The first stories I can remember as a child were Aesop's fables.You know, those classic tales, like “The Boy Who Cried Wolf” and“The Tortoise and the Hare,” that provided moral lessons disguisedas entertainment, sometimes ironic, sometimes frightening. As weget older, we tend to forget those stories, so busy with ‘to do’lists, family obligations, and work deadlines.

But every now and then, we hear a story that makes us standstill, take stock and perhaps learn a lesson—even gain perspectiveon our lives, both personal and professional. Let me tell you sucha story—a true story—about a claims adjuster named Jack.* As aprovider of voluntary benefits programs, you might find that itmakes an impact on how you value insurance.

Jack and His Motorboat: A Cautionary Tale

If there was one thing Jack loved more than the ocean, it washis motorboat. Finally able to afford it after being promoted tosenior claims adjuster at a regional insurance carrier, he rode thewaves off the coast of Massachusetts every weekend in the summer,even on this crowded Fourth of July. As a holiday treat to hiswife, Mary, and two teenage daughters, Jennifer and Lily, he’dbought water skiing equipment. They had all skied many timesbefore, but until now, always had to pay for a professional boatingservice. Today, Jack was excited to be at the helm himself.

With Jennifer and Lily skiing behind the boat and Mary at hisside, waiting her turn, Jack was in heaven. He was finally at aplace where he felt confident that he had everything he needed tomake his family happy. His daughters’ laughter and his wife'scontented smile only confirmed that Jack had, indeed, arrived. Hewaved at the girls, who yelled, “Faster, Dad, faster!” Mary gavehim an approving nod, so Jack accelerated. The girls loved it,their “woo hoos” pushing Jack to drive even faster. Wanting to makesure they were still afloat, Jack turned to look back—only for afew seconds. Suddenly, Mary screamed, “Oh no!” Jack whipped aroundin time to see another boat directly in his path. He grabbed thewheel and tried to swerve to avoid impact, but he was simply goingtoo fast. He hit the other boat head-on at top speed.

What happened next Jack only found out when he woke up in thehospital. Amazingly, he and Mary survived with only minor cuts andbruises. Thankfully, his daughters were OK, able to let go of theropes and avoid the accident. Jack was relieved, grateful no harmhad come to his family. But what the doctor told him next made hisheart sink: two teenaged boys on the other boat died in the crash.Both had been knocked unconscious and drowned before the CoastGuard arrived on the scene. And if that weren't enough, X-raystaken to make sure Jack hadn't broken any bones revealed a darkspot on his pancreas that was of major concern. More tests would beneeded to find out what it was.

Fortunately, the incident was officially deemed an accident, andJack was not charged with criminal negligence. But according to hisinsurance company, he was definitely at fault. Worse, the parentsof the boys were suing Jack beyond the limits of his homeownersliability coverage limits for the loss of their sons. Jack'swatercraft policy would cover some of the costs, but much less whatthe victims were demanding. If only he had an umbrella policy, herealized too late, he could have had more than enough to cover thedamages and the lawsuit.

As the old saying goes, when it rains it pours. The results ofJack's lab tests revealed he had inoperable pancreatic cancer.Without going into the painful details, within less than sixmonths, Jack was dead. Not only was there a lien placed upon hishome as part of the settlement, but a large portion of his deathbenefits and life insurance policy—which he’d never planned to usethis early in his life—was transferred to the families of theteenage victims, leaving his own family to fend for themselves. Atruly tragic tale.

A Lesson Learned Too Late

It's tempting to say a claims adjuster should have known better,and bought an umbrella policy at the same time he bought hismotorboat. But that would be a bit too easy, and perhaps a bitnaive. All of us are so close to the lives we lead that sometimeswe just don't have the distance or perspective to judge the truelevel of protection we need. What happened to Jack is hard tofathom—it's simply not something we imagine will ever happen tous.

That's why a responsible property and casualty insurance carriertruly matters—one whose sales representatives care about theircustomers, take the time to get to know them, keep in touch, andencourage regularly scheduled coverage reviews to ensure theirclients and families get the right protection. Ultimately, aresponsible carrier will make sure their clients remain safe andsecure, not left at sea, treading water.

The value of an insurance policy is more than just savingpremium dollars. “Cheap and fast,” the marketing proposition of toomany carriers these days, would not have served Jack or any otherpolicyholders whose active lifestyles entail a higher degree ofrisk. Beyond discounts, which are undoubtedly attractive, whatresponsible customers need more are customized coverage, expertadvice, and personalized service they can depend on to make surethat what they cherish most is protected at all costs—an absolutevalue that elevates insurance beyond its status as a commodity.

The True Value of Voluntary

When it comes to voluntary benefits for employees, it'simportant to think about products—like property and casualty—thatare needed in employees’ everyday lives. It's also paramount torecommend a partner with a program that takes care of them, frompurchase and payment through claims to renewal. Innovative productsand services, exclusive savings, 24-hour claims assistance,multi-channel enrollment, 12-month rate guarantees, convenientpayment plans including payroll deduction—you can't get these kindsof premium benefits from every carrier on the block.

Equally important, you want to sell an employer a program thattakes care of them, too. One that implements and manages theemployee benefits at no additional cost or administrative burden.One that provides an account team as dedicated to the organizationas the sales reps and claims professionals are to their customers.One that provides custom communications, quarterly reports,marketing materials and education seminars to maintain, enhance andcontinuously improve the partnership. In short, what you want tosell is a voluntary benefits program that is truly turn-key, notjust a lot of empty promises.

What it all comes down to is integrity. Think about it this way:Would you trust the insurer with your own protection? One way tohelp answer that question is to go beyond products and services andlook more closely at the carrier's reputation: its history andheritage, mission and vision, financial strength and stability, andtrack record in the affinity marketplace.

Stepping Up to The Sale

Once you’ve identified a company that meets these criteria, Ithink you’ll find that their voluntary benefits program pretty muchsells itself.

Of course, first you need to get the employer's buy-in. As aveteran of this industry, I’ve developed five simple steps to helpyou get started with a voluntary auto and home program and begindiversifying your product offering:

1. Ascertain the existing and prospected client base that couldbenefit from a voluntary auto and home program.

2. Obtain a P&C license if you have not already done so.

3. Introduce appropriate programs at stewardship meetings using anexecutive summary sell sheet.

4. Engage the carrier partner to assist with the close.

5. Develop and implement a communication plan.

6. Watch your revenues and client retention grow.

The Moral of the Story

Of course, the ultimate bottom line in the insurance industryis, and should be, the genuine human desire for safety and securitythat is our business to protect. As a fable with a moral toremember, Jack's story is best kept top of mind whenever we sealthe deal.

*Names have been changed to protect privacy.