Another year has come and gone. Now, during the first quarter, is a great time for you to look back on your sales successes of 2018. It is an even better time to look ahead to consider how you might increase your sales and your income in 2019.
What can you do to sell more Health Insurance? Here are five suggestions.
1. Consider getting into something new
If you have previously focused on individual sales, consider an expansion into Small Group Health Insurance. The U.S. Small Business Administration said last year there were 3.9 million small businesses in California and 254,337 small businesses in Nevada. Firms with fewer than 100 employees represent the largest share of business employment. Moreover, according to reporting by the nonprofit Kaiser Family Foundation, only about half of small businesses (with three to 49 employees) offer health insurance to employees. However, offering coverage is increasingly important to employers of every size as the talent marketplace becomes more competitive. Employers who previously might not have considered Health Insurance can use benefits as a way to stand out when it comes to employee recruiting and retention.
Your “something new” could also be Large Group. Word & Brown can help you get into Large Group sales. Whatever your experience, we can help you find, present, and close more Large Group sales. Our exclusive Large Group Quoting Guide offers insight into our carrier partners and their requirements when it comes to quoting, participation, and bundling.
2. Add Voluntary
Voluntary insurance, which is paid for entirely by employees who elect the coverage, is another growing market. It can include Dental, Vision, Accident, Critical Illness, Disability, Long Term Care, and Life Insurance as well as other coverage (such as Pet Insurance). Voluntary coverage has become more popular in the past decade because it offers employees added peace of mind and the convenience of paying for protection through their employer (often at a lower cost than coverage they could buy directly). Voluntary coverage gives employees the opportunity to personalize their insurance to address potential gaps, particularly if they have a high deductible health plan or no health plan coverage at all. Some small businesses (not subject to the Affordable Care Act employer mandate) that do not offer Health Insurance may be open to adding Voluntary coverage, because it costs the employer nothing.
3. Sell solutions, not products
It’s generally not a good idea to sell based on price, since it’s subject to change without a lot of advance notice. But, what about selling Group Health to your clients based on their ability to offer new options to their employees while still controlling their costs? That is the idea behind Defined Contribution. By offering your clients (and their employees) access to a private health insurance exchange (like the popular CaliforniaChoice multi-carrier exchange that began in 1996), you can help the employer determine his or her own health care budget. The business can contribute a Fixed Percentage amount (from 50% to 100% of the costs of a specific plan and/or benefit), or a Fixed Dollar Amount for each employee. It’s sort of like a health care voucher, which employees then use to purchase the health coverage they prefer. If a worker selects a plan that costs more than the employer is contributing, he or she simply pays the difference through payroll deduction.
4. Find a business partner, without risking any of your income
If you’re not already using a General Agent (GA) to help you build your business, you may find the right GA can offer some distinct advantages. Best of all, you do not have to share any of your income. (Carriers compensate the GA, and submitting business through a GA does not affect your commission at all.)
Word & Brown General Agency is one of the nation’s most successful GAs. It has been working with brokers since 1985 to help individuals like you find, write, and retain more business. Word & Brown offers sales and enrollment support, product and compliance training, guaranteed-accurate quoting and other technology, customized sales and marketing resources, and much more. Word & Brown will build quotes for you, present alongside you (or in your place), host enrollment meetings, and help you prepare for renewals.
5. Ask for referrals
Expanding your sales through referrals is a very effective way to reach new customers. Be sure you make it a habit to ask your clients if they know of anyone who could benefit from your services. You may be surprised how willing your customers are to share the names of others when they are happy with the service you provide. You may also be able to get referrals from other professionals in your community – like attorneys, financial planners, accountants, and others – who focus on different markets than you
Why Wait – Get Started Now!
The sooner you get started, the sooner you can start earning more. Put these ideas to work today – and visit the Word & Brown new broker web page if you want to learn more about partnering with Word & Brown to build your business.
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