More than 155 million Americans receive health insurance benefits through employers. Simply put, the group benefits industry is huge.
It’s clear why selling group benefits can appeal to more than just health insurance brokers. Property and casualty brokers might be looking to diversify their operations to include health-related offerings, like medical or dental insurance.
And why not? A recent study revealed that the offering of ancillary benefits like dental insurance to employees is a differentiating quality among employers. Selling health benefits is a great way to expand your portfolio and increase revenue. Not only that, you’ll grow your customer base—which could lead to more business in your other lines as well.
If you’re an insurance broker interested in selling health products, what are your next steps?
Become an expert.
Aside from the requisite license(s) in your state, it’s key to stay up-to-date on overall industry news and trends by subscribing to the right websites and social media news accounts, reading blogs and networking.
But don’t forget your future customers. You’ll need a different knowledge base to answer questions at open enrollment, which could range from how to read a benefits statement to explaining deductibles and co-pays.
Leverage existing relationships.
A great place to start your health insurance endeavor is with your existing P&C clients. If you sell commercial, homeowners or auto policies to groups or individuals, why not talk to them about the great value of purchasing dental or critical illness insurance or offering these policies to their employees?
If you’re already handling commercial insurance for certain groups, you have a great “in” to start the conversation about health benefits.
If you frequent any networking or business development groups, make sure they know you’re branching out. You never know where your next referral could come from.
Partner with a great carrier.
You could be the best salesperson in the world, but without a solid product, you won’t make it as far. Do your research and partner with insurance carriers that cater to the consumer. If you’re looking at dental plans, find one with an open access network that offers coverage for the widest variety of procedures.