The health insurance industry changes every year. But the enactment of the Affordable Care Act (ACA) has perhaps transformed the industry more than the usual year-to-year changes, as traditional responsibilities of various healthcare stakeholders have shifted.
In an age when clients demand personalization and substitutes are always just a quick search away, the customer experience is quickly becoming a key differentiator for businesses in all industries. In other words, it’s no longer enough to simply ensure your clients are satisfied; you need to include your clients in your new insurance marketing ideas.
Selling health insurance is an incredibly competitive business. Even the best agents have their work cut out for them as clients switch health insurance plans on a regular basis.
Health insurance agencies and brokerages are always trying to land new clients to grow their business.
To do that, many of them make prospecting a continuous top priority while focusing on traditional marketing and content marketing outreach.
Although this approach can certainly help you get the results you’re hoping for, you actually stand to get even better results by launching a referral marketing program that incentivizes your clients to market your business on your behalf.
Back in the day, insurance agents and brokers would have to manually compile quotes from several different carriers every time a prospect reached out.
Not only did this process take a lot of time, but it also lent itself to human error. Agents and brokers would cross their fingers and hope they wrote down the right quote to relay to their prospect. Otherwise, that individual would probably look elsewhere for insurance because they made a mistake and quoted the wrong price.
Thanks to the evolution of technology, new tools enable insurance brokerages and agencies to streamline and improve the quoting and enrollment process considerably while reducing the likelihood of errors.
Move over Gen X; millennials are all the rage these days.
According to a recent study by Pew, millennials became the biggest chunk of the workforce in 2016. Today, more than one out of every three workers is a millennial.
In addition to transforming the workforce, millennials are also transforming the way many industries operate. For example, millennials are much less likely to own homes than previous generations, and of those who are homeowners, 68 percent regret their buying decision. Beyond that, millennials are also more likely to eat out, spend money on extras—like tech gadgets and Uber rides—and pay for experiences.