Local Phone: Middle Market Brokerage - Healthcare Market For Agents
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Healthcare Industry Growing Market for Commercial Agents The healthcare industry is measured in numbers that dwarf most others, except energy, arms and illegal drugs. Healthcare is BIG business, and it's getting bigger. Healthcare costs in the United States are increasing faster than inflation and average household income. In 2009 healthcare spending amounted to $8,086 for each man, woman and child in the USA! As a consumer and tax-paying citizen, these numbers are frightening (you can get more details at this site). But as someone in the commercial insurance industry, you might see opportunity, and perhaps even a way of getting back some of the money we all pay out for healthcare. General Liability pricing continues to fall, but workers' comp is actually creeping up, due to increasing employee numbers and growing payrolls. A Real Growth Market If you want a growth market, there are few better ones than those related to the healthcare industry- which includes workers' compensation and nonparticipating workplace injury plans. Think about it: as major medical premiums continue to balloon, you can ride in on your white horse to help cut employers' expenses for on-the-job injury plans. Self-Sustaining Market You can't keep from hearing the never-ending discussion about Baby Boomers, and with good reason:
Something has to give, and that is at the center of things in Washington. Because the solution is part business, part science and part politics, we don't know what the ultimate solution will be. It's likely to take several years to get sorted out, and is likely to include new opportunities for commercial insurance agents. Meanwhile, the healthcare industry is adding jobs while most other industries are shedding them:
Nursing jobs are representative of the vacancies throughout the healthcare industry. This is a growth market, fueled by the inevitability of an aging population and the substantially higher levels of healthcare it requires. A Nurse in Your Agency? The healthcare industry needs insurance expertise, and the commercial insurance industry can use some healthcare expertise. Tens of thousands of nurses are reaching retirement age. Not all of them want to retire, and some can't afford to. But many would like to use their skills in other ways. Having an RN/healthcare consultant on staff could possibly give an agency a competitive advantage as employers look for new ways to provide coverage and hold costs in line. Immediate Opportunities Via Brokerage Whether your agency takes such a step or not, Meghan and I are here to help you. We have workers comp carriers and package carriers that want this kind of business. In fact we bound a workers' comp $500,000+ account just last month. And between you and me, if you think having your kids come back home to live is bad, wait till it becomes normal that parents do the same. It's time to bind some business now that will increase your income for years to come!
Michael Hardin - Director/Broker Meghan Easley - Broker Assistant  |
Beginning this year 10,000 Boomers will reach 65 every day for the next 19 years!
