As an insurance broker, open enrollment on the ACA insurance marketplace is likely crucial for your business. You can collaborate with many clients at one time to secure needed coverage. Plus, you can generate significant revenue.

A record high of 21.3 million people selected health benefits during the 2024 Open Enrollment Period. This ran from November 1st through January 16th. The total included 16 million people renewing coverage and five million signing up for the first time.

In a notable shift, access expanded to lower-income people. Nearly 4.2 million more individuals from this segment signed up compared to the 2023 enrollment. This is based on household incomes less than 250% of the federal poverty level (about $75,000 per year for a family of four). 

Now, after the open enrollment rush, it can take time to keep up the momentum and generate new business. Luckily, there is plenty that insurance brokers can do to continue building their business. We have strategies to consider after open enrollment, which you can read below.

Key Takeaways:

• A record number of consumers signed up during the 2024 Open Enrollment Period.
• Insurance brokers can continue building their business after open enrollment. Stay in touch with clients and offer off-exchange plans and other types of coverage.
• Marketing strategies can help insurance brokers attract new business. Think social media marketing, email marketing, and advertising.
• Attend industry events like conferences and trade shows. This can help insurance brokers network with other professionals.

Stay in touch with your clients.

Just because open enrollment is over does not mean you should stop communicating with your clients. Ensure you follow up with them throughout the year to see how their insurance plan is working out for them. This will help you stay top of mind the next time enrollment comes up. It will also position you as a trusted advisor. 

Expand your offerings.

It is always worth exploring the types of insurance you offer your clients. Say you sell medical and dental products during annual open enrollment. You should also offer off-exchange plans that you can sell all year round.

In addition, you can consider expanding your offerings. Depending on what you already have in your portfolio, you can look at life insurance, disability insurance, and other types of coverage. This can provide your clients with more comprehensive coverage and generate new business.

Focus on marketing.

After open enrollment, it's important to continue marketing your business to potential clients. This can include strategies like social media marketing, email marketing, and advertising. Get your name out there and highlight your expertise. This will make you more likely to engage your clients and attract new business.

Attend industry events.

Industry events like conferences and trade shows are a terrific way to network with other professionals. It also lets you stay updated on the latest trends and developments in the industry. You can make new connections and potentially generate business by attending these events.

Yes, open enrollment is undoubtedly an essential time for insurance brokers. Yet, it is also important to remember that it is just one part of your business. Stay in touch with your clients, expand your offerings, focus on marketing, and attend industry events. Through these steps, you can continue to build your business and earn revenue throughout the year.

For more tips on building your broker business, get your free copy of our digital marketing guide to take you to the next level.

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Want to start selling Solstice? Give us a call at 877-760-2247 or email us at sales@solsticebenefits.com