SELLING 101 | Helpful ways to boost your selling success.

3 Ways to Increase Health Insurance Sales Using Data

August 17, 2022   |   by Staff Writer
Health Insurance Sales Data

In a prior column, we discussed ways you can expand your health insurance sales by getting into something new, asking for referrals, partnering with a general agent, and selling solutions (rather than products). This month, we are turning the spotlight on how tech can help expand your sales.

Here are three tips to using technology to boost your future sales:

1. Data analysis

One fantastic way to improve your future sales is to analyze your successful past sales.

You can look at:

  • How the original lead came about (e.g., in-person cold calling, direct mail, phone call, etc.)
  • Group characteristics (like industry, group size, product(s) sold, etc.)
  • Enrollment technique (online enrollment, group meeting, use of enrollers)

You may be surprised to learn that, according to Statista, fewer than half of industries use data analytics to improve sales. Turn your past sales data into your guide for maximizing your future sales opportunities. This analysis offers you a treasure-trove of information.

Reviewing your past efforts may also help you establish your calendar for further sales. For example, if you did a mailing in the second quarter that is helping you increase sales in the third and fourth quarters, you may want to consider doing something similar in the future.

In contrast, if you spent a lot of time and money prospecting in the past without seeing any bump in your next quarter sales, you may want to reallocate your time and resources this year. Or, you may want to consider shifting your efforts to earlier in the year. That frees you up to focus on your upcoming renewals.

It’s been known for years that it is more expensive to attract a new customer than it is to retain an existing customers. Market Metrics: The Definitive Guide to Measuring Marketing Performance says the probability of selling to an existing customer is up to 14 times higher than the probability of selling to a new customer. Retention is so important, for so many reasons.

 

2. Product/plan/market analysis

You can also use technology to analyze your latest and historical product or plan sales.

Consider the following:

  • What’s your current best-selling product/plan?
  • Is it a big seller in the overall market, or is it better for a niche market?
  • What sold last quarter and last year (at the same time of year)?
  • How do those prior sales compare to your experience this year?
  • What’s new in the market that might help you close a sale you missed out on before?
  • Have you talked with your clients about adding voluntary or worksite products?

The health insurance and employee benefits market is changing – and employee expectations are changing, too. According to the MetLife 20th Annual U.S. Employee Benefit Trends Study 2022, two years after the onset of COVID-19, employees expect more.

If you’re not helping your clients stay up to date and respond to shifts in employees’ expectations, you risk losing out to another broker who will. Word & Brown can help. Our portfolio is diverse, and we have the expertise to help you with product comparisons, provider network and prescription drug searches, finding answers to client questions, and so much more.

 

 3. Customer Relationship Management (CRM)

CRM is essential for your agency (or yourself if you’re in business as an individual agent or broker). The right CRM program can help you improve your time management and drive increased revenue (both new sales and retention). CRM can take you away from some routine communication tasks, which frees you up to focus on sales.

A quality CRM program helps you keep track of important information concerning your customers – and prospects who have not yet turned into customers – including:

  • Name
  • Address
  • Age/Birth Date
  • Family status (Married/Single/Widowed/Divorced) and other family members
  • Health conditions
  • Policy information, including policies selected or considered, policy numbers, renewal info
  • Date of most-recent outreach

If you don’t already have a CRM program in place, you will want to check out this 2022 comparison as published by CRM.org. It looks at 15 current options. PCMag.com offers a 2022 top 12 comparison.

 

The right partner to help you succeed

Data is great. Using it the right way can help you be more successful in the future. However, data alone is not enough. Perhaps it’s time for you to reevaluate how you work. With Word & Brown as your General Agency partner, you can also relieve yourself of many administrative tasks related to sales.

Our sales team offers statewide support in California and Nevada. We deliver everything you need – start to finish – to quote, close, enroll, service, and renew more business. Plus, we offer valuable tools and resources to help you do your job better – and to provide improved service to your customers. That includes HR and benefits support, employee onboarding tools, and Affordable Care Act Calculators – plus product and carrier training, industry updates, forms, collateral, and much more.

At Word & Brown, we know your ultimate destination, in business and in life. We value you and care about your ongoing success. Reach out to your Word & Brown representative, or contact our nearest office to learn more.

 

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