Your success as a health insurance broker depends on many things: your commitment to the business, your attitude, and your ability to promote yourself (and your agency) as a resource for employers shopping for employee benefits. Below are five tips to help you be more successful in 2020.
It should go without saying, but, unfortunately, it doesn’t. You will be more successful in your sales approach if you’re prepared for what you could potentially face in doing your job. You can be prepared by staying up to date on new products and services in the marketplace and what is happening in the health insurance industry. Among the ways you can do both is by taking part in sponsored Lunch & Learn and similar events hosted by carriers, general agencies, your state or regional underwriter associations, and the National Association of Health Underwriters (NAHU). These events offer you valuable updates on what’s available (or coming soon) to the marketplace, and they may also give you the opportunity to earn Continuing Education (CE) Credits, which you’re required to earn in California and Nevada to maintain your agent/broker license.
2. Tap into Others
It’s critical to network with others in the industry to increase your profile, expand your sales opportunities, and learn what’s working – and what isn’t. As mentioned above, one way to do this is through CE Courses and similar events. By taking part in industry meetings, conferences, and trade events, you can meet new people, including brokers and others who may have industry expertise that you lack. Or, you may be able to build a connection with other professionals with whom you can share leads – exchanging the names of prospects who are interested in a product or service you don’t have, but who may be desired by your new connections. Be open to possibilities. Everyone you meet is a potential resource for future business – because they may know others who could benefit in the future from what you have to offer.
Even if you focus on small business customers who are engaged in one industry (for example, manufacturing), no two businesses are the same. Their staffing may be different and their budgets could vary widely. It’s vital in your discussions that you “hear” what your customers say they are looking for, and that you respond by proposing a customized benefits solutions that balances the needs of the employer and those of his or her workers.
4. Use Social Media
Developing your online profile is an important part of promoting yourself and your agency. Whether you use Facebook, LinkedIn, or Twitter (or another platform), social media is a wonderful way to build your brand and expand your network. It all starts with your online profile. That will make it easy for others to find you. If you want to go further, you might consider blogging or contributing an occasional post for an industry website or an organization blog (if, for example, you are a member of your state or local underwriter association). For additional guidance, read our post Marketing Yourself on Social Media.
5. Ask for Referrals
Your existing customers can be your biggest cheerleaders, and a source for additional business. They may know others who have a similar need and who could benefit from your expertise. If you have a positive exchange with a client, follow up by asking them if you can use their name in your future prospecting. If they share a referral with you, you are more likely to receive a positive response when your prospects know you’re contacting them because of a recommendation from someone they know.
Support to Help You Succeed
With Word & Brown as your partner, you have not just your sales representative to back you up, but a whole team of professionals dedicated to helping you be more successful. We deliver what you need to write and retain more business, year after year. Contact your representative – or if you’re not already working with us, call your nearest Word & Brown office to get started today.
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.”