Are you a health insurance agent trying to sell coverage to small and medium-sized businesses (SMBs)? Well, we know that it can be quite the challenge! SMB clients have unique needs and concerns when it comes to finding the right health insurance plans for their employees. But fear not, because in this blog post, we’ll share some valuable tips to help you navigate this market successfully. Let’s get started!
Understand the SMB’s unique challenges
SMBs, or small and medium-sized businesses, often face unique challenges when it comes to health insurance. Unlike larger corporations, SMBs typically have smaller budgets and limited resources to allocate towards employee benefits. This means that they are looking for cost-effective solutions that provide adequate coverage without breaking the bank.
With fewer employees, SMBs also have a much harder time meeting a group health insurance plan’s minimum participation requirements. Plus, if they have employees who are still on their parents’ insurance, older employees who are eligible for Medicare, or others who don’t want to join a group health plan, SMBs need a more flexible solution.
They want plans that can be customized to meet their specific needs and cater to the diverse demographics within their workforce. Instead of promoting a group health plan, reimbursement models, such as HRAs and health stipends, provide more cost-effective and flexible health benefits.
Guide SMBs through the buying process
Compared to larger enterprises, SMBs tend to move through the decision-making process much quicker because they have fewer layers in their organization’s hierarchy. Start by asking the right questions to make sure you’re talking with the right person(s):
- Who will be involved in the decision?
- What are their steps to make a decision?
- Who are the most influential decision-makers? At what stages should they be involved?
- What does each decision-maker want? What are their problems/needs?
- How does each decision-maker feel about health benefits and what priority do they place on finding a solution?
Once you have the answers to these questions, you’ll be able to match your sales process to the SMBs decision-making stages.
Additionally, if you sign up with Inshura, a full-featured, FREE, online ACA quoting and enrollment solution featuring advanced automation, you’ll reduce your workload and quickly enroll SMBs in minutes.
Touch base with your clients in a variety of ways
One of the key strategies to successfully sell health insurance to SMB clients is making multiple touches in a variety of ways. This means reaching out to them through different channels and at various intervals. Here are some effective approaches you can take:
- Personalized emails: Sending personalized emails that address the specific needs and concerns of each SMB client can go a long way in building trust and establishing rapport. Make sure to highlight how your health insurance solutions can help their business thrive.
- Phone calls: While email communication is convenient, don’t underestimate the power of a personal phone call. It allows for real-time interaction, creating an opportunity for you to answer any questions or address any doubts they may have.
- Social media engagement: Many SMB owners actively use social media platforms as part of their marketing strategy, so why not leverage this channel? Engage with them on platforms like LinkedIn or Twitter by sharing valuable insights and resources related to health insurance for businesses.
- Webinars and workshops: Hosting webinars or workshops specifically tailored for SMB clients can be an excellent way to demonstrate your expertise while providing them with valuable information about health insurance options available to them.
- In-person meetings (when possible): If feasible, meeting face-to-face with potential clients allows you to create a more personal connection and showcase your dedication towards helping their business succeed.
Remember, when making multiple touches, it’s crucial not to come across as pushy or intrusive. Instead, focus on demonstrating value and understanding their unique challenges while offering insightful solutions.
By implementing these strategies consistently over time, you’ll increase your chances of selling health insurance policies effectively within the SMB market segment.
About Inshura
Inshura is a FREE online ACA insurance tool, perfect for agents and agencies! Agents can boost their ACA and other enrollments using this easy-to-use solution for quoting, enrolling, automating renewals, and managing clients!
And inshura is CMS EDE PHASE III certified, so it automatically exchanges data directly from the Marketplace.
