customer service for a million-dollar policy, but it's not attractive to maintain that support for a $20,000 policy.

Advisor Today:What are some of the downfalls of worksite marketing?
Bianco: The volume of policies that are underwritten creates customer-service requirements. If there are any downfalls, it's an insurance company that doesn't have the administrative capabilities to keep up with the customer-service requirements.

Advisor Today:How do you provide value-added service to your clients in this market?
Bianco: Because the employer is willing to have us come in on company time and company premises, employees sees it as an extension of their employee-benefit plan. A benevolent employee can really capitalize on the goodwill.

There’s also the convenience of payroll deductions.

Advisor Today:Are you concerned about being held responsible for the products you sell to groups?
Bianco:I've not been concerned about the liability. We review the benefits the employer provides, and then rank the deficiencies. We prioritize what products should be placed first. I believe a voluntary employee-benefit package is built over time. Often employees help build the program by bringing needs and concerns to their employer. Employees are responsible for their own decision to participate.

Advisor Today: What’s the bottom line on worksite marketing?
Bianco: No matter what level of production you're at, or the overall clientele that you have, if you don't at least talk to the business clients you already have about worksite marketing, you're missing a great opportunity. Worksite marketing is probably the most rapidly growing segment of our industry, and it cannot be ignored.

To register online for the 2002 NAIFA Convention and Career Conference, visit www.naifa.org/charlotte2002.

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