Ready, Set, Go!
Happy New Year to you. The ball has dropped and the page has turned. We begin fresh and anew. The last 12 months have been filled with many business accomplishments as record numbers were set throughout the specialty-lines industry in 2017. The individual and group disability insurance markets seem to be stronger than we have seen in recent memory with significant increases in premium volume and strong profit margins throughout most sectors.
The individual DI market remains healthy with the physician, dentist and white collar sales as hot as ever and more high-net-worth individuals seeking income protection and coverage for greater percentages of income. Expansion was also witnessed in the middle markets which have become a newer target for domestic carriers. Blue and gray collar employees are finally beginning to find the value in protecting more of their income, and through greater automation and simplified underwriting platforms, insurance carriers are now finding it profitable to market affordable DI to a greater number of American workers.
It is a wonderful time to be a disability insurance advisor. More Americans are seeking-out DI coverage than we have seen in 20 years, and consumer incomes are remaining strong, allowing for substantial insurance buying power. Carrier competition in the specialty markets are keeping insurance rates relatively low which has also been fueled by low interest rates and the dire need for companies to write more premium to enhance bottom-line figures for the appeasement of investors and boards of directors. Lower premiums equate to easier and more sales to the benefit of the insurance advisor.
Approaching the premium volume of the individual DI sector, the star of the 2017 disability market is guaranteed-issue multi-life (GSI) business which continues to be a popular commodity amongst law firms, medical and dental practices, hospitals and accounting firms. The GSI business is flourishing because the product line is quite attractive to the broker as well as to the consumer throughout the entire marketing to policy-issuance process. Furthermore, the coverage itself is a hybrid of sorts, allowing marketing access points for agents and brokers of differing specialties from individual sales to group sales as well as employee benefits producers. GSI coverage lacks the polarizing nature of traditional individual and group DI products.
Throughout the next 12 months, Petersen International will continue to enhance and evolve our many disability, life and medical insurance lines. So get ready for another record-breaking year as we want to add value to your business and enormous commissions to your account. Let us know how we can help you.