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Useful Advices - Top Sales Trainer Says: Insurance Selling Is Stymied By Risk-Averse Recruiting Strategies
If you look at one of the great backwaters of the selling profession, it has to be the insurance industry.
It hasn’t alter
It hasn’t alter
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
ed its recruiting and training practices for a century, and it is unlikely to do so anytime soon, because its very product
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
is risk aversion.
Insurance, as everyone knows, is about pooling risk. Actuaries work long and hard to determine how many
Insurance, as everyone knows, is about pooling risk. Actuaries work long and hard to determine how many
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
claims will be filed during a given period, and then they adjust rates to reflect those risks and to garner a certain profi
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
t.
When it comes to recruiting new agents, actuarial thinking also comes into play.
Knowing that a certain percentage wil
When it comes to recruiting new agents, actuarial thinking also comes into play.
Knowing that a certain percentage wil
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
l wash out, insurance executives do what they can to minimize the costs of these “accidents,” these “claims” against profit
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, if you will.
So, they shift the cost of failure to the trainees themselves by offering straight commission positions or
So, they shift the cost of failure to the trainees themselves by offering straight commission positions or
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
the tiniest subsidies they can get away with offering.
For example, one company will not pay for its new Life and Health
For example, one company will not pay for its new Life and Health
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
agents’ licensing training, right away.
They’ll reimburse the fees, but only after the newbie has earned $6,400 in commiss
They’ll reimburse the fees, but only after the newbie has earned $6,400 in commiss
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
ions.
But the training only costs about $300- $500!
How many recruits do they discourage from ever signing on because of
But the training only costs about $300- $500!
How many recruits do they discourage from ever signing on because of
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
this stinginess? It’s hard to tell, but definitely some.
Insurance companies are notoriously weak when it comes to recruit
Insurance companies are notoriously weak when it comes to recruit
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ing successful salespeople from other fields, because they believe, without substantiation, that insurance selling is uniqu
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
e, and that success in other fields is not transferable.
So, they won’t pay a top earner from, say, a mortgage brokerage b
So, they won’t pay a top earner from, say, a mortgage brokerage b
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
usiness to move into insurance. That person will have to do exactly the same things at the same rates of pay as complete no
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
vices, a decade or more their junior.
The inbreeding in the insurance field is not an embarrassment, as it should be, but
The inbreeding in the insurance field is not an embarrassment, as it should be, but
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
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
is underscored as a strength.
Companies will boast, “Every one of our executives started as a field agent!” without realiz
Companies will boast, “Every one of our executives started as a field agent!” without realiz
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ing this is an indictment, one of the primary reasons new ideas in selling and in motivation, compensation, and management
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
find it so hard to penetrate this industry.
No wonder the biggest threats to conventional companies and their profits are
No wonder the biggest threats to conventional companies and their profits are
.
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
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
coming from upstarts that are dispensing with typical agents and salespeople, opting instead for
“direct” marketing model
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
s.
Look for this trend to continue as long as the old guard insists on using the dead hand of the past to steer its course
Look for this trend to continue as long as the old guard insists on using the dead hand of the past to steer its course
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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