Q. Why do I need multiple carriers for the same product?
A. As an independent broker, it is important to offer your client the best value in the market. That is not always a cookie cutter answer for your clients. Some clients are more concerned with having the lowest premium, added benefits, name recognition, financial strength while others have health conditions that give them an underwriting advantage with a carrier that may not fit other important factors for the client.
It is also important to diversify your block of business as much as possible. This insulates your renewal income from significant premium increases, commission or underwriting changes from one particular carrier. Most agents know the advantage of having additional product lines but should also recognize the advantage of having a block of business spread out through multiple carriers. This allows you to protect your entire book of business taking a rate increase at the same time creating an impossible task of reaching all your clients before the competitor does.
For more information regarding diversifying your book of business, please click here. We offer over 150 companies to ensure you are providing the most competitive products and affordable solutions to your beneficiaries.
-Answered by Lester Conn, Regional Vice President
Lester Conn is Regional Vice President of the California, Wisconsin, Missouri, Minnesota, Illinois, Michigan and Ohio Markets. Lester is also a licensed life and health insurance agent and owned his own agency for 12 years prior to joining the Agent Pipeline family. He has been working in the Medicare market at Agent Pipeline for over 6 years. To contact Lester for opportunities in your market, you can contact him at 800-962-4693 ext. 6463.