In our last blog, we talked about the importance of behavioral economics and how that theory relates to the insurance sales process. As a quick review, each person is influenced by their past experiences and so has subconcious internal biases that affect their decision making. By understanding behavioral economics and how it affects decision making in sales, we can greatly increase sales effectiveness and revenue predictability at your insurance agency.
You’re likely always on the lookout for ways to increase insurance sales, but you may be wondering how behavioral economics plays a role in that. In fact, you may be wondering what the heck behavioral economics is.
In our last blog, we talked about the changing insurance market and overall industry, and the need for brokers to adapt in order to deliver superior client service and build long-term relationships. One of the most important areas that brokers need to focus on thiis adaptation is during the annual renewal.
It’s no secret that the health insurance world is rapidly evolving, and has been for years. The explosion of technology has introduced many changes into the industry, for all parties involved in the process. Health care reform and other market changes have also added disruption and change, not to mention continually rising health care costs that brokers and employers must contend with.
It’s no secret that the Affordable Care Act (ACA) has significantly impacted the group health market, for brokers and employers alike. Brokers found themselves facing many challenges the last couple renewal seasons. Our last two blogs discussed lessons brokers can learn from recent renewal seasons, and a few specific ACA strategies to focus on for their next renewals.
Brokers who normally pride themselves on excellent client service may have had to decrease client facetime in recent years an effort to stay afloat. But that doesn’t have to be the new reality. This blog will discuss how brokers can take advantage of technology solutions to give clients a better experience and improve benefits renewals in the future.
In our last couple blogs, we discussed strategies for maximizing efficiency at your agency. This is so important today, as ACA adds layers of complexity to your processes, and many brokers are worried about their profitability.
The traditional benefits renewal process consists of a broker creating a proposal (usually spreadsheet-based), the broker presenting the plan options to the client, the client asking many questions and taking time to sort through all the data, the broker and client having multiple additional meetings as changes are needed, and finally the client settling on a plan or plans for their group.
The introduction of the Affordable Care Act (ACA) has brought many challenges to the employee benefits industry. One particular challenge for brokers is profitability: as various processes become more complex and time-consuming, brokers worry about maintaining their profitability, particularly with smaller groups.