Small Business Medical Carriers: What Is Your Approach To Digital Sales?

By Sally Poblete

By 2020, millennials and Gen Xers will collectively own more than 60% of U.S. small businesses. Industry trends are shaping the shopping behavior of health insurance consumers. Business owners are looking for the ability to shop for plans online, and health insurance carriers should take note, lest they lose these prospects to their competitors. The vast majority of health insurance carriers could be missing a growing demographic of small businesses who are starting their insurance shopping journey online. One of the top carriers in the health insurance market is currently offering an online shopping experience on their website. Stay ahead of your competitors by opting to provide your small business owner prospects with a modern, holistic, and delightfully simple platform to drive sales while still supporting your broker community. What are you currently doing to attract small business owner prospects?

How Do You Stack Up Against Top Competitors?

One of the major small group health insurance carriers already offers an online shopping experience for their prospects. Providing an accurate and quick quote for your prospects in just a few minutes is an essential competitive advantage. Your competitors are capturing leads that can be utilized by either your internal sales team or your broker partners.

Considering A Build?

While an internal build is an option for carriers it could take over 12 months to complete. Furthermore, complex rating factors and changing regulations would require a great deal of effort to build and maintain. There are software solutions available that would only require a limited amount of your tech team’s time and energy. 

New Leads For Your Top Brokers

A direct to employer approach would allow small business owners to easily shop for your plans online. These highly qualified leads could then be passed to your top brokers or internal sales teams. The lead would include details about the small business that are necessary for enrollment. Given the typical time and effort required to find new leads, a carrier can enhance broker relationships with new employer leads.

What Is Everyone Else Doing?

Capturing a prospect’s information through an online lead form is by far the most common experience offered by carriers today. Small business owners complete these forms and then wait days or weeks (and even months) to get a response back from a broker. By that time, the business owner has moved on to another carrier or another task in their busy day. Don’t miss the opportunity to provide the information your prospect is looking for when they are looking for it directly on your website.  

How Can Wellthie Help?

Nearly 50% of small and medium-sized enterprises will buy insurance online within the next 5 years. Wellthie offers a full-suite solution that provides carriers with a digital shopping experience for small business prospects. Wellthie can help your company increase sales:

  • Reach an underserved market of micro-groups who may find it challenging to find a broker 
  • Appeal to business owners who prefer the convenience and transparency of researching insurance shopping online
  • Simplify the customer experience for your small business owners while ALSO generating leads for your top brokers
  • Save on administrative costs by streamlining your internal/external broker/sales rep’s activities 
  • Make the transition at a portion of the cost of building the platform in-house  
  • Implement within 60 days! White-labeled deployment is available without the lag time and high cost of an internal build

Capture these new leads in a cost-effective and holistic manner that does not disrupt your broker distribution efforts. Contact Wellthie today for a free demo of what your new digital distribution platform could look like just in time for the 4th quarter!