If you’re considering a move into Large Group sales, we have good news. The opportunities are significant, and there’s no separate license required for health insurance brokers in California or Nevada. If you’re a California broker and you have an Accident and Health or Sickness license, and you are currently selling Small Group coverage, you can sell to Large Groups. Similarly, in Nevada, if you have a Producer license and are currently selling coverage to Small Groups, you can expand your sales to include Large Group health insurance.
One thing to keep in mind, though, is that you may need a new carrier appointment when making the move to Large Group sales. That’s because the pool of Large Group carriers may not be the same as you’re used to selling in the Small Group Medical market. A new carrier appointment could be needed for you to earn Large Group commissions, whether they’re for Medical or Ancillary.
Of course, if you aren’t yet licensed in your home state (or any other state where you plan to market your services), you will need to earn a license first. We published an article in July, A 6-Step Guide to Getting Your Health Insurance License, that offers tips on how to get started. It’s not a complicated process, but you will need to undergo a background check, be fingerprinted, take courses to prepare for your licensing test, schedule and take your exam, and get Errors & Omissions (E&O) coverage.
Additional information on California’s Accident and Health Agent or Sickness license is available at the state Department of Insurance website. Nevada licensing information is available on the Division of Insurance website.
A Good Partner for Large Group Insurance Sales
Making the move into Large Group sales can be a worthwhile move. However, it’s important to recognize that Large Group sales do require more of your time. Partnering with a General Agency like Word & Brown can make it easier for you, though.
Our Large Group team has more than 75 years of collective experience in the insurance industry – and nearly three decades of combined experience at Word & Brown. We’re different, and we bring a consultative and strategic approach to the market. We are the collaborative partner you need to break into – or expand – your Large Group sales.
Our services coupled with your ability to connect with your client can make a dramatic difference.
Whatever you need, you can count on us to deliver, driving new sales and increased renewals. Our roster of Large Group tools and services includes:
-RFP processing assistance and submission
-Discovery Calls with prospects and clients
-Plan comparisons and selection assistance
-Determination if your case could be eligible for Wellness Allowance and/or Premium Holiday
-Rate negotiation with carrier
-Quote review and strategically planning for customized client presentation
-Value-added perks your clients will appreciate
Not sure whether your client’s group is a viable candidate for one of our partners? Consider this checklist:
-High employer contribution to premium – 90% or higher
-High employee participation – 80% or greater
-Carrier persistency – 3+ years with current carrier
-Low claims exposure – less than 25% of claims vs. premium collected
-Employee locations that align with provider network strengths
-Employer growth (new employees onboarding throughout the year)
-Ability to solve for more than your clients’ rate concerns
We are committed to your Large Group sales success. We’ll work with you, your Word & Brown sales rep, and our partners to find the best carrier and product match to address your clients’ needs.
Ready, Set, Go
We are as near as your phone or email. Contact your Word & Brown rep to get started. We will work together with them to get you on the path to new Large Group sales. No additional licensing required.
Health Insurance Broker
2020 Salary Guide
For a sneak peek at what you can expect to earn as an insurance agent, get a copy of our “Insurance Broker Salary Guide.”