If you are unhappy in your current job, a recent college graduate, or are nearing graduation and unsure what is next for you, you may be looking into a career in sales. But what do you want to sell? What offers you the best path forward? One option with a lot of potential is health insurance sales.
Few industries outside of health insurance offer those with little experience the opportunity to quickly earn a potentially large paycheck. One of the reasons is health insurance is something people need, but don’t really understand. So, they often seek out the advice of a professional when making a health insurance purchasing decision.
Another reason why health insurance sales is attractive is because it offers you a lot of flexibility. And your earnings potential is virtually limitless.
WHAT YOU’LL BE DOING
At its core, the role of a health insurance professional is one focused on prospecting, sales, and customer service. You might work independently for your own agency or work as an insurance agent for a larger general agency that pays you for selling insurance products through their company. Both options offer advantages and both options work with organizations like us to help increase sales.
HELPFUL SELLING
As a broker you will consult with your clients and research what health plans best match their needs and budget. You’ll need to be a good listener, so you can tap into what they tell you about what they want, need, and can afford – and what doctors or hospitals or medications need to be included in any health plan they might consider.
In working with employers, you’ll help them find the right coverage for their business, their employees, and, often, eligible family members. Each year when it’s time to renew their benefits, you’ll meet with and advise your clients about whether it makes sense for them to renew the coverage they currently have or select a different option.
NETWORKING AND PROSPECTING
As a new broker, you’ll need to network with others to generate leads. You’ll also want to create an online presence for yourself (and your agency) to help you prospect for new customers. You can do this through mass marketing or targeted efforts including email, direct mail, and social media. A general agency, like Word & Brown, can offer assistance to help you get the word out about how you can help prospects find the health coverage they want and need.
CUSTOMER SERVICE
In serving the needs of clients, it’s important you always put their interests above yourself. (Don’t focus on what offers you the greatest commission; find the product that best matches your clients’ needs.) Service before, during, and after the sale are equally important. If you keep your clients happy, they are more likely to renew their business with you.
CONTINUING EDUCATION
To stay competitive and knowledgeable, you’ll need to commit to ongoing education. The health insurance industry is constantly evolving, with changes in regulations, new product offerings, and shifts in market demand. Many states require brokers to complete continuing education (CE) credits to maintain their licenses. Beyond meeting these requirements, staying updated on industry trends and advancements can help you better serve your clients and position yourself as an expert in your field.
BUILDING RELATIONSHIPS
Building strong relationships with clients, carriers, and underwriters is crucial for a thriving career in health insurance sales. Effective communication and trustworthiness will foster long-term partnerships. Attend industry events, join professional associations, and actively participate in community activities to expand your network. Strong relationships can lead to repeat business, referrals, and a solid reputation in the industry.
ADMINISTRATIVE TASKS
While much of your focus will be on sales and client interaction, you’ll also need to handle various administrative tasks. This can include maintaining accurate records, processing applications, and ensuring compliance with state and federal regulations. Efficient administrative practices ensure smooth operations and help you provide timely and accurate service to your clients.
TECHNOLOGY UTILIZATION
Leverage technology to streamline your workflow and enhance customer service. Customer relationship management (CRM) systems can help manage prospect and client interactions, track sales progress, and organize follow-up activities. Staying proficient with these tools and other software relevant to the insurance industry will improve your efficiency and productivity.
MENTORING AND TRAINING
As you gain experience and establish yourself in the industry, you may have the opportunity to mentor new brokers. Sharing your knowledge and providing guidance can be rewarding and help you further refine your skills. Training others can also contribute to the success of your agency or firm, creating a collaborative and supportive work environment.
PERSONAL DEVELOPMENT
Investing in your personal development is just as important as professional growth. Developing skills in empathy, active listening, and time management will enhance your ability to connect with clients and manage your workload effectively. Pursuing personal interests and hobbies can help you maintain a healthy work-life balance, which is essential for long-term success and well-being in a demanding career.
DIVERSIFYING YOUR OFFERINGS
Consider diversifying your product offerings to include other types of insurance or financial services. This can provide additional revenue streams and help you meet a wider range of client needs. By offering a comprehensive suite of services, you position yourself as a one-stop solution for your clients’ insurance and financial planning needs.
STAYING CLIENT-FOCUSED
Ultimately, the key to success as a health insurance broker is maintaining a client-focused approach. Understanding that each client has unique needs and circumstances will enable you to provide tailored solutions. By putting your clients first and continuously striving to meet their needs, you’ll build a loyal client base and establish a reputation as a trusted advisor.
You can grow your business as your clients grow theirs – and if you serve your clients well, you’ll be rewarded with referrals, too.
