School's out for Summer, and Student Insurance Sales are Heating Up!

Jun 01, 2016

Many graduations are occurring now, and students are off to new jobs or headed home for the summer. You may think the opportunity for student insurance has ended. This is not the case! Students both inbound and outbound are now preparing for summer sessions and fall semester. Armed with our revised student plans, you can now capture this growing market. Don’t get left at the back of the class, learn how to get an A in student travel insurance sales.

Inbound Students to the United States

There is big opportunity here. The latest Student and Exchange Visitor Program (SEVP) report provides valuable information which shows the magnitude of the inbound student market.

  • There are 1.18 million students with F & M visas currently studying in the U.S., and the number grew 6.2 percent from March of 2015 to March of 2016. 
  • 200,861 exchange visitors with J-1 visas are currently in the U.S., and their number is growing as well.

Still not convinced there is an opportunity? According to the SEVP, there are over 8,900 schools in the U.S. certified to accept international students in F1, M1, and J1 visa programs. While 27% of these schools are in New York, California and Florida, there are 5,600 of them spread out across the United States.

Who are these students? A majority are from China, India, Saudi Arabia, South Korea, and Vietnam. In fact, the number of F & M visa-holding students from India studying in the United States grew from 148,360 in March 2015 to 194,438 in March 2016, an increase of 31.1 percent! By and large, China is sending the most students to study in America. SEVP cites a 7.9 percent increase from 2015 in the number of Chinese students joining educational programs in the United States.

How do you find these students? SEVP has a list of their certified schools. In addition, don’t forget that our plans accept visas other than F, M, and J. Visitors with H-3, Q-1, and other similar appropriate visas are also eligible for coverage. This includes OPT (Optional Practical Training), a program which allows foreign students with F-1 status to remain here for a 12-month period for post-completion employment. This provides them with a chance to receive practical training to complement their education. And naturally, they need insurance benefits during this time.   

Need more information on student visas and ways to locate opportunities in the inbound student market?

Outbound U.S. Citizens studying abroad

Non-U.S. students are not the only ones traveling. Chances are if you know any college or university students here in the United States, they have traveled abroad or are planning to do so. In fact, over 325,000 U.S. students are participating in study abroad programs.

How do you find these students? Check with colleges, universities, local technical and community colleges, as well as high schools and preparatory schools to locate participants and programs needing coverage. No matter where you live, there are likely members of your community who are planning to study abroad, maybe even some of your existing customers.

Here are more details about the U.S. Student Outbound market.  

ACA Compliance
Many people have expressed confusion regarding whether or not student plans must be ACA compliant to be a valid coverage option in the student market. However, this is not the case. While some schools require an ACA compliant plan, there are many that do not. Requirements are determined by each individual school. 

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