Source 1 presentation

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Information about Source 1 presentation
Business

Published on May 30, 2014

Author: JackByrnes

Source: slideshare.net

We Streamline Your Workflow and Increase Your Agency Revenue 1 Jack Byrnes Vice President of Sales Source 1 Benefits 206 South Jefferson Street Suite 200 Chicago, IL 60661 (o) 312-454-6023 (m)312-415-6041 (f) 312-454-6025 www.source1b.com jbyrnes@source1b.com

Our Value To You  Streamline Your Workload  Source 1 Benefits will cover 4-5 top tier markets with 1 quote request & provide an easy to read and absorb side-by-side comparison of the marketplace.  You will have more time to dedicate to your client’s or prospect’s overall employee benefits program.  Stability  We will not disrupt your current relationships, but can bring new carrier relationships to the table.  We build long-term relationships and deliver year after year, without the high turnover that is common in the direct rep business.  Access To Head Underwriting  Source 1 has a substantial block of ancillary-only business that we leverage in the marketplace. We negotiate 40-50 renewals per month.  Flat Commissions  We will quote flat commissions upon request - you will know your income every month and it doesn’t grade down.  Bonus/ commissions are NOT affected by Source 1. They remain the same and are paid to your Agency.  Improve Service Level  We provide the best timely and quality client service.  Our staff is full-time—5 days/week—to answer your phone calls, emails and service needs and to provide a 3-5 day quote turnaround. 2

Streamline Your Workflow ● Most agencies mass market their ancillary benefits to the medical carriers they work with regularly. ● Some send separate RFPs to ancillary-only carriers. ● Since the priority and the bulk of fixed cost for an employer is healthcare, the ancillary lines (Dental, Life, Disability and Vision) typically take a back seat in the process. ● Streamlining your process will translate into greater retention and maximized revenue ● With Source 1, 1 quote request will cover 4-5 top tier markets, enabling you to focus on your client’s health insurance needs. ● All quotes are delivered within 3-5 days, along with a comparison spreadsheet – providing you with a snapshot of the marketplace. A sample will follow 3

Stability You Can Depend On  How often has your carrier representative changed?  Do you have a designated carrier service representative?  Are you calling an 800 number when you need an urgent answer? ● These are common questions and concerns from Agencies around the country and a primary reason why our business model works for you. ● We focus on specific lines of coverage, which otherwise tend to fall by the wayside or tag along with Health Insurance, and make the process easy for you with 1 point of access. ● You will be assigned 1 direct contact at Source 1 to handle your quoting and servicing needs. While other team members may help resolve issues, your designated contact will discuss all concerns and resolutions with you. 4

Giving You Access To Products and Rates  Source 1’s significant block of ancillary-only business is leveraged in the marketplace.  We negotiate about 40-50 renewals per month.  Because of our leveraged block of business, we are able to negotiate the best rates for your clients and the most revenue for your agency. Paying you flat commission directly from the carrier will bring up your bottom line. 5

Sample Company Prepared By: Source 1 Benefits Life/AD&D - All Unum Unum Lincoln Financial Group MetLife Principal Financial Group Inforce Renewal Option 1 Option 2 Option 3 Life/ADD Life/ADD Life/ADD Life/ADD Life/ADD BENEFIT COMPARISON Description Description Description Description Description Job Class All Active Full Time Employees All Active Full Time Employees All Active Full Time Employees All Active Full Time Employees All Active Full Time Employees Age Reduction Schedule Standard Reduction Schedule Standard Reduction Schedule Standard Reduction Schedule Standard Reduction Schedule Standard Reduction Schedule Basic EE Life Amount 1 times Salary 1 times Salary 1 times Salary 1 times Salary 1 times Salary Maximum Basic EE Life without EOI $50,000 $50,000 $50,000 $50,000 $50,000 Maximum Basic EE Life with EOI $50,000 $50,000 $50,000 $50,000 $50,000 Basic AD&D Benefit Amount Same as Life Benefit Same as Life Benefit Same as Life Benefit Same as Life Benefit Same as Life Benefit RATES Summary Rates Summary Rates Summary Rates Summary Rates Summary Rates Description Rate Description Rate Description Rate Description Rate Description Rate Rate Description $1,000.00 Rate Description $1,000.00 Rate Description $1,000.00 Rate Description $1,000.00 Rate Description $1,000.00 Rate $0.44 Rate $0.46 Rate $0.28 Rate $0.25 Rate $0.22 Volume $7,899,250.00 Volume $7,899,250.00 Volume $7,899,250.00 Volume $7,899,250.00 Volume $7,899,250.00 COST COMPARISON Total Monthly Premium $3,475.67 $3,633.66 $2,211.79 $2,006.41 $1,714.14 Total Annualized Premium $41,708.04 $43,603.86 $26,541.48 $24,076.91 $20,569.65 +/- Cost +1,895.82 ($15,166.56) ($17,631.13) ($21,138.39) +/- % Difference +4.5% -36.36% -42.27% -50.68% Sample Quote Presentation We’ll send full sample presentation upon request 6

Maximize Your Revenues The following is based on an actual case that we sold last month for a new broker: A 170-life technology company was with a well know ancillary carrier. The carrier was calling for a 15% increase in the dental rates and the broker was receiving standard graded commission that graded out to 4% on average. Source 1 Benefits marketed the case and built in a flat 10% for dental commissions. We sold the case with a premier dental carrier and achieved the below increase in revenue for the broker. Annual Premium Standard Graded (4%) Flat 10% Commission $96,000.00 $3,840.00 $9,600.00 Carrier bonus dollars are paid directly to your agency by the carrier and the flat commission we negotiate does not diminish agency bonus structures. 7

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