FIRST STEPS | A how-to on getting started.

5 Things to Know About Selling Large Group Insurance

April 20, 2022   |   by Alex Strautman
Large Group Insurance Sales

The Large Group market offers you outstanding opportunities, whether you’re already selling Large Group or considering it for the first time.

Large Group Insurance Sales

Here are five important things you should know about getting started in selling Large Group sales:

1) Partnering with a General Agency can make Large Group sales easier

The right sales partner can make a big difference – especially when you’re writing your first case in a market with which you aren’t familiar.

Word & Brown offers the Large Group support you need – from quoting to enrollment to renewal. Our Large Group team has more than 65 years of collective insurance industry expertise, and we’re committed to providing everything you need to grow and retain more Large Group business.

Our personalized and attentive service, innovative sales tools, and unsurpassed expertise are as near as your phone, laptop, or cell phone. We’ll help you match the right carrier to whatever your Large Group clients are seeking.

2) Large Group clients expect more

Large Groups expect more attention and service, and not every broker is comfortable trying to fulfill Large Group clients’ needs. Word & Brown makes it easier for you, because we offer the broad range of products and services that larger groups are seeking. That includes Medical, Dental, Vision, Disability, Life, and additional products – including Voluntary offerings.

We also offer a variety of value-added extras – at no additional cost to you or your clients, including:

-COBRA administrative services

-Flexible Spending Accounts (FSAs)

-Premium Only Plans (POPs)

-ERISA services

-Access to HR services through MineralTM

-Available Compliance training, including SHRM- and HRCI-accredited courses

-Access to our in-house team of Compliance pros (a Word & Brown exclusive)

When you and your clients are in need of forms, you can get them 24/7 in our Online Forms Library.

Don’t be intimated by what you don’t know. Working together, we can tackle and conquer the Large Group market.

3) Large Group plans and rates are negotiable

Brokers unfamiliar with the Large Group marketplace are often surprised to learn that rates are negotiable. That contrasts with the Small Group market, where rates are set with no room for negotiation.

Large Group rates are based on group experience and demographics, including member-level data. Initial rates released by carriers are rarely the rates sold. There is often a lot of back and forth with carriers, and Word & Brown’s Large Group team will negotiate on your behalf with our carrier partners. We work to ensure your clients get the best rates, including any premium holidays, and available value-adds.

If you are more experienced and have a Large Group carrier relationship of your own, and you want to negotiate rates, we’ll work with you. Our goal is always to deliver the best-possible benefits program to your clients.

4) An RFP and Discovery Call get you started

An accurate representation of your client’s group is a crucial part of Large Group quoting. Our streamlined Request For Proposal (RFP) process includes an easy-to-use employee census that works for all of the carriers your clients are likely considering.

Our approach ensures you of a proposal that includes the best options for your client’s business and employees. By completing our Provider & Rx Search Request, you can also be sure quoted plans include the doctors and/or prescription drugs most sought-after by enrolling employees.

Once we receive your RFP, we will set up a Discovery Call to review the request together. During this call, we will:

-Confirm any missing items in the RFP

-Identify pain points facing the group currently

-Go over the group’s motivations to review coverage/shop the market (e.g., lower rates, seeking a benefits increase, market comparison, etc.)

-Strategize on any issues that may come up

-Discuss any participation challenges

-Consider introduction of a base plan with a buy-up option

-Review possible changes in the employer’s contribution strategy

-Chat about adding an HRA plan or HSA option

The goal of the Discovery Call is to make sure we have an accurate understanding of the RFP. We want everyone on the same page when we go out to our carrier partners. You have our commitment that we will follow up on quote status every three days to ensure we are meeting due dates and deliverables.

Our Single-Page Executive Summary is a snapshot showing the carriers quoted and savings offered by staying or moving from your client’s current plan.

Download the Large Group RFP and Large Group Checklist to get started. Or, reach out to your Word & Brown representative. ADD PDF LINKS

5) A Powerful Portfolio and Benchmarking Can Help You Win the Case

Our portfolio goes beyond “traditional” Large Group Medical products and includes Dental, Vision, Chiropractic, out-of-pocket medical expense indemnity, benefits management and administrative services, retiree Medical and Medicare Part D (Rx) coverage, Employee Assistance Programs (EAP), and more.

We can help you match the right carrier to whatever your Large Group clients are seeking. Our partnership with Zywave also allows us to provide you with benchmarking statistics if requested or needed.

For example, if you have a tech company customer that wants to see how current benefits compare to others in the same industry, we can provide information. That will allow you to have a more expansive conversation on that topic.

Each Large Group proposal is customized with your logo and contact information.

In addition, when it comes time to enroll, we offer bilingual enrollers for your California enrollment meetings – virtually or in-person.

Contact your Word & Brown representative, or visit www.wordandbrown.com/large-group, to get your quote started today. To learn more about Word & Brown’s Large Group Service Commitment, download our flyer.

 

 

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