Insurance Agent Monopoly
By David Kinder
I am not a sales manager or a recruiter. (Perhaps one day, but not today.) I’m just a guy who has “been there and done that” and perhaps can help other agents get a better start in a difficult industry.
In this video, I equate various product lines and niche markets to “monopoly properties” to help new agents determine a target focus, growth strategies, as well as determine if advice for their careers (let alone company product lines) would fit their chosen niche markets.
Here’s a summary of my monopoly/target market opinions:
- Mediterranean Ave / Baltic Ave = Supplemental Health Insurance (AFLAC, Combined, Colonial life)
- Connecticut / Oriental / Vermont = Group Insurance (Health, Dental, Vision, Life, Disability, etc.)
- St. Charles Place / States / Virginia = Senior Market (Medicare Supplement & Final Expense, with generally limited opportunities to cross-sell annuities and long term care)
The only designations that I think may matter to this point, may be the educational content of the CSA or Certified Senior Advisor designation for the senior market. (Which is now approved as an accredited designation by all states and FINRA.)
- St. James Place / Tennessee / New York Ave = Middle Income Market with fixed insurance products only (Whole life / UL / IUL, Disability, Critical Illness, rollovers to fixed and fixed indexed annuities). Just for fun, here’s the Monopoly Wiki entry: http://monopoly.wikia.com/wiki/Catego…
- Indiana Ave / Kentucky Ave / Illinois Ave = Middle Income Market with Series 6 & 63 securities licensing (same as the orange property group but adding mutual funds and variable life and annuity products)
- Atlantic Ave / Ventnor Ave / Marvin Gardens = Retirement Market with Series 7 & 66 OR a Series 65; wealth management, annuities, and other products. Most investment firms, such as Merrill Lynch and Morgan Stanley are firmly in this space here.
- Pacific Ave / North Carolina Ave / Pennsylvania Ave = Business Owner Planning Market; buy/sell, key man, executive comp, 401k, and other planning.
- Park Place and Boardwalk = Premium Finance cases; borrowing money to pay the premiums because of an illiquid estate or other business situations.
Through this point, I think that financial planning designations along with the skills and ability to simplify financial concepts would be very helpful. CFP, CLU, ChFC, and perhaps other “post-CFP” designations for various specializations. https://www.kitces.com/blog/what-come…
- Railroads = Term and Disability Insurance
- Utilities = product specialists that work with other professionals, such as long-term care and life settlements
I am not affiliated with the Insurance Pro Shop or Wayne Cotton, aside from finding great value in what they teach and sell.
Insurance Pro Shop: http://www.insuranceproshop.com
Wayne Cotton’s Article on The Bowling Lanes of Learning: https://www.linkedin.com/pulse/201407…