Identity Theft Protection Plan Opens Doors for Group Benefits
I recently spoke with David Bruerd, CITRMS and Group Benefits
Specialist, regarding identity theft protection and was surprised by what he was
accomplishing with the Identify Theft Awareness Group (ITAG). ITAG is an identity
theft awareness group who facilitates employee workshops and provides solutions
to help prevent employees from having their identity stolen.
is showing insurance agents how to incorporate this group benefit into a marketing
plan. Although we haven't researched this topic with other agents yet, we
know that David has been very successful for a number of years and has a good
reputation amongst his peers. But before I get into details of his marketing
Here's a little background information on identify theft
that we dug up...
Effective June 1, 2005, a new provision in the Fair Access to
Credit Transactions Act (FACTA) states that any employer whose action or inaction
results in the loss of employee information can be fined by the federal or state
government, and sued in civil court.
The penalties can add up, since an employee can recover actual
damages sustained if their identity is stolen due to an employers inaction,
or statutory damages up to $1,000. In addition, employees can bring class action
lawsuits against employers for actual and punitive damages.
According to the Better Business Bureau, 9.3 million Americans
were victims of identity theft in 2004. The fastest growing crime in the
US for the past three years (according to the Federal Trade Commision, or FTC)
was identity theft, and in 2004 crimes tallied over $52.6 billion in fraud or
almost $200 for each man, woman and child in the U.S.
The Identity Theft Resource Center (ITRC) reported that out of
pocket expenses related to identity theft have risen to $1,495, plus $16,000
in average lost wages.
The statitistics are rising significantly, year after year, and the outlook
is that in five years, the majority of Americans will have been victimized by
some type of identity theft.
"The ITRC found that the average victim loses about 600 work hours
on average recovering from ID theft. This means they are taking
time off work they don’t have, and employers can’t afford to lose them.
I don’t know ANY employers that provide 15 weeks of ‘Paid Time Off’
for personal issues like ID Theft. That’s why once the employer see’s
the well documented stats we get a 90% appointment rate and get in
to meet with their staff."
Bruerd, CITRMS and Group Benefits Specialist
90% Appointment Ratio
According to David, he is getting a 90% appointment ratio with businesses that
he is contacting after sending an information
package on identify theft as an employee benefit. David Bruerd further states
that he is getting up to a 90% response rate to this information package.
Here is a basic synopsys of his marketing system.
Step 1- A four page letter and a one page cover letter, sent in a
9x12 envelope, is mailed to a list of businesses (contact person being either
human resources, safety directors, or risk managers).
Step 2- 7 days later, he follows up with a phone call. His phone call
consists of a simple script and within a few minutes he gets them to agree
on an appointment where they'll discuss this unique employee benefit.
Step3- At the meeting, they discuss identify theft as an employee
benefit, and how it will help the employer save money, increase retention,
and spread goodwill amongst their employees. He closes with an agreement to
conduct a 45-minute educational workshop for their employees.
Because of the surge in awareness of this identify theft problem, David states
that businesses, associations and other groups are proactively seeking him
out and calling him to schedule a speaking engagement and/or a workshop.
One of David's many new clients is Nike (they called him). You can use
it as a door opener to many businesses you had no chance of getting into before.
You can back-end it to your current list of clients. You can back-end your insurance
and financial products to these new businesses. It's definitely something you
should look into because businesses are highly motivated to add a unique employee
benefit to their portfolio. Since identity theft is fast becoming a major problem
for employers, you will have an advantage in your marketing efforts because
now there is a solution.
Even if you currently offer a similar product, David's product has significant
advantages and the commissions are higher. If you are interested in speaking
with David about how you can use this product in your marketing to generate
out this form.
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