Unlocking The Full Potential of Broker Commission | Solstice

In the highly competitive field of health insurance sales, agents are constantly seeking ways to enhance their commissions. Distinguishing your business from the competition is essential.

Now is the perfect moment to evaluate what you are offering your clients and explore how you can diversify your product range.

In this blog, we will delve into tips and strategies for boosting earnings and spotlight the top products to sell during and after the Open Enrollment period.

Key Takeaways:

• Boost your sales by diversifying your product range.
• Diversify your products to increase client retention, commission potential and market competitiveness.
• Team with insurance carriers who offer a suite of tools.
• Maximize commissions by selling Medicare Advantage, life insurance, max life, and annuities.  
• Cross-sell and upsell to increase your value and encourages clients to upgrade.
• Build strong client relationships for repeat business and referrals.
  
  

Diversifying Your Product Offerings

Diversification is a fantastic way to boost your income. By offering a variety of health insurance products, you can meet the needs of a wider range of clients, from individuals to groups. This not only increases your value as an agent but also helps you maximize your commissions. Here are some more benefits of diversifying your products for your business:

• Increased Client Retention: Clients are more likely to stay if you can meet all their insurance needs.
• Higher Commission Potential: More products mean more opportunities for sales and higher commissions.
• Market Competitiveness: Offering diverse products, like dental and vision, sets you apart from agents who stick to a single type of health insurance.

What to Look for in an Insurance Carrier

You will want to team up with insurance carriers that provide a variety of products, like health insurance, Medicare, and supplemental insurance. It's also great to find a carrier that offers services to complement these benefits, such as:

• Quoting and enrollment tools to simplify the process: For example, we offer the Solstice Marketplace.
• A platform that allows you to compare multiple products quickly and efficiently, so you can identify the best options for your clients.
• A CRM to take care of client relationships more effectively, ensuring timely follow-ups and increased sales opportunities.
• Marketing resources to reach potential clients and educate them about their options. Many carriers create targeted marketing campaigns that use social media, email marketing, and other channels to reach a broader audience.
• Opportunities for Continuous Learning: It’s key to stay up to date with industry changes and continuously adapt your sales strategies.

Strategies for Maximizing Commissions

You need to identify products that offer higher commission rates. Supplemental insurance can earn you commissions as high as 75% in the first year of a policy. Here are products you should be offering:

• Medicare Advantage: CMS has been upping broker commissions every year for the past decade. Plus, you can currently get paid for services beyond just enrollment.
• Life Insurance Commissions: Life insurance companies handed out an incredible $68 billion in commissions in 2022, with $51 billion going straight to agents.
• Max Life: These policies offer an 18% commission rate.
• Annuities: While fixed annuities are pretty standard, diving into more complex products can really boost your earnings.

Cross-Selling and Upselling

Cross-selling related products to clients who are already purchasing health insurance can really add value for both you and your clients. You can show that you are the go-to person for all their insurance needs. Plus, upselling can help clients upgrade to more comprehensive plans that offer even better coverage.

You can reach out to people who already have a policy with you or identify clients who might benefit from adding more products to their mix.

Building Strong Client Relationships

Building strong relationships with your clients is key to getting repeat business and referrals. Follow-ups are a great chance to stay connected and show you care. They might have questions, and you can offer helpful recommendations. Make sure to personalize your messages to build that friendly rapport, whether you’re chatting on the phone or sending an email.

Keep yourself updated on the latest industry trends and new products. Your knowledge will earn your clients' trust, making them more likely to stick with you and explore additional products.

Expanding your product offerings is a smart way to really boost your commissions. By creating a diverse portfolio, using handy tools, and making the most of marketing resources, you can cater to the unique needs of your clients. This means you'll keep your clients happy for longer and see your earnings grow. Embrace these strategies and watch your commissions take off during and after Open Enrollment.

Ready to maximize your commissions? Get appointed to start selling Solstice today!

Any questions about your current Solstice products? Login to your portal on https://www.solsticemarketplace.com/ 

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