NAILBA Perspectives - October 2016 - 16

T H E M O S T C R E AT I V E S A L E S A N D M A R K E T I N G T E C H N I Q U E S PRUDENTIAL'S PROSPECT TO PARTNER is a program designed to help BGAs expand their markets into non-traditional distribution. they haven't been trained in how to approach those clients to help with meeting life insurance needs. In addition to providing information about these programs on its website, "Prudential has 25 dedicated and regional vice presidents who work in the field everyday," Winkler pointed out. "We also have a dedicated national account executive team that works with independent marketing organizations and their leadership. We meet with these groups in-person and provide educational presentations on these ideas based on their interests." A Prudential representative follows up with a personal phone call to each BGA attendee after these meetings. Creative Marketing Misses Sometimes marketing creativity results in ideas that are too far out or complicated and are quickly shelved. "Many years ago I recall one company that wanted to introduce their new term rates using a postcard shaped like a toe tag," Sheridan mentioned. "This was an idea that didn't see the light of day. More recently there have been programs that required a very high level of execution and coordination on the part of the company, the BGA, and the producer. In the end, they probably required way too much time on everyone's part to implement. Sometimes simple and straightforward is better than creative but complicated." AIG once created a program that was not widely adopted just because financial professionals are very busy and agencies sometimes are shortstaffed. "We've taken the learnings from that experience to develop tools 16 perspectives OCTOBER 2016 and resources that can be quickly and easily implemented for our partners' convenience," Miller said. Prudential has been successful in writing term life insurance and offers its customers competitive conversion privileges to convert their policies to whole life. Despite that, few customers convert. "In light of this favorable conversion policy I'm surprised we haven't been able to do more term conversions," Winkler said. "We do lots of conversion campaigns but our conversion rate is relatively low. Maybe the client is not ready to do it although they do renew their term policies." NAILBA Involvement a Key Marketing Technique All three companies are enthusiastic about the mutual benefit provided by working with NAILBA and its members. AIG actively supports NAILBA. "Our involvement with NAILBA raises awareness of the many marketing resources and the robust support we offer distribution partners," Miller noted. "We advertise with NAILBA in both print and digital; we have a presence in every issue of NAILBA Perspectives. We also participate in the NAILBA Annual Meeting, which is a great opportunity for us to meet face-to-face with BGAs and for them to learn more about what we can do to help them." "At Protective Life our involvement with NAILBA is a critical piece of our overall marketing plan," said Sheridan. "The Annual Meeting gives us an opportunity to try out new messaging, introduce new concepts and new products, and get immediate feedback from our important sales partners. Being involved with NAILBA gives us a platform to share common ground with customers and competitors alike. We learn a great deal from both groups and being a part of this excellent association helps remind us that we all have a responsibility and duty to make this noble industry grow stronger." "NAILBA is critically important to Prudential," Winkler said. "Their Annual Meeting is our most important meeting of the year. We'll have over 20 representatives there. We have a BGA advisory council that shows what an important channel of distribution this is for us. NAILBA does a tremendous job of addressing the industry issues as well as connecting distributors with carriers and forging that relationship. Also, NAILBA is incredible from a charitable standpoint in the good it does for both the industry and for others." Use These Marketing Resources The creative marketing techniques discussed here are readily available to BGAs at no charge. Review them online or call your contact at each company to get more information on implementing them at your firm. Using new ways to convey information to clients can make the difference in helping them get the coverage they need. Jean Feingold is a Gainesville, FL-based freelance writer whose company, Business Communicators, celebrated its 20th anniversary in 2010. Her work has appeared in trade magazines in the petroleum marketing, trucking, construction, restaurant, interior design, airport, manufacturing, and other industries. She is author of the book, "Creating a Farmers Market: Starting from Nowhere." She holds an MBA in management from the University of Florida and a BA in psychology from New College.

Table of Contents for the Digital Edition of NAILBA Perspectives - October 2016