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Newsletter Archives > Back When it All Started - 25 Years Ago


11 Sep 2007

Back When it All Started - 25 Years Ago
For Agents Information Only

It was back in the early 80's.  I was in High School and working in the office part-time after school stuffing envelopes.  My dad and his then-partner were administering the Major Medical plan in the Diamond Dealers Club in Manhattan.  They spent a couple days per week sitting down in the club with the members.  The vice-president of our Medicare Supplement carrier was after my dad hot and heavy to offer Medicare Supplements to the club's 65 & older population. 

My dad and his ex-partner were so busy doing the group plan they weren't really interested.  They just didn't realize how lucrative the Senior Market really was. After a year or so of following up, Dick, the vice-president of the Medicare Supplement Company, finally wore my dad down to the point that he decided to give the Supplemental plans a look.  It wasn't long before we became one of the states top producers.  In fact, thanks to our brokers, we were always right up in the top 5 and currently we are number 2.   We are very grateful to all of you who have put us up in the top of the pack.

Our exposure to the Medicare Supplements naturally got us interested in other senior market products such as Long Term Care.  We were an MGA for CNA/LTC when they were writing business and my dad was on their strategy board.  He was also a continuing ed instructor and has been on a few radio shows too boot.

The senior market has been very good to us and we've learned so much by working with brokers and seniors for 25 years.  The renewal commissions have always been a source of stability for us and our brokers during the slow times.  In fact the levelized commission on the Medicare Supplements is even better than a "renewal" commission.  Since you get the same commission percentage every year for as long as they keep the policy it's like making a new sale every year but without the work.  Sell it once and keep on earning. 

The retention rate is also very good in the senior market.  Seniors are very loyal customers.  If you treat them right they will stick with you through thick and thin.  At least that's our experience.

We invite you to join with the hundreds of other successful brokers who call LRC home for their senior market business.

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Todd Concklin