As health insurance brokers and agents adjust to a "new normal", many are looking to diversify their product offerings and increase their client base. Here are our top five health insurance broker tips for increasing your client base.
#1: Identify Your Niche Market/s
Don't try to be everything to everyone. Know your specific market (or markets) and approach that market with solutions that fit their unique challenges. Aim to identify one to three markets, and position yourself as an expert.
#2: Understand Your Ideal Customer
Once you understand your market, aim to understand the buyer. This includes understanding your ideal customer's occupation, demographic, attitude toward health insurance, how they use technology, and their daily responsibilities and challenges.
The more clearly you understand your ideal customer, the easier it is to build your prospect list and effectively communicate your offerings. You can have several different ideal customer profiles for each of your market segments.
For example, see the ideal customer for defined contribution healthcare.
#3: Identify (and Communicate) Your Value Statement
What value do you bring to each of your ideal clients? This is your value statement, and it can include:
The type of work or services you provide
Your area/s of expertise
The type of companies you typically work with
Advantages of working with you
Why is it valuable to work with you; what is the ROI?
Once you identify your value statement, communicate this verbally and in writing (through your website, a leave-behind printed brochure, etc.).
#4: Build Your Prospect List
Once you have nailed down your market, ideal customer, and your value statement, build a list of prospective clients. There are several ways to build a high-quality prospect list, including:
Industry directories and publications
Networking and events
LinkedIn and social media
Existing client referrals
Focus first on the "low-hanging fruit" - those prospects with a personal connection (such as referrals and networking). Keep your list up to date, and don't forget to stay in contact with prospects who, at first, say no.
#5: Communicate Often, and In Different Ways
When reaching out to prospects, communicate often and in different ways. Be helpful and add value in every contact. Don’t talk product, talk benefits. Don’t pitch the solution too soon.
How many touches does it take? Research shows it takes many attempts to get through to prospects… 7, 8, 9, or more. It often takes more touches than you think. And, use of variety of methods such as calls, email, and in-person.
If you're a health insurance broker, what are your tips for increasing your client base? Leave a comment.
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