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HOW TO INSURE SMALL GROUP HEALTH INSURANCE
National Edition
You insure the vehicles. You insure the equipment. You insure the liability. You insure the workers' compensation. But there's another question worth asking: WHO IS HELPING YOUR CLIENT INSURE THE PEOPLE WHO MAKE THE BUSINESS RUN? For many employers, health benefits aren't simply another insurance expense. They can affect:
The producer needs to know how to recognize the opportunity, gather the right information, and help the employer work through the choices. And then comes the question most training leaves unanswered: WHERE DO YOU FIND THE EMPLOYERS? You may already insure them. DON'T START WITH A QUOTE. A business owner says: “How much would group health insurance cost?” It's tempting to start shopping immediately. Don't. First, understand the business. Ask:
WHAT YOU'LL LEARN This practical producer guide helps you work through:
“Send me a census, and I'll get you a quote.” It's a business conversation. WHO IS THIS GUIDE FOR? Especially useful for:
YOUR PROSPECT LIST MAY ALREADY BE BUILT. WHAT DOES THE EMPLOYER ACTUALLY WANT? Employers don't all buy health insurance for the same reason. One may say:
So don't begin with an identical solution. FIND OUT WHY THE EMPLOYER CALLED. THE CENSUS MATTERS. Small Group quoting generally requires accurate information about the group and eligible population. Bad data creates bad quotes. The producer needs a disciplined census process. Depending upon applicable requirements and the market, information may include items such as:
Never manufacture census information to obtain a quote. GOOD SUBMISSIONS START WITH GOOD DATA. ELIGIBILITY MATTERS The producer needs to understand applicable eligibility requirements and current carrier rules. Questions may involve:
The safe producer habit is: VERIFY CURRENT REQUIREMENTS. EMPLOYER CONTRIBUTION MATTERS. The employer may contribute toward employee coverage. Employees may pay part of the cost. The employer may ask:
Requirements can vary. Verify current applicable carrier and market rules. The guide teaches the producer to identify the question and know when verification is required. PARTICIPATION CAN MATTER. An employer may say: “I have 12 employees, but only three want insurance.”
VERIFY BEFORE PROMISING. DON'T SELL PREMIUM ALONE. The cheapest plan on the spreadsheet may not solve the employer's problem. Consider:
EMPLOYEE COMMUNICATION CAN MAKE OR BREAK THE PROGRAM The employer may understand the plan. Employees may not. They need clear explanations of issues such as:
SERVICE CREATES RETENTION. THE RENEWAL IS NOT JUST A PRICE SHOP. At renewal, ask:
Not merely a premium comparison. NOW LET'S FIND THE PROSPECT Here's where this book becomes especially valuable to P&C agencies. OPEN YOUR COMMERCIAL BOOK. Start there. PROSPECTING TRIGGER #1 YOU ALREADY WRITE THE COMMERCIAL ACCOUNT. You insure:
“WHO HANDLES YOUR EMPLOYEE BENEFITS?” That's it. You don't need a complicated opening script. Then listen. PROSPECTING TRIGGER #2 THE BUSINESS IS HIRING. The owner says: “We can't find good people.” Don't hear only: “Payroll may increase.” Hear: RECRUITING PROBLEM. Ask:
PROSPECTING TRIGGER #3 EMPLOYEE TURNOVER The business keeps losing employees. Benefits may or may not be part of the problem. Don't assume. Ask.
PROSPECTING TRIGGER #4 BUSINESS GROWTH
PROSPECTING TRIGGER #5 THE OWNER COMPLAINS ABOUT HEALTH INSURANCE The business owner says: “My health insurance is killing me.” Don't just sympathize. Ask:
PROSPECTING TRIGGER #6
THE COMMERCIAL RENEWAL Add one question to your commercial renewal checklist:
“Who currently helps you with them?” You may discover:
PROSPECTING TRIGGER #7 A NEW BUSINESS A startup may begin without benefits. That's understandable. But as the company grows, the conversation can change. Document the opportunity. Follow up later. NOT EVERY “NO” MEANS “NEVER.”
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BUILD A SMALL-GROUP PROSPECT LIST FROM YOUR OWN BOOK
Run your commercial accounts. Look for businesses with employees. Then identify appropriate prospects based on what you know. Potential categories:
Then ask one question: “WHO HANDLES YOUR EMPLOYEE BENEFITS?” That's a prospecting campaign. DON'T IGNORE WORKERS' COMPENSATION DATA A commercial P&C agency may already know:
That doesn't establish Small Group eligibility. But it can tell the producer: “THIS ACCOUNT DESERVES A BENEFITS QUESTION.” NICHE THE PROSPECTING Generic message: “We sell group health insurance.” Better:
Not your product. CENTERS OF INFLUENCE Who talks to small employers regularly?
EDUCATIONAL PROSPECTING Business owners have questions. Answer them.
Then invite the employer to talk. A 30-DAY SMALL-GROUP PROSPECTING PLAN WEEK 1 — FIND 25 EMPLOYERS
WEEK 2 — ASK THE BENEFITS QUESTION
WEEK 3 — PUBLISH ONE EMPLOYER QUESTION Example:
Don't simply advertise. WEEK 4 — FOLLOW UP Track:
THE RENEWAL DATE MAY BE ONE OF YOUR MOST VALUABLE PIECES OF INFORMATION Suppose the employer says:
Ask:
You don't need to attack the incumbent broker tomorrow.
GOOD PROSPECTING RESPECTS TIMING. ONE GROUP HEALTH CLIENT CAN CHANGE THE COMMERCIAL RELATIONSHIP Suppose you already write the employer's workers' compensation. Then you add health insurance. Now you're talking to the client about:
YOU BECOME PART OF THE BUSINESS CONVERSATION. REAL-WORLD PRODUCER THINKING. The guide includes practical Small Group situations involving:
They need to recognize what must be verified. PRACTICAL PRODUCER TOOLS Use the guide for:
WHAT COULD ONE SMALL-GROUP CLIENT BE WORTH? The guide costs: $25.
$25 — BUY IT ONCE. USE IT FROM NOW ON. CLICK HERE TO BUY — ONLY $25 KNOW HOW TO WRITE SMALL GROUP...BUT NEED MORE EMPLOYERS TO TALK TO? This is where your prospecting services fit naturally. FYI Express+ can help agencies develop educational marketing and local visibility around specific business niches. Don't simply advertise: “We sell group health insurance.” Ask the question the employer cares about:
ASK EDDIE ABOUT SMALL-BUSINESS PROSPECTING & FYI LOCAL VISIBILITY RELATED HOW-TO INSURE GUIDES INDIVIDUAL HEALTH INSURANCE
BUSINESS OWNERS WITH LIFE INSURANCE Protect the person behind the company as well as the company itself. VIEW GUIDE KEY PERSONS Identify employees the company may not be able to afford to lose. VIEW GUIDE DISABILITY INCOME Help protect another asset every employee depends upon—the paycheck. FREE SAMPLE DOWNLOAD FREE GUIDE HOW TO INSURE SMALL GROUP HEALTH INSURANCE.
Buy It Once. Use It From Now On. CLICK HERE TO BUY FYI EXPRESS+ Practical Training. Better Producers. Stronger Agencies. Learn the Coverage. Find the Prospect. Build the Account. |
