Top Adding - Insurance

We work in a unique industry – one in which insurance agents are like toasters. Let me explain…

Everyone owns and uses at least one small appliance at home. It might be a toaster, a garage door opener or a microwave oven. No doubt it’s something we use every day. And yet, we can’t recall the brand name of

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

the appliance. We all know what it looks like and how it operates, but generally can’t remember who the manufacturer is… until it breaks. When it breaks, we check to see what brand of “widget” it is and whether repair or replacement is covered. We decide whether we want to purchase the same brand or try a

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

ifferent brand altogether. It takes a problem to draw our attention to the brand – and until that time, since we aren’t really aware of the brand we’re using, one brand is as good as another! Insurance agents are essentially like toasters. We’re generally not thought of by policyholders until somet

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

hing breaks – that is, until there’s a claim.

Once there’s a claim, we have the ability to really shine. We’re responsive and concerned. We work to expedite things and look out for our policyholder’s interests. We end up creating more of a relationship with our clients. When there’s a claim, we get the op

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ortunity to really shine in the eyes of the policyholder. The problem arises when everything is going well!

When all is well and there aren’t any claims (which is most of the time), we aren’t thought of. And when we aren’t thought of, our clients are easily persuaded to consider us

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ng another agent or finding a better rate. The real challenge with keeping clients isn’t mishandling a claim. It’s being faceless. The danger lies in being a nameless toaster.

How do you avoid the misfortune of being forgotten? Let me share a lesson I learned many years ago when I was working to succeed a

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

s a small business consultant. I have a pretty strong business background and I knew I could help most any small business in any area they needed help with – finance, marketing, systems, personnel, etc. I marketed to businesses far and wide - businesses in various industries and of various sizes. I was open

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

to any assignment I could attract. After all, I couldn’t afford to turn any opportunity away. I worked hard at developing my consulting practice, but never achieved more than mediocre results. After a few years of struggling, I ended up moving on to other things (read that as, “I had to get a job.”). Just

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

after accepting an executive position with a company, I gained an important marketing insight. Here is the insight I got:

If you’re not known for something, you’re not known for anything.

I had been a toaster. People hardly thought of me. They rarely referred others to me. Only

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

small number of them chose to give their business to me. My mistake kept my practice in mediocrity.

In order for an insurance agent and agency to thrive, they must be known for something. In order to accomplish this, one needs to have a message that’s remembered, and must create and maintain a relationship

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

with one’s clients. As for the message, most agents have a message that’s “vanilla”. They don’t differentiate themselves from everyone else. Perfect examples of messages that don’t differentiate can be found in your local Yellow Pages under “Insurance”. Pretty much everyone says the same thing. If you wan

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

t to be remembered, you need a message which sets you apart. It doesn’t need to be anything peculiar, just something that will cause people to remember you. It may be something about who you work with or something about one of your traits. Think of it as “branding” yourself; something to be associated with

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

nd remembered by.

As far as creating and maintaining relationships with clients goes, obviously the way to create relationships is to interact with clients. Staying in touch with clients requires both passive and active systems. Passive systems are those which are essentially on “auto-pilot” and don’t requi

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

re much of your personal time. Passive systems can reach greater numbers of people because they don’t require your personal involvement. They can be used with every one of your clients. Some Passive Systems you can implement are:

Printed or email birthday cards (annual)
Printed or email ann

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

versary cards (annual)

Printed or email annual review reminders (annual)

Printed or email thank you notes (annual)

Printed or email newsletters (monthly or quarterly)

Email thought of the week (weekly)

Active systems, on the other hand, require you to be more selectiv

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

. These are systems which are dependent on your direct involvement. You’ll need to be selective with who will get your personal attention. Basically, you’ll want to nurture the strongest relationships with your best clients – your “A” list. These clients typically will be those who have multiple or sizable

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

policies with you, are easy to work with, and/or have been doing business with you for a longer period of time. This group will generally comprise about 20% of your book of business. Some Active Systems you can implement are these:

Take your “A” list clients out to lunch for no reason (once a year)

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

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Personally call just to say “Hi” and stay in touch (2-3 times a year)

Personally call to thank them for their business (annual)

Conduct “A” list client appreciation events, open houses and seminars

Send “A” list clients a Thank You gift (annual)

Be a resource. Be on the

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

lookout for non-insurance solutions clients may need.

Ask for their help (don’t you feel more of a connection with someone when they ask for your help?)

Send referrals back to clients whenever possible

In conclusion, the key to being remembered by your clients is to have a

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

oint of differentiation and to nurture an ongoing relationship. These two concepts will allow any insurance or financial services professional to boost their rate of retention, improve client loyalty, and generate more client referrals.

Keep your business and yourself from becoming toast. Don’t be a toaster

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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