Your first year as a health insurance professional can be challenging, but also rewarding. There’s nothing quite like the feeling of fulfillment when you’re able to help a business and its employees get the valuable coverage they need.
To help you maximize your opportunities and improve your likelihood of success, we present this checklist for your first year.
Tips for New Health Insurance Broker
1: Training/pre-licensing education: Every U.S. state requires individuals who want to sell insurance products to earn a license. Most also require pre-license education and specific exams. They further require brokers and agents to earn Continuing Education Credits to maintain and renew a license.
In California and Nevada, an applicant must choose a license type, complete pre-licensing education, and pass the state exam. Fingerprinting and a background check are also required. You can be licensed as an individual or as a business entity. For complete state licensing information, visit the California Department of Insurance website or the Nevada Division of Insurance web page.
Don’t overlook your need for Errors & Omissions insurance as a normal part of doing business.
2: Carrier appointment and product knowledge: If you’re an independent broker, you need to be appointed by each company for whom you want to sell. Or you can align yourself with a general agency (GA). Then you can do business with multiple carriers. You can get product training from the carrier(s) you represent, through your GA, or other sources.
Register for industry news publications – both online and print – to stay on top of compliance, product, and other news. Among the leading publishers focused on employee benefits is Employee Benefit News. Two other newsletters that offer general health care-related news are Becker’s and KFF Health News. If you’re a Word & Brown broker, we encourage you to visit our Newsroom or subscribe to the John & Rusty Report, to stay informed.
3: Building your business: Based on your license and target market, you will want to identify your prospects. If you choose a health license, you need to decide whether to focus on individual or group sales (employee benefits). You can buy business leads – business owner mailing or telemarketing lists – or try cold calling. As part of your outreach, you’ll definitely want to network with those in your community and the insurance industry. Join a professional organization like NABIP, the National Association of Benefits and Insurance Professionals, or a state affiliate. Being a member of your local Chamber of Commerce could help increase awareness of your business. It may even lead to referrals from other chamber-member businesses.
Consider engaging a web expert to help you develop a website for your business. Being online is required in today’s competitive insurance marketplace. People and businesses will likely begin their search online for an insurance professional. It’s important you can be found. Refer to some of our prior broker blogs entries for sales, marketing, and prospecting tips as well as ideas on generating referrals.
4: Nurture your sales and communication skills: Develop your elevator pitch. You never know when you’ll need to use it. Engage in active listening and communicating clearly with clients. Work to hone your sales techniques and build rapport with customers. Research and develop tailored solutions that address your clients’ specific needs and challenges. Prioritize exceptional service. Focus on client retention. Word & Brown has some value-adds that will help you keep customers coming back year after year. Ask your rep for details. Use your Customer Relationship Management (CRM) platform to help you track and follow leads. Implement a system to stay in frequent contact with prospects and customers. Those who didn’t buy in the past may be open to reconnecting as their needs and budgets change.
5: Establish goals: Define your Specific, Measurable, Achievable, Relevant, and Time-bound (SMART) goals. Revisit them quarterly or semi-annually in year one to determine what tweaks are warranted. As the calendar year nears, consider your goals for next year. Our blogs provide some guidance: Insurance Goal Setting: 7 Essential Tips for Success or SMART Goal Setting Tips for Insurance Brokers.
Make continuous learning and professional development a part of your routine. Take advantage of industry-sponsored and online training. Avoid falling behind your competition concerning new products and whether any might solve a challenge one of your customers is facing. Connect with a mentor and/or industry leaders to develop and nurture the skills needed to thrive. The first year isn’t easy, but your commitment — and our support – can make a big difference.
Ask your W&B rep about other ideas to help you establish a strong foundation for success during your first year. If you’re not already working with us, it’s easy to get started. Call us at 800-869-6989 or register online.
