Tuesday, October 19, 2010

"The Value Meal" of Insurance

Fast Food restaurants changed their profits forever when they introduced the Value Meal. Phone companies increased their bottom lines substantially with the introduction of "bundling".

Bundling and Value Meals are a hit with consumers. It puts together the most popular items in one package. For the fast food chains, it means faster drive-thru times, more money spent per customer, and it is simply easier on employees. For media companies, the bundling of phone, internet, and tv lines, makes for much inproved persistency. People won't drop their phone service as it would "unbundle" their entire package.

Insurance carriers now have introduced their own version of combining two very popular policies together to help the client make a quick, easy purchase. It is called the Combo-App. Now consumers can bundle their Medicare Supplement with a low face amount life policy. The Combo-app is becoming very popular. The consumer recieves a value priced Med Supp and is automatically issued a $2,500 final expense plan. Upon delivery, the customer can increase the face amount with a simple phone call. Easy, Convenient, and Fast.

What does this mean for the agent?
  • Two sales on only one application
  • More commission
  • Substantially increased persistency; clients won't drop their Med Supp for fear of losing their life plan (and vise versa)
  • Double the number of policies per household
  • lower expenses = greater profitability

If you are like me, you can see bundling has greatly increased profits and persistency for other industries. That certainly means equal success in our business.

Call us today at 800-504-7471 and learn how the Combo-App can benefit your business!

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