Health Insurance & Employee Benefits Expert Media Source

Have a door opener/ add-on product
There are many changes that are happening in the health insurance industry, including higher competition, that are affecting earning capability for insurance agents. However, our MedCard membership is an innovative product that can help agents get in the door and fill a gap in many policies.  For instance, the card provides discounted lab and Rx rates, 24/7 doctor access via video or phone, health advocates and more. 

Supplemental Coverage
Many agents are also finding that providing accident and illness coverage to their customers not only fills a gap, but also provides a healthy first year commission to the agent. So, In an effort to diversify, Insurance agents can sell insurance products that:

• Appeal as door openers, enabling agents to differentiate themselves and grow the client base
• Can be offered as add-on products to existing customers making it easier to generate more commissions on renewal
  

Niche down
Niche products are narrowly defined and applicable to a small client base. There are fewer players competing which means that with good marketing, an insurance agent can make a good name pretty fast. Here's how Selling niche products has its advantages;

• There is a smaller and well-defined market segment to work with
• There is less competition

Renewal commissions
The concept of renewal commissions has been devalued and twisted. In addition, traditional line products have seen high competition and rising client premiums. So health insurance brokers may want to partner with insurance companies offering innovative products. These can provide easy renewal sales and commissions on renewal contracts. 

Invest in a good CRM
Invest in a decent CRM. Keep in mind, even the best agents don't close 100% of their leads. There are always going to be people that are not ready yet.  However, having a CRM that sends out emails to past leads and reminds you to make an occasional call can make a huge difference in your business. As a result of my CRM, I have received dozens (possibly into the hundreds now) of sales from past leads that contacted me from an automated CRM email. Moreover,This can happen sometimes even months after I got the original lead.  

Additional training
Ask 10 insurance brokers how to create a Facebook ad, and it is likely that seven of them have no idea of what is done. Because traditional insurance training is becoming irrelevant in the face of more globalized markets and technology, additional training is needed.

Additional training on digital marketing, time management, and using technology to reach more clients and brand building is needed. In short, insurance brokers must keep updating their skills to remain relevant and competitive. 

Increased flexibility
Flexibility in the workplace means faster adoption of technology and encouragement of innovation. Therefore, in a workplace where agents are younger and more tech savvy, insurance brokers can use tech knowledge to their advantage. Secondly, it should also be noted that costs can be cut by deploying tech in communications and teamwork. In addition, agents are able to expand their areas of practice if they are given the right tools and a freer hand. 

So in review, many brokers still believe there is money to be made in selling health insurance products. In other words, insurance brokers who are innovative and willing to expand their portfolios will keep commissions flowing in.