Not that long ago, mini-meds, consumer-driven health plans and HSAs were new and exciting. Many agents jumped on these innovative products and subsequently prospered. With these products now offered so widely, their uniqueness has been substantially reduced.
Today, in order to help boost your business, it’s necessary to think outside the box again and find untapped markets. Numerous opportunities exist within employer-based, international group medical insurance.
While the actual number of U.S. organizations with operations abroad is unknown, the U.S. Census Bureau estimates that there are at least 4 million U.S. citizens working abroad. When you add the local nationals and third-country nationals that work for these firms, the market potential is enormous, and so is the potential to increase your income.
Your potential, when partnered with the right international plan administrator, is unlimited. The key is finding the right partner that can guide and educate you while you grow more comfortable in the international marketplace. Here are a few qualities you should look for:
- A financially strong carrier that is dedicated to the agent market. Look for one with a broad-based team that can provide you with international market insight, business support and resources.
- A company with an extensive product line that allows you to easily assist your clients and prospects in choosing a proper plan to meet their needs.
- A company that offers products with coverage for both U.S. and non-U.S. organizations and all types of employees — expatriates, local nationals and third-country nationals.
- A partner that provides 24-hour secure online access to manage accounts and a multilingual staff.
Expand your vision. Tap into the opportunities and revenue that’s all around you with the international group market.
Editor’s note: The preceding is an excerpt from “Why you should market employer-sponsored international medical coverage,” by James D. Smith, which originally appeared in the November 2009 issue of Life Insurance Selling. Click here to read the entire article.
To read last week’s Words from the Wise, click here.
For more on selling international insurance, see: