Header Banner

Insights from Wellthie

Sales Secrets of Top Producing Brokers

As a broker, one of your most important assets is your time. On top of all the lead scouting, sales calls, enrollment meetings, and compliance duties, brokers are often left with an overwhelming schedule. The best insurance brokers are the most productive and are able to manage their schedules. Here are 3 sales secrets of top producing brokers.

Leverage digital tools

The most important question top-producing brokers ask daily is, “How can I sell more, faster?” Digital technologies are the easy answer. Whether you’re looking for a quoting engine, a payment system, simple CRM software, or any other system to boost your productivity, we live in an age of many options for digital technologies, each designed to enhance your ability to communicate and sell with ease.

The key is finding exactly which tools and technologies – or which combination of them – will make you more effective. For top brokers, experimenting with several technologies is critical. Any great technology provider today will give you the opportunity to try their programs at no cost so you can design a technology suite that suits your needs. While many brokers are still in the early stages of using digital technologies, top-producing brokers admit that applying these tools is an easy way to drive efficiency, profitability, and competitive advantage.

Streamline repeat activities

Selling often requires the completion of time-consuming and repetitive tasks: quoting, emailing, proposal generation, client relationship management, and so on. However, the most successful brokers identify the tasks that they are repeating on a daily basis and find automated solutions to streamline those activities. Automated proposal templates allow you to respond to prospects faster, email templates save time and improve consistency, CRM software helps to organize your prospects and follow up with leads; the benefits are endless.

While many solutions exist to address these activities on a standalone basis, there are also broker-centric solutions that address them with a more holistic view. Identifying the repeat activities – especially those that are paper-based processes – and matching solutions to those can save you massive effort. What’s crucial is that having automated processes in place to streamline your repeat activities allows you to focus your time where it’s needed most – on your clients.

Stay ahead of regulatory concerns

Insurance brokers are faced with an ever-changing and increasingly complex regulatory landscape. The sheer volume of these updates can be overwhelming, and for clients, understanding how the legislation may affect their business is not only confusing, but unsustainable.

To support clients’ needs to stay ahead of legislative risk, top-performing brokers prioritize preempting the questions their business clients have. In order to do so, they stay up-to-date on industry regulations by reading broker-centric blogs, attending broker conferences and panels, and talking to broker partners focused on developing thought leadership around regulatory issues. For top-performing brokers, the ability to stay ahead of clients’ regulatory concerns, and the velocity with which they can respond to them, is the key to maintaining successful and long-term relationships.

Investors, Incumbents, and Innovators

Today we’re thrilled to share that we have raised $5M in a Series A financing. The round is led by IA Capital Group, with participation from Aflac Ventures, other institutional investors, and some of the insurance industry’s top executives and luminaries.

Our institutional investors are pros at backing companies that have successfully scaled innovations in the gigantic industries of insurance and healthcare. We’re proud to have the support of our advisors and investors – the industry’s top executives and veterans – who understand that lasting transformation in our industry takes a concerted and collaborative effort from incumbents and innovators.

With this new round of funding, we’re excited to take on this transformation and accelerate our growth by helping brokers and carriers deliver an intuitive and engaging shopping experience to small businesses and individuals. With our health insurance e-commerce marketplace, small businesses and individuals can easily find the affordable health coverage best fit for their needs and preferences.

Guidance from brokers and carriers is essential, regardless of how the healthcare regulatory landscape unfolds. Now, given industry’s push towards simple and modern selling technologies that simplify distribution for all insurance stakeholders, Wellthie’s ability to provide simple navigation, shopping, and support is critical for small businesses and individuals to make the optimal choice about their health insurance.

It is only through the joint and deliberate effort of incumbents and innovators that we can bring simplicity and ease to the complex world of insurance for millions of small businesses and individuals. So, if you are a forward-thinking broker or carrier, reach out to us to see how we can help you engage customers and maximize your sales today.

And, if you are a smart, passionate individual looking to transform the health insurance industry from the ground-up, we need your help by joining our rapidly expanding team!

From the entire Wellthie team, thank you for all of your support!

Brokers are here to stay

sunsetLast week, President Donald Trump withdrew the healthcare bill intended to replace Obamacare from the House floor, leaving the Affordable Care Act here to stay. While the back and forth of anticipated regulatory change was confusing for consumers, one overlooked segment of the health insurance community was faced with a major opportunity: health insurance brokers.

There are several hundred thousand brokers in the U.S. today, and the vast majority of small businesses and consumers rely on them to guide their benefit decisions. In times of regulatory change, particularly when consumers are surrounded by confusion and uncertainty, the role of the broker is valued more than ever before. Brokers will be relied upon to help their clients navigate the evolving healthcare landscape and ease the transition for millions of businesses and consumers. For health insurance brokers, this is a massive opportunity to meet new clients and secure the trust of their customers.

In order to successfully serve the needs of their customers, brokers must invest in innovative technology solutions and digitally-enabled partners to stay competitive and keep up with the increased demand for services in the coming year.

As the specifics of President-elect Trump’s health care agenda post last week’s defeat are made clear and the legislation comes into effect, business owners and consumers will continue looking for ways to connect with their broker to understand the implications of the regulatory change on purchasing and compliance. Brokers will be needed to help educate their clients on the nuances of the law that directly affect their pursuit of available health insurance options. Therefore, the role of the broker — a trusted and valuable resource for consumers and small businesses — in an uncertain and ever-changing environment remains strong.

This post originally appeared in BenefitsPro Broker Innovation Lab.

Archives

Join Wellthie Insights

Become a Wellthie Insights subscriber and receive curated articles and up-to-date media on the transforming health care retail landscape directly to your inbox. 

Thanks for subscribing!