The Blue Cross SME Plan An alternative solution to traditional
group benefits
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Accelerating your commissions with the Blue Cross SME Plan An
alternative to traditional group benefits
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Agenda 1.Challenges 2.Opportunities 3.Productivity Multiplier!
4.SMEs Plan introduction 5.Ticket to success = SME Bootcamp
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Challenges Keeping a steady flow of qualified prospects coming
into your pipeline Increasing your success rate when prospecting
Generating ongoing revenue Generating recurring revenue
Challenges
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Keeping a steady flow of qualified prospects coming into your
pipeline How much time and effort do you spend to get 10 new
qualified leads/prospects a month? What are you doing to achieve
that? Are you prospecting, networking, spending marketing dollars,
getting referrals? Challenges
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Generating Ongoing Revenue How much time does it take to earn
$5,000 in first year commission in one sale? 10 qualified leads = 2
appointments 2 appointments = 1 sale Opportunity
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Generating Recurring Revenue How do you get paid without making
a new sale? RENEWALS Opportunity
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The Accelerator SME Business from our top producers Average
policies per sale10 Average premium per sale$20,000 Average SME
commission$5,000 FYC $1,400 Renewal This is what we refer to as a
Productivity Multiplier! Opportunity
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SME Revenue Opportunity Opportunity
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Success Factors Opportunity Niche Provide products and services
to a group that advisors and insurers have overlooked Network With
whom do you have an affinity? Branding Yourself Being known in
certain industries i.e. food processing, manufacturing, retail,
medical, dental, etc. Unique product offerings Providing
flexibility for both the owner and employees
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Success Factors Opportunity 99% of Ontarios businesses are made
up of small and medium size enterprises 50% of Ontarios jobs are
with small and medium size enterprises Average income of a fulltime
SME employee in Ontario is $52,000 Source: Statistics Canada
Opportunity Summary Opportunity Source: Statistics Canada
Challenge #1 Keeping a steady flow of qualified prospects coming
into your pipeline Opportunity #1 SMEs with no group plan are all
looking for cost effective solutions to: Attract talent Keep good
employees Keep employee motivated
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Opportunity Summary Opportunity Source: Statistics Canada
Challenge #2 Generating ongoing revenue Opportunity #2 Employee
turnover creates opportunity Growing SMEs will contact you every
time they hire a new employee
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Opportunity Summary Opportunity Source: Statistics Canada
Challenge #3 Generating recurring revenue Opportunity #3 You get
higher renewals than traditional group insurance Plus, a
persistency bonus
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SME Plan An alternative to traditional group benefits
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Target Customers Ideal for small businesses of 5 lives plus
Product
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Eligibility Must have OHIP coverage Not hospitalized or
disabled when the contracts comes into effect Must be able to meet
all requirements of the SME declaration Product
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Highlights Combines all of the strengths of a small group plan
with all of the strengths of an individual plan Flexibility
Portability Stability Usability Product
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Features Excellent selection of benefits with NO medical
underwriting up to specified limits Ability for each employee to
purchase additional amounts by completing a health statement
(underwriting will apply) Can add Express Plan benefits to enhance
coverage Product
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Reduced Medical Underwriting 85% participation required
Product
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Benefit Highlights Disability Excellent and well priced ROP
benefit Regular occupation to age 65 (optional) Non-cancellable
Portable Life T-65 Can be converted anytime prior to age 65 to a
T100 with no medical evidence (up to $200,000) Product
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Benefit Highlights Drug Benefit Choice of $1,500/person/year or
$10,000/person/year (with 2 additional health questions) Extended
Health Choice of Regular or Enhanced benefits Dental No waiting
period Root canals eligible immediately 1 st year is pro-rated
YearAmountCoinsurance Year 1$75070% Year 2$1,00075% Year 3$1,25080%
Product
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Case Study #1 Case Study Family business (5 lives) Father,
mother, two sons and a cousin 100% family content Problem: Unable
to find traditional group coverage due to family content
restrictions. Solution: Purchase a Blue Vision SMEs Plan where each
person selects different benefits that suit their needs.
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Case Study #2 Corporate Head Office (60 lives) Problem: Owner
wanted comprehensive coverage for the administration staff, but
only wanted to offer minimal benefits to the other employees.
Solution: Owner purchased comprehensive coverage for the
administration staff and paid $10 per month of benefits for each of
his other employees. This also allowed the other employees to have
access to preferred medical underwriting for other benefits which
they were able to pay for on their own. Case Study
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Case Study #3 New Machine Shop Problem: Need to insure 6 lives
and had a budget of only $250 per month. Solution for only $39 per
employee per month: BENEFITAMOUNT DI due to Accident$1,000 per
month Term Life 65$25,000 AD & Loss of Use$25,000 Accidental
Fracture$5,000 Extended Health and Hospital Due to Accident Case
Study
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Manufacturing Company Problem: Only 9 of 17 employees wanted DI
benefits Solution: 9 employees purchased $1,500 per month of DI due
to Accident and Illness with a 30 day waiting period up to age 65 8
employees purchased $500 per month of DI due to Accident and
Illness with a 120 day waiting period and a 2 year benefit so that
the group could qualify for an SME Plan. Case Study #4 Case
Study
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Medical Clinic Problem: 5 life group. Only 4 employees needed
benefits as the fifth had spousal benefits elsewhere. Group did not
initially meet the minimum participation requirements of 85%.
Solution: Fifth employee purchased $10 of Express Plan benefits in
order to meet the participation requirements. Case Study #5 Case
Study
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Retail Shop Problem: All 5 employees applied for the SME Plan
and 2 employees were uninsurable. Solution: SME was issued on the
remaining 3 lives. Case Study #6 Case Study
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Marketing Company Problem: Group of 12 where 2 employees have
existing individual coverage with Blue Cross. Solution: Blue Cross
issued the SME and included the 2 members with the individual
benefits as part of the SME participation. The group now qualifies
for higher benefits 11+ lives Case Study #7 Case Study
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Office Problem: Group has $3,000 per month of LTD coverage (5
year regular occupation) with another group plan. Solution: Blue
Cross issued an SME and grandfathered $3,000 per month of DI
(regular occupation to age 65) with ROP. Case Study #8 Case
Study
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Summary
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Assistance Program http://www.blueadvantage.ca
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How to successfully sell an SME SME Boot Camp Step 1 Attend
Blue Cross SME Boot Camp Step 2 Look for SME prospects who Need to
attract talent Need to retain good employees Have no group
insurance or are not pleased with current insurer Want to
differentiate themselves from their competitors Are growing Step 3
Get trained and coached by your Blue Cross Sales Representative
Step 4 Sign up TODAY
