Wrap-Up Those GSI Cases

Joe Russo

Business GroupWe are already well into the fourth quarter of a year that has seemed to fly by.  ACA open enrollment is upon us so many of you are busy finding your medical clients more-affordable coverage as rates across the country are soaring while coverage options are becoming more convoluted and ineffective.  Please keep in mind Petersen International’s Short Term Medical Plan for your clients who can’t find a viable source of coverage through the traditional ACA market.  The product has become the American standard for short-term health insurance and continues to evolve and address the needs of those who have fallen through the ObamaCare gaps.

But today, we are not here to discuss medical insurance.  Today, I would like to talk further about disability insurance, more specifically the multi-life guaranteed-issue (GSI) market that has taken the DI industry by storm.  The standard market of U.S. carriers has begun to grow its share of guaranteed-issue business, allowing for simplified underwriting and a tremendous ease of program enrollment and issuance of disability benefits on-top of the usually miniscule benefit limitations of group insurance.  But where the GSI coverage has become most notable and profitable is in the surplus lines market of specialty insurers like Lloyd’s who cater to sectors in need of higher limits and excess or supplemental coverage. 

The GSI market has successfully bridged between employee benefits, group and individual DI producers.  We have developed a product line that can be tapped from multiple entry points by various broker types no matter how they traditionally develop business or run their marketing.  The ever-expanding GSI business is accessible to more insurance professionals now than any other employee benefit that came before.

In addition to the obvious fits for this type of insurance like hospitals, physician groups and law firms where we see groupings of high-net-worth individuals, other opportunities have begun to show in the accounting and aviation industries.  The GSI possibilities in this affluent country are numerous and the market is relatively new and untapped.

Petersen International has also created GSI products to address business insurance concerns like key person, loan and buy/sell coverage for groups of business owners consisting of as little as three lives; guaranteed-issue, own-occupation disability insurance  on groups as small as three persons?  It’s true.  We have made selling this high-commission bearing program as easy as it is ever going to be.

But now is the time to act.  As we near the new year, boards of directors and human resource departments of your corporate clients are wanting to finalize benefits programs.  Wrap-up those 2017 GSI cases and get the business on the books and the commission in your pocket.

 

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