Health Insurers Need to Improve Customer Relationships to Compete

Nearly 50 percent of health customers are willing to pay more for quality customer service -- a factor U.S. health insurers need to address to effectively compete for new clients -- according to a new survey from Accenture.

Accenture conducted a survey of 1,000 insured individuals to assess the impact of customer service on consumer preferences and found that nearly 80 percent expect customer services to be easier, more convenient.

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New Baby... Buy Insurance

You’ve just had your first baby boy. Or maybe it was a little girl. Either way, congratulations. You don’t need us to tell you that life is going to change, and change quickly. You’ve no doubt already become accustomed to the idea of sleepless nights, midnight feedings, dirty diapers, and all of that kind of stuff. But what you may not have thought about with the birth of your baby is term life insurance.

But, you should. After all, there’s someone depending on you and your income now. If you haven’t already scheduled an appointment with your insurance agent, do so. You’ll want to adjust the amount of your term life insurance. And if you don’t have any life insurance yet, you’ll want to invest in some immediately.

Think about it. That little guy is totally dependant on your income. If you were to die today, what would happen? Who would pay for:

• Diapers
• Food (18-20 some years’ worth of groceries is a lot)
• Health Insurance
• College Tuition

Of course, there are a lot more expenses that junior will have growing up, but our purpose here is just to get you thinking about it. Even if your spouse has an income as well, chances are that it won’t be enough to cover your child’s expenses. These days, the average in state tuition is almost $8,000. And if, by chance, your little guy grows up to be a scholar, Harvard and Yale are much, much more expensive.

We know, your little guy is probably going to get a football scholarship anyway. You can already see that killer instinct in his eyes when he screams and reaches for that rattle. But on the off chance that he might need a little help paying for college, you might want to consider putting aside some savings for him and investing in term life insurance, just in case the unthinkable happens.

And while you’re at it, consider taking out some life insurance on your baby. We know, no one wants to think about their baby dying, but in the unlikely event it happens, you definitely don’t want to worry about where the money for final expenses is coming from. Besides, buying life insurance on him now guarantees that he’ll be able to get life insurance himself later, even if he has health issues.

Other Insurance Services

I just had the most interesting meeting with an industry veteran who shared his afternoon with us about what he thinks the insurance industry will look like in 3 or 4 years.  My first take from him was that it was just another carrier looking to wholesale his products out to new agents and I'm fine with that, but sometimes those are really boring and we usually have a lot of pressing matters at hand which usually makes these meetings obnoxious.  

However, Richard Wilkes of Humana brought and obvious point to light when he said that the new mandate will be that 85% of premiums paid to the insurance company must be paid back to the customers.  Wow, I knew that was one of the policies changing with the reform bill but this had just hit me.  Insurance companies will be left with 15% of their income to, pay agents, pay employees, and market to potential clients.  This doesn't leave a whole lot to spread around.  

I had heard the reform bill could possibly cut agents commissions, and Richard's insights seem to have driven that point home.  My last question to him was, "So is there any hope for new agents?" and his response was "Absolutely!  40 million folks will be turning 65 very soon."  I didn't think I'd be into that market.  We have Crawford for that and he handles most if not all of our senior services inquiries.  Richard did however share several new products that I could market to them.  Memorial fund, critical illness plans, disability insurance, and junior estate builder all through Humana make up what he has shown me.  These are wonderful for the 65 and over crowd are easy enough for me to explain lol.  

Memorial Fund- is a permanent whole life policy that has a benefit up to 25,000 and also has guaranteed cash values.  It is great for funeral expenses, medical bills, legal fees, taxes and other expenses.  This fund also has an option that allows you to pay for only 10 years and is done, no more payments forever.

Critical Illness Cash Plan- Every 34 seconds someone in the United States suffers a heart attack.  This plan will give you guaranteed cash if you 1: have a heart attack, 2: diagnosed with cancer, or 3: need a transplant.  It will even cover loss of sight, loss of speech, permanent paralysis, etc.  This policy comes with a return of premium rider option, so after 20 years you can receive a full refund of all premiums paid.

Disability Insurance- Consider this plan a paycheck protector plan.  If you become totally disabled as a result of sickness or injury, this plan will provide you with a monthly income.  Remember the duck commercial where Yogi Berra says, "If you get hurt and miss work, it won't hurt to miss work".  I love Yogi.

Junior Estate Builder- allows protection for a child or grandchild and provides financial security for a lifetime.  It starts out with term life and converts to whole life at age 25.  The whole life policy builds cash value with the option to increase coverage.  Plan one is $35/yr for 15,000 and Plan 2 is $45/yr for 20,000.

These lines are what I carry through Humana.  If you would like to know more about these just email me.  I have a variety of other products that go along with Health and Life Insurance.  We also offer Identity Theft Solutions.  I don't have a lot of details, but I can get that information for you.  Don't hesitate to call or email.  

Until next time, lata brochacho!