Can be offered as add-on products to existing customers making it easier to generate more commissions on renewal
It is unfortunate that the concept of renewal commissions has been devalued and twisted. Rational line products have seen high competition and rising client premiums. But health insurance brokers can partner with insurance companies offering innovative products, which makes them easy renewal sales and commissions on renewal contracts.
Invest in a good CRM
Invest in a decent CRM. Even the best agents don't close 100% of their leads. There are always going to be people that are not ready yet. 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. I have received dozens (possibly into the hundreds now) of sales from past leads that contacted me from an automated CRM email months after I got the original lead.
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. Traditional insurance training is becoming irrelevant in the face of more globalized markets and technology.
Additional training on digital marketing, time management, and using technology to reach more clients and brand building is needed. Insurance brokers must keep updating their skills to remain relevant and competitive.
Flexibility in the workplace means faster adoption of technology and encouragement of innovation. In a workplace where agents are younger and more tech savvy, insurance brokers can use tech knowledge to their advantage. Costs can be cut by deploying tech in communications and teamwork. There is no need to have physical meetings in the office when Skype can work. Agents are able to expand their areas if they are given the right tools and a freer hand.
There is still money to be made in selling health insurance products. Insurance brokers who are innovative and willing to expand their portfolios will keep commissions flowing in.
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