Frequent changes and upheaval in the health insurance industry may necessitate a revamping of existing business strategies to reduce stagnation. Modifying your existing business plan and updating your brand can refocus efforts to stimulate business growth and aid in retention.
Expand. Update or improve your product offerings to include new products or lines.
- With an average of 10,000 baby boomers turning 65 daily, and with this trend expected to continue for many years, it is an ideal time to begin selling in the senior market. AHIP and carrier certifications for the next annual enrollment period typically start in July. The time is ripe to update your portfolio to include this market segment and its product offerings.
- Incorporate focused selling to special client segments, such as dual-eligible special needs beneficiaries (D-SNP), or increase your understanding of the Medicare Supplement (Med Supp) Plans D and G. New Medicare enrollees won’t have the option to choose the Med Supp Plans C or F beginning in 2020.
- Add more value to your product line with packaged sales that include hospital indemnity products, health and wellness solutions, and identity theft safeguards.
Modify. More and more clients rely upon their broker to navigate them through a myriad of legislative changes and compliance updates resulting from healthcare reform. While one of the many hats a broker must wear has always been as consultant, this is evident today more than ever. Modifications to business strategies may be necessary to accommodate increased time demands from your clients and to adjust for reduced or eliminated commissions and shortened enrollment periods.
- Incorporate charging a service fee to your business model. In most states, agents can charge their clients a fee as long as certain requirements are met and certain disclosures are made.
- Revise networking practices where clients outside your business scope are handed off to industry colleagues and investigate using the services of a trusted agency that offers a program that pays you for your referrals.
- Partner with a general agency for access to superior carrier contracts, back-room administrative service, and training opportunities, structured to save you precious time and resources.
Refresh. Is your image outdated? Are your marketing efforts yielding the expected return? Is it time for a different approach? Online lists with hundreds of marketing ideas to grow your business are only a click or two away. Most business plans include a marketing strategy and detailed annual marketing goals. The key is to continually revisit and reframe these goals, making the necessary changes to ensure they remain viable.
- Consider updating your image. Modernize your logo and your website to entice prospects with a fresh brand and avoid your existing clients seeing you as passé.
- Try creative new ways to reach your clients and prospects. Start a newsletter and use email or social media to market your efforts.
- Use referral tactics, including adding a refer-a-friend page to your website.
- Refresh your data. Your existing book of business presents additional marketing opportunities. Find commonalities with your clients, such as using the same financial planners, accountants, or blue collar services. Reach out to these businesses using your client connections and become the broker they refer their customers to in the future.
With the bulk of 2017 enrollments on the books, 2018 product updates on the horizon, possible legislation changes on the way, and certification periods looming, this is a great time to revisit and revise marketing strategies to your advantage.
Cornerstone is available to assist you with incorporating any sales or marketing changes you may undertake to your business plan. Call today to speak with any of our Employee Benefits, Individual, or Senior Marketing advisors and ask about access to Centric, our broker-exclusive marketing and knowledge base repository.