5 Tips for Health Insurance Client Retention-Part 2

Health insurance client retention

When too many of your clients are cancelling their health insurance policies, you start to feel the impact at all levels of your business—lost clients could increase administrative costs and you could also see issues with debt management if you’ve already budgeted certain commissions that are no longer coming in.

And acquiring new clients is not cheap.

Here is part 2 for our tips on how to choose clients who will stick around:

(Read part 1 here.)

3. Use Stories

People respond to stories. You can demonstrate the value of a certain policy or package by telling a story about how the policy has worked for an unnamed client in the past and the benefits it provided them.

Insurance consultant Keith Leech likes to use a 4-question process to further drive the point home in a prospects mind. You can use these questions yourself:

  1. “Who do you know who has suffered a heart attack, cancer, or stroke?”
  2. “Were they expecting it to happen?”
  3. “Did they suffer financially or emotionally?”
  4. “Would cash have helped?”

Everyone has been affected by heart attack, cancer, or stroke in one way or another. By relating your products to a personal experience of your client’s, they will better understand the immediacy of their health insurance needs.

4. Maintain Communication

To keep your clients on board with you, it’s important that they not only hear from you at renewal time or when a premium is late, but other times as well.

Show your clients appreciation and they will stick around. 

Remember: you and your client are business partners.

The best way to maintain contact is to create a repeatable communication schedule that you replicate for every client.

No, you don’t want to send any “Dear, client” emails. But when your client signs on with you, you may want to send yourself some Google alerts to remind you to ask them questions to head off common conversations you may have in the first 30 days of partnership.

“Did you receive your insurance cards?”

“Do you have any questions or concerns with your coverage so far?”

Make sure some of these are phone calls as well.

Don’t inundate them with phone calls and emails. However, you can use special insurance events as a good reason to contact them. For example, May is national disability insurance awareness month, September is national life insurance awareness month, and June 28 is national insurance awareness day.

Also, around the new year they may need to renew their policy. Your best practice is to see if they’ve had any life-changing events in the past year such as a wedding or a child. Find this out from your client and suggest some options to better suit their new needs.

5. Assume You’ll Be Their Agent for Life

Building a long-lasting relationship with your clients isn’t about selling products, per se; it’s about selling your services. It’s about being there when they need you.

A truly great health insurance agent will get referrals from parent to child.

As your relationship extends over the years, consider offering life insurance. Many people are under the misapprehension that life insurance is expensive. Like most people, they may simple have whatever plan they were offered through their job and have left it at that.

If you are always looking out for your clients needs in their interest, you’re sure to continue these long-lasting relationships.

(Read part 1 here.)

naples real estate school

Larson Educational Services

13040 Livingston Rd. #12,

Naples, Florida 34105

LarsonEd.com

239-344-7510

5 Tips for Health Insurance Client Retention–Part 1

Health insurance client retention

When too many of your clients are cancelling their health insurance policies, you start to feel the impact at all levels of your business—lost clients could increase administrative costs and you could also see issues with debt management if you’ve already budgeted certain commissions that are no longer coming in.

And acquiring new clients is not cheap.

Here are 5 tips to make sure you choose clients who will stick around:

1. Pre-Qualify

The road to client retention starts before your relationship with a client even begins. First, you want to discover if you and a particular prospect are a good fit for each other.

In all industries, the best salespeople ask the right questions. 

You may also benefit from a shift in thinking: rather than focusing on acquiring clients, think about it in terms of finding out if a prospect is a good business partner. Ask yourself, “Is she a good fit for the services I offer?”

You must be willing to say no to certain clients if you think you cannot provide them with the services they need. Or you may say no if you foresee this prospective client requires a larger investment of time than you can afford.

The same insurance product won’t fit every potential client. Determine their budget.

If, for example, you run into a prospect who qualifies for high subsidies, it will be important for them to know the value of supplemental products, though they may not have the budget for these voluntary products.

Work together with them to find the best potential options to fill in the gaps created by high-deductible ACA plans, for example.

2. Find Your Niche

You will need to project professionalism and trustability to potential clients. If they have any qualms whatsoever about your ability to serve their health insurance needs, assure them that you specialize in this field—you are the content expert. 

Oftentimes, you can put an apprehensive prospect’s worries to rest by letting them know what others in their situation are purchasing. Decisions of any kind are difficult, let alone when healthcare is involved.

Make the decision easier by providing them with a road map of previous clients’ experiences.

The language you use may sound like this:

“This is our most common package.”

“Many of our clients are happy with this package, and here’s why.”

“This is our most popular package.”

Again, you don’t want to sell them something they can’t afford—sure, you won’t be able to retain them as a client, but more importantly their needs won’t be met.

