Why worry about selling disability insurance for physicians?
Because they need paycheck protection more than most other groups. According to the U.S. Department of Labor’s “May 2016 National Occupational Employment and Wage Estimates,” surgeons earned an average annual income of $252,910. Orthodontists earned $228,780, obstetricians made $234,310, and lawyers earned $139,880. These professionals work hard to develop their earning capacity and, therefore, have a keen interest in protecting it.
One of the fastest ways for a broker to provide disability insurance for doctors and dentists is through association alignment. According to the Center for Association Leadership, there were 90,908 trade and professional associations in 2009, and the number keeps growing. Most associations and societies aim to provide their members with the tools to succeed, such as discounted products and services on everything from office supplies to medical equipment and business insurance. From doctors to dentists to accountants, most professional industries have strong association relationships. Here are some tips to get started:
- Identify potential partnerships. With some quick Internet research, you can find a variety of niche groups for doctors, dentists, attorneys, accountants, and other professionals. For example, http://www.omnimedicalsearch.com provides links to medical associations, organizations, foundations, and societies, ranging in scope from pediatrics to hospital dentistry.
- Cultivate relationships and propose member discounts. Getting connected with the right people at each association can be the most difficult part. It’s not a one-contact process. You have to get know associations so they trust you and want to work with you. Find ways to provide value by offering them articles for their newsletters, free webinars and other tools. A good DI distributor will set you up with these tools to succeed. Association leaders need to be convinced of the need for paycheck protection before they will offer disability insurance to their member doctors and dentists.
- Secure the carrier endorsement. When you’re ready to propose an endorsement, bring a well-thought out plan. Highlight the significant disability insurance discounts you can offer doctor and dentist association members – up to 47 percent for females and 10 percent for males. Use compelling statistics to help association leaders understand that members will value the opportunity to receive discounted disability insurance for doctors and dentists. When the association shows interest, contact your DI wholesaler for assistance.
- Customize your marketing. Once the carrier approval is in place, be ready to earn member business. Don’t assume that just because you’ve been endorsed, physicians will start calling. You have to work for the sale. Use an introductory letter and flier to members to announce the new discounted rates. Again, it takes follow up and persistence. Once contact doesn’t make a sale.
- Develop cross-sell strategies with various flavors of disability insurance for physicians. Work with the association to explore other ways to provide members value. For example, if members are business owners, explore business overhead expense opportunities. Or if members typically have business partners, provide a buy/sell policy that protects the business when a prolonged disability strikes a business owner or a partner.
To sum things up, association relationships are not easy to attain, but they’re worth the extra time because they allow you to provide a high volume of disability insurance for physicians and dentists. Disability Insurance Services is ready to support your efforts.
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