Picture this…it’s a Tuesday at 7:12 pm and 2 business developers, an internet and digital marketing genius, and a disability insurance expert gather at a local dive to discuss what they do and how they can help each other. No, this isn’t the beginning of a joke, but, what in the world? If you take out the insurance agent it seems a fairly normal scene, but, this gent ads a curious wrinkle. Even more strange might be that the insurance agent, Danny Mensh, only wants to discuss disability insurance, the ever present step child to its far more understood older brother, Life Insurance. Now what?
What if we then told you that there are approximately 120,000 medical residents in the United States and on average, the resident or fellow who finally completes their training, walks into their new practice or hospital employment saddled with $188,000 of student loan debt. Talk about pressure on future income! ?! What if we also told you that nearly all graduating residents have individual disability insurance presented to them at some point during their training and most will buy a policy from someone. Multi life discounts, unisex rates to save females over 50% in cost, and in some cases, guaranteed issue underwriting to avoid any medical history or exams PLUS the ability to increase policy benefit amounts as the physicians income increases throughout the career, are all major drivers behind the annually high volume of disability insurance sales in this market.
The insurance agent builds with excitement as he talks about his experience working with a major medical center to help their residents and fellows…if he could only figure out a way to replicate what he does in that one medical center and do this everywhere? The business developers and digital marketer sit more upright and intently as they imagine ways in which to pull the insurance, internet, and marketing process into a “one-of-a-kind” business…clearly, there’s a great opportunity here, right?
The insurance agent spills out some more statistics to consider…the medium income of a physician is just under $200,000…of course this includes a range from internists, to pediatricians, to surgeons etc. With a 38% chance of becoming disabled during her lifetime and an average disability claim period of 82 months, a female physician simply can’t afford to leave income uninsured. A male counterpart has a 21% chance of disability during his career but this percentage rockets to 45% if he smokes or is overweight. It becomes clear to all at the hightop table in the corner that all income must be insured under all circumstances.
Discussion turns to education about how disability insurance works, some of its technicalities and the actual process that one goes through to purchase a policy. It’s at this point that the digital marketer gets really excited with repeated “oh my gods!” that bring smiles to the consortium…immediately, a shift occurs from insurance to the mindset of the 28-35 year old resident or fellow and the online trends of this age group. Often referred to as the “millennial”, the marketer hones in on the rapid use of internet search for disability insurance, student loans, and insurance. Unlike the resident of years ago where having face to face independent analysis of the best available insurance products was key, the current young physicians want the best, but they want to do their own research. They want pricing and benefit options at their fingertips without HAVING to talk to someone at all. They want to be able to talk to someone IF THEY want to talk. They want shorter application forms. They want to see names they recognize, and, WILL pay more at times for the comfort of a name but via independence to CHOOSE that name on their own. They want to know that what they might buy today will adapt with their needs as their careers shifts…the millennial today is unlike the previous generational worker who works at one hospital or practice for 30 years and retires…today, workers are more transient and may seek to move from state to state to “change it up” simply because they can.
What does all of this mean to the insurance agent and the business developers at the table? That was immediately simple to see…with fewer and fewer insurance agencies offering disability insurance and far fewer who provide internet based tools for evaluation and purchase, there’s a huge need for consolidated education and top notch product availability to help all physicians evaluate and secure the best available disability insurance policies. But, more importantly, it has to give the physician his/her information and the ability to buy any policy quickly and accurately.
There is urgency for the graduating resident to find the best policy before they lose access to discounts. There is urgency to knock this off the to do list before taking medical boards and negotiating the final employment contract. There is urgency to enroll in any available guaranteed issue program for anyone with any medical history that could otherwise lead to policy declination or heavy benefit restrictions. There is urgency to protect the risk that medical school loans create. There is urgency to insure and to do it quickly. In the medical world, this triggers the call for “STAT” attention.
And just like that, the insurance agent, the business developers and the digital marketer established a business to handle the huge needs of the medical community to insure their incomes, protect their loan payments, and provide the peace of mind that all of the years of work and training will be safe…no matter what! InsureSTAT.com does this now…just like all of us go to the Dr. to find a cure, find a fix and find comfort, there’s finally one single place that physicians can go to feel safe, secure, and comfortable in protecting themselves and their families. And better yet, for the younger Doc who doesn’t want the old, tired and drawn out process of buying insurance, they can do it fast and NOW. They can do it STAT!
Danny Mensh is the CEO of InsureSTAT, the leading online provider of Disability Insurance for Physicians, Nurses and Physician Assistants.