Click here to read part 2!

naples real estate school

Larson Educational Services

13040 Livingston Rd. #12,

Naples, Florida 34105

LarsonEd.com

239-344-7510

Happy Wave All Your Fingers at Your Neighbors Day!

Please join us in celebrating this VERY IMPORTANT and overlooked holiday: Wave All Your Fingers at Your Neighbor Day.

Give your neighbor a great big smile and a cartoonishly enthusiastic 5-fingered wave today!

Together, we can put a stop to this double-finger wave nonsense.

naples real estate school

For more information about our brand new insurance licensing courses, check out our website: https://www.larsoned.com/insurance/

About Larson Educational Services:

Utilizing 30 years of real estate training and professional education experience, Florida real estate school Larson Educational Services is the premier provider of Florida real estate licensing, exam preparation, post-licensing, CAM licensing, mortgage loan originator licensing, and continuing education in Southwest Florida. Classes are available in Fort Myers, Naples, Sarasota, and online.

Brad Larson

Larson Educational Services

13040 Livingston Road #12

Naples, Florida 34105

info@LarsonEd.com

239-344-7510

www.LarsonEd.com

Throback Thursday!–LarsonEd

#TBT #ThrowbackThursday to the 4th of July parade in 2010 in Pequot Lakes, Minnesota. We won first place in the “Best Kids Float” category thanks to the help of Kenny and Kei Larson (my nephew and niece).

throwback thursday larsoned

About Larson Educational Services:

Utilizing 30 years of real estate training and professional education experience, Florida real estate school Larson Educational Services is the premier provider of Florida real estate licensing, exam preparation, post-licensing, CAM licensing, mortgage loan originator licensing, and continuing education in Southwest Florida. Classes are available in Fort Myers, Naples, Sarasota, and online.

Brad Larson

Larson Educational Services

13040 Livingston Rd. #12

Naples, Florida

34105

info@LarsonEd.com

239-344-7510

www.LarsonEd.com

7 Traits of Successful Insurance Agents–LarsonEd

cropped-larson_logo_2c_3-375w.jpg

1. A Client-First Mentality

Having a commission-only mindset won’t serve you well in the insurance industry. Focusing on making the sale without first considering the needs of the client may work in the short term, sure, but over the years this mentality will cripple your sales.

Listen to what your clients and prospects needs are in order to earn their trust, which can be one of the most difficult parts of sales.

2. Accessibility

Make yourself available to your clients–this helps them rest assured that they’re well taken cared of. And respond to phone calls and emails in a timely manner. A major complaint of those who buy life insurance policies is that there is nobody to answer their questions after they’ve made the purchase.

3. A High EQ

Your emotional intelligence will serve you well in this industry. Your ability to listen and practice empathy with your clients will help you connect with them on a deeper level. A good life insurance agent can their help their client see their financial situation with clarity and tact.

4. High Energy

To their clients and business connections, a good insurance agent will appear happy and excited to work. A negative personality trait doesn’t sell well. Even if you’re not the most excited at any given moment, remember the key word: appears. Sometimes you have to fake it ’til you make it.

Naples insurance school

5. Perseverance

If you want to be successful in the insurance field you’ll have to be prepared to handle rejection on a daily basis for years. Remember: without taking risks, you have no chance of succeeding in this industry.

6. Forthrightness

Using deception or your client’s fear (whether it is their fear for their own future or their financial situation) may work in the short term, but over time you could end up making a bad name for yourself. Your success will come from repeat business. The only way to get word of mouth and repeat business is to gain your clients’ trust.

7. Wide Array of Products and Knowledge

A successful insurance agent will have many products to offer their clients, and they know which of their products will be best for them as well. You also need to understand the legal components of your products in order to convey that information to the client.

If you’re already a LarsonEd student who has taken our real estate licensing courses, you’ll notice something interesting about this list:

These traits of successful insurance agents are the same traits that make a successful real estate agent.

The transition from real estate to insurance may seem arbitrary, but consider this: by offering your current real estate clients an even wider array of products, including health and life, you may be able to better serve their needs and help your business boom.

For more information about our brand new insurance licensing courses, check out our website: https://www.larsoned.com/insurance/

About Larson Educational Services:

Utilizing 30 years of real estate training and professional education experience, Florida real estate school Larson Educational Services is the premier provider of Florida real estate licensing, exam preparation, post-licensing, CAM licensing, mortgage loan originator licensing, and continuing education in Southwest Florida. Classes are available in Fort Myers, Naples, Sarasota, and online.

Brad Larson

Larson Educational Services

13040 Livingston Road #12

Naples, Florida 34105

info@LarsonEd.com

239-344-7510

www.LarsonEd.com