You probably already know that the costs of getting a new customer are much greater than the costs to keep a current customer. According to Wheelhouse Advisors, the variance is significant. That increases the importance of client renewals.
Renewals are important to you and your clients. They offer you both an annual opportunity to:
- Review changes in the group (increase or decrease in group size, group demographics, desire for alternate carriers, etc.)
- Shop and compare the marketplace to ensure rates are competitive on the client’s existing/renewal plan versus comparable alternatives (Word & Brown’s WBQuote delivers a comparison with highlighted plan differences)
- Research different plan networks and your clients’ preferred health care providers (your Account Management team at Word & Brown can compare plans to make sure the plans being considered include your clients’ preferred doctors and hospitals)
- Review carrier- or exchange-specific value added benefits like the Active&Fit Direct program available through CaliforniaChoice, Health Net, Sharp Health Plan, and Western Health Advantage
- Consider new options – like adding Dental or Vision or other coverage, which can be employer-sponsored or voluntary
Your client’s renewal is also an ideal time to remind them of the value-added benefits you bring to the table through your relationship with Word & Brown, including:
- A broad portfolio of top regional and national carriers
- Guaranteed-accurate rates (Word & Brown’s software helps you ensure accuracy and keep clients happy with built-in safeguards to prevent errors)
- Automated deductible and Rx updates to alert you when deductibles apply before benefits kick in – plus alerts when you pair plans that cannot be sold together
- Expert underwriting including clean case submissions to carriers to ensure quick turnaround
- WBMedID: access to ID Card information on your clients’ smartphones immediately following case approval for select California carriers
- No-cost COBRA billing, Flexible Spending Account, and Premium Only Plan for eligible groups (based on group size)
- Compliance support from our own in-house experts (not a third party)
- Coordination of in-person or online enrollment meetings (with assistance from bilingual enrollers, in California, if desirable)
- Online enrollment and HRIS tools through Ease and GoCo – plus free HR management tools through HRWow
Don’t forget the value-added benefits available to you, too:
- 24/7 access to the latest carrier and administrator forms for your renewals and new enrollments
- Choice of paper or online enrollment – or a combination
- WBQuote integration with CaliforniaChoice and Ease
- A one-stop Account Management team to answer your coverage, group, plan, billing, claims, technology, compliance, commission, and other questions
It is often a good idea to start thinking about your renewals 45 to 90 days before they come up. That is especially true if most of your groups have a fourth quarter renewal, and you may be challenged in attempting to balance multiple demands on your time. Failure to do so could put some renewal business at risk, as another broker might have your client marked for outreach nearer to their renewal date.
If you have a Small Group that enrolled last year during the annual Affordable Care Act Special Open Enrollment Window (referred to by some carriers as the SOEW or the special enrollment window), you will want to talk with them about whether they’re able to qualify for coverage this year under their current carrier’s “regular” participation and contribution guidelines. If not, they may have to consider other coverage alternatives.
Your Word & Brown team is committed to working with you to make sure everything goes smoothly with your clients’ renewals. Don’t hesitate to contact your Inside Sales Rep or Regional Sales Manager to discuss how we can help you. For the latest information, you may also want to visit our Q4 Command Center website, which includes underwriting highlights, top documents, and downloadable and customizable resources to make your life easier during peak season.
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