Much has been written about the need for agents who sell primarily to employer groups to develop an individual enrollment solution. As employers shift employees to part-time and stop paying for dependent coverage, selling individual policies will become a necessity for group agents.
But what about agents who focus their efforts primarily on individual sales? What should they do to grow their business? After all, the primary enrollment season is restricted to just three months a year now, and a new Gallup poll finds that a whopping 88.1% of Americans now have health insurance.
What do you do when everyone already has the product you’re selling?
That’s a bit of an exaggeration, of course. Not everyone has health insurance, and we’ll never reach 100%. But as we inch closer and closer, it is worth asking the question. So where should individual agents focus their attention?
The answer can be found at the beginning of this article. If group agents need to find an individual solution so they can help employees and family members who are ineligible for group coverage, then it makes sense for agents who spend their time selling individual policies to focus their marketing efforts on employer groups.
As we know, a lot of small employers don’t offer health insurance. They’re not required to, and often it just isn’t in the budget. While these companies typically aren’t targeted by group health agents, they’re a great place for individual agents to find multiple leads at once. Other companies do offer health insurance, but nearly every company has some employees who don’t qualify for the group plan, including part-time, short-term, and seasonal employees. They, too, are great prospects. And, of course, most employers have stopped paying for dependent coverage, so nearly every company offers the opportunity to help their employees’ family members.
Last but not least, some employers offer health insurance but really shouldn’t. Learning how to help these employers drop their group health coverage, get employees coverage in the individual market, and then spend the premium savings on benefits their workers will truly appreciate is, perhaps, the best way for individual agents to spend their time. You can get a lot of sales at once; dropping the group plan creates a special enrollment opportunity in the individual market; and the commission from ancillary products is often higher than the group health plan.
Our final piece of advice, though, is to work smarter, not harder. If you spend your time targeting employers and then letting someone else do the tedious work of signing up the employees one by one, you can help a lot more people and make a lot more money than you will if you choose to sit down face to face with every single employee. That’s what the HPA private exchange solution is designed to do – help you spend your time more efficiently so you can get as many people covered as possible. Hundreds of brokers have already partnered with HPA – isn’t it time for you to learn how our solution can help you grow your business?