How to attract middle market clients

[A 2004 survey conducted by LIMRA] suggested that in the middle market, the ideal producer profile includes these characteristics:

• Offer products from more than one company.
• Recommend a range of life insurance coverage rather than a specific amount.
• Offer to meet the prospect in the producer’s office or in the prospect’s home.

“These customers want one-stop shopping to a degree,” said Pete Jacques, Ph.D. of LIMRA International, “in part because they want to have a relationship with one person.”

Middle market prospects want an agent who provides them with a comprehensive financial analysis and plan, instead of one who discusses only one product. They want to talk to one person on a whole range of products. This doesn’t mean they will buy all the products at the same time, but they want to establish a relationship with someone who understands their situation and can inform them of products to consider so they might budget for them in the future — products such as disability income insurance and long-term care insurance.

Jacques said producers should use what LIMRA calls the BEST approach: Build relationships, Educate, Simplify and with Trust.

Editor’s Note: The preceding tip was taken from “Large Middle Market Remains Underserved,” a column by Brian D. Baetz, CLU, that ran in the April 2005 issue of Life Insurance Selling.

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