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If you’re an insurance professional who sells group health insurance, then you understand the challenges in convincing human resource managers, employers and employees to buy health insurance products during open enrollment.
For example, after giving your presentation, you’ll likely have a number of prospects who are eager to buy and ready to get the process started. Then there are others who aren’t ready to make a commitment simply because they don’t understand the coverage or are confused about their various options. Whatever the reason, every employer group is different, so you need to be prepared.
The following tips can be helpful when converting prospects regarding their health insurance plans for the next calendar year or when making necessary changes to their plan during open enrollment.
Know the needs of your group. Whether you’re pitching to an HR director, business owner or employee group, you need to have a good understanding of the business. For example, what programs would best fit the needs of the business? Are there insurance products that can help the company overcome specific challenges? Do you know what benefits are more desired by employees? If you’re not sure, talk to the owner or someone in charge of benefits to learn more about how you can better tailor your presentation and offerings.
Break down coverages and terms. From coinsurance to copayments, deductibles to out-of-pocket maximums, etc., health insurance can be confusing to many people. According to a recent Forbes Advisory survey of 2,000 Americans with health insurance, over three-quarters admitted that they are unable to identify simple insurance terms such as coinsurance and nearly half incorrectly defined the terms copayment and deductible. In addition, the survey also showed there is a significant lack of knowledge when it comes to health savings accounts, billing plans and triggers for qualifying events that permit special enrollment periods such as a new baby, switching jobs, marriage and divorce. By breaking down coverages and terms, you can help prospects make more confident and immediate decisions regarding their health care plan.
Be prepared to provide immediate quotes. For many workers, what they’ll pay for health insurance is a key factor in their decision-making process. And while it is time-consuming to generate rates from multiple carriers during an open enrollment meeting, it’s something you need to have a system for. If you have ancillary products such as dental, vision and life insurance that you are looking to cross-sell, on-the-spot quotes are vital, allowing prospects to decide whether they can afford to add additional coverages to their plan. Having rate quote sheets available that compare plans can be helpful, as is a laptop computer that can upload plan details and premiums for ancillary insurance plans.
Create a follow-up system. No matter how prepared you are, there are businesses and individuals who simply won’t commit to a health plan on the spot. This doesn’t mean that you’ve lost them for good. In many cases, prospects just have additional questions or need clarifications regarding plans, or busy business owners have put the process off and failed to follow up with you. When you return to your office, it can be easy to forget about that prospect you needed to reschedule a meeting with or a group that was in the process of deciding between carrier options. Establish a system for following up with prospective buyers so that no matter how busy you become, you can stay on top of the sales process.
About FastrackCE
Do you need to complete your continuing education credits before the end of the year? Don’t panic! At FastrackCE, we make it easy for insurance professionals to maintain CE licensing requirements conveniently online — including life and health, long-term care, and annuity training/certification as well as most state-mandated courses such as ethics and flood. No matter how busy you are, we’ll help you fulfill your CE licensing requirements on your schedule. For information, call 800-544-3605 or visit fastrackce.com.
