As we approach Thanksgiving, it’s a great time to look back on 2024 and recognize the things that brokers might be thankful for this year.
A Resilient Economy: Despite ongoing challenges, the economy has shown remarkable resilience in 2024. Hiring trends have improved, with more job openings being filled and unemployment rates continuing to fall. Based on the latest data, Nevada’s unemployment rate was reported at 5.1%, showing improvement from its peak in 2020 but slightly higher than the mentioned less than 4.5% figure. Similarly, California maintained an unemployment rate ranging from 5.3% to 5.8% throughout much of the year, indicating a positive trend from previous years
Unlimited Income Potential: As an independent health insurance professional, the sky remains the limit for your income potential. The health insurance and financial services industries continue to offer robust earning opportunities, even for those with limited sales experience. You can set your own financial goals, work flexible hours, and choose where and when to meet your prospects and clients. Each sale brings in a commission, and there are always chances to earn additional bonuses as well.
Customers and Prospects Need You: Navigating health insurance options remains a complicated task for both small and large businesses. Prospects and clients consistently turn to insurance professionals for guidance on making informed decisions. Your expertise is crucial in helping them access the right doctors, hospitals, and prescription drug medications within their chosen plans.
A Competitive Marketplace: Thanks in part to ongoing developments related to the Affordable Care Act (ACA), the health insurance market for businesses remains highly competitive. Clients have a wide variety of carriers and plans to choose from across the four ACA metal tiers: Bronze, Silver, Gold, and Platinum. Data from recent studies show that most small and large firms continue to offer health benefits to their employees. This competitive market provides numerous opportunities for brokers to assist businesses in identifying cost-effective coverage options.
Support from a General Agent (GA): A general agent continues to be a vital asset, offering valuable tools and resources to alleviate some of the backend administrative tasks associated with group health insurance. Partnering with a GA allows you to focus more on sales and less on administrative burdens.
When you partner with Word & Brown as your GA, you can take advantage of five things that set us apart from other general agencies:
– WBQuote: Our cutting-edge quoting technology WBQuote remains unrivaled in the industry. It allows you to easily compare carriers and plans, highlight rate differences, and select the best coverage for your clients. Whether you’re using WBQuote or the mobile-friendly WBQuote Lite, you can customize your output, add logos, and export your quotes in a variety of formats including PDF, Excel, or PowerPoint.
– An Experienced and Talented Team: From Sales to Underwriting to Client Experience, Word & Brown has the best team to support your needs. With 39 years of experience in delivering Service of Unequalled Excellence to brokers, we are committed to helping you provide effective health plan solutions and value-added extras to your clients.
– Integrated Provider and Rx Search: Our integrated search function allows you to instantly search and confirm providers, medical groups, and hospitals, ensuring you always have up-to-date information when building quotes.
– Online Enrollment and HRIS: Our collaboration with Ease continues to facilitate Online Enrollment (OLE), complemented by Human Resource Information System (HRIS) technology to help clients manage payroll, HR, and benefits efficiently. Additionally, clients have access to HR support from Mineral.
– “Week of Webinars” Training: California brokers can still benefit from our annual online training event, earning valuable Continuing Education (CE) Credits to simplify license renewal. (Unfortunately, Nevada brokers are still not eligible to earn CE Credits through this online training due to state regulations.)
We are profoundly thankful to everyone who partnered with us in 2024. We remain dedicated to earning your business and trust every single day. If there’s anything more we can do to support you, please contact your Word & Brown representative or visit any of our offices across California and Nevada. Best wishes for a wonderful Thanksgiving, a successful Q4, and a prosperous 2025
