Group Benefit Manager here at Benefits. Some of you may already know me or we’ve already spoken, but just a little bit about myself: I’ve been working with Benefits for close to eight years now and I’m excited for what’s to come. With open enrollment for ACA and AEP right around the corner, this new group benefit program is going to help put some extra money in your pocket and help grow your book of business.
In this training, I want to go over our three-part process and how to sell group benefit plans.
A Little Background
I’ve worked as an independent agent for many years now, selling ACA, Medicare, life insurance, and supplemental plans. I mention this because as an agent, I understand all too well how important being efficient is, as well as practicing time management.
You only have so many hours in the day, and sometimes we may overlook opportunities with members, which is why having the right type of support is the key to success.
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This program is designed for new agents as well as experienced agents. We want to help take some of that workload off your plate. By partnering with us on the group side, you have the ability as an independent agent to sell group policies on your own.
But this program is designed to help you either get started, and if you’re just learning how to sell group, it’s a great way to have hands-on training. And if you’re experienced, this program is going to help you become more efficient by freeing up some of your time and taking some of that workload off your plate.
Getting Started: Finding Group Prospects
A lot of times we come across members we’re enrolling on the individual side, and they may mention that they are small business owners, or perhaps they know someone who is and want to refer you the business. As agents, we sometimes get so wrapped up with selling the policy that we put their information aside, or perhaps we just don’t follow up because we get stuck and don’t know where to go next. Group benefits can be confusing if it’s unfamiliar territory.
Here’s a quick tip: don’t be scared to ask for referrals from your individual clients, because they may be business owners or perhaps they can refer you to someone they know who is a business owner.
The first thing I recommend is to take notes. If you’re not familiar with group plans, don’t go into too much detail upfront. Rather, try to gather as much information as possible so that we can set up the initial discovery meeting with some information already in hand.
Once you have a group or small business prospect, try to lock them into a date to schedule a meeting and ask them whether they prefer a Zoom meeting or a conference call. At this point, you can let them know that you’re going to have your group benefit partner on the call or the Zoom meeting. If you prefer to have the meeting on your own, just let me know and we can help you with the presentation. We can put it together for you, give you the email templates, and set you up so that you feel comfortable however it is that you want to deal with your client.
Either way, let the prospect know that you’re going to send them the group census, and we need that filled out before we can give them any type of specific information. Technically, we have the discovery meeting first and then send them the census, so sending it upfront is completely optional. Either way, the next step will be the discovery meeting, also called the fact-finding meeting.
The Three-Part Process
All of the above leads into the three-part process, which I want to keep simple, because keeping the process simple not only benefits the agent but it also benefits our members.
Once we’re in the discovery meeting, we introduce ourselves and want the prospect to feel comfortable knowing that they have a team of people working to find solutions for them. We focus on attention to detail.
Part 1: HRA Options
The first part of the process is going over HRA options. An HRA is a Health Reimbursement Allowance. If it’s something they want to learn more about, we set up a separate meeting with our HRA specialist so they can go over calculations and specific details. If you want to learn more about HRAs, feel free to visit our website at hraoptions.com and feel free to share it with your prospects as well.
This may not be for everyone, but there are some flexible options that we want to explore and discover different solutions to fit their needs. An HRA may or may not be suitable for the client or the prospect, but it’s a great way to get the conversation going. It’s also a great way to get your foot in the door if you ever come across a potential prospect, because most people don’t even know what an HRA is. This gives you the opportunity to spark their curiosity and let them know that we can set up a second meeting if it’s something they’d be interested in learning more about.
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At this stage, I wouldn’t go into too much detail upfront because we’re still discovering their needs and exploring their options.
Part 2: Traditional Health Plans vs. Self-Funded Plans
The second part of the process is comparing traditional health plans to self-funded plans. With self-funded plans, most of the group has to be healthy because these types of plans are typically underwritten. We’ll cover the specifics of self-funded plans in a separate training, and you can also check out our full group benefit training at ensureuniversity.com.
Once we go over these options, if they want to get a quote right away, we need that census filled out. That’s why I mentioned earlier that you could be proactive and email them the census upfront before the discovery meeting. If not, we let them know at this stage that we’ll be sending it, because we can’t give them any type of pricing until we have that information.
Essentially, we’re comparing self-funded plans, where the business owner can get a portion of their claims money back at the end of the year if not all of it, compared to traditional health plans. That is the second part of the process.
Once we explain how the different types of plans work and go over the HRA options, we should have a good idea of what the prospect is looking for. When it comes to health plans, we browse around a thousand different plans and narrow it down to two or three options, which gives their employees choices based on their budgets. We can filter down to specifics based on co-pays, co-insurance, deductibles, and networks such as PPOs, HMOs, POS, and EPOs. Whatever they’re looking for, we can narrow it down and give them exactly that information.
Part 3: Supplemental Plans and Voluntary Employee Benefits
The third part of the process is supplemental plans, otherwise known as voluntary employee benefits. Keep in mind that employees don’t need a major health plan to enroll in voluntary benefits. These types of benefits, such as disability, dental, cancer policies, and life insurance, can be standalone or set up to complement what they currently have in place, or to complement their health plans.
From Discovery Meeting to Presentation
In the discovery meeting, we lay out the three-part process: exploring HRA options, going over traditional health plans and group reimbursement plans, and touching base on voluntary employee benefits. We should have a feel for what the business owner is interested in, and we guide them along the way.
Although we go over the basics in the discovery meeting, we take things step by step. The next step is to create the presentation based on the information gathered. We go back to the drawing board and build it out. We also send them some information they can review directly to their email, but we want to make sure we don’t overwhelm them with too much information upfront and cause paralysis by analysis. Again, we guide them step by step throughout the entire process.
The Value of Partnering With Us
By partnering with us here at Benefits, you’ll find the value in having a partner that takes the workload off you, creates the presentation and quotes, and helps you explore additional opportunities that are often overlooked. That means more benefits for the prospect and more money in your pocket. We can help create a seamless experience for our members, help grow your book of business, and keep it on the books. Not only will our members stay with us long term, but they’ll be more than happy to refer you to additional business owners they may know. It’s all about creating that experience and doing what’s right for our clients.
Marketing Tools Provided to Partners
As an added benefit to our partner program, our marketing team will provide you with business marketing tools, including:
- Email templates
- A landing page
- A flyer to attract prospects
- Additional training
- A prospecting script
- Consultations with a team of experts
We also have a few free products we can offer prospects, such as MD Live and free accidental death and dismemberment insurance at no cost to the employer, just for allowing us to present our services. These are great tools to use when prospecting and offering someone something just for their time to get your foot in the door.
How Commissions Work
Typically, there is a 50/50 commission split on the group health plan, which stays in place for the first three years. The agent as well as Benefits are both agents of record. After those first three years, the agent becomes the sole agent of record, unless the agent wants us to continue servicing that account. We can always discuss that down the line.
To participate in this partnership program, we ask that agents work one or two group policies with us. After that, you may feel comfortable enough to do everything on your own, but keep in mind that you can partner with us as often as you would like. The value is not only the experience you’ll gain by working with us on these group plans, but also freeing up your time and making the process easier and more efficient so you can focus on your individual line of business and administrative work, especially during open enrollment.
How to Get Started
To get started with our partnership program, you can email me directly at melvin@benefits.com or write to us at office@benefits.com and request the agent agreement form. We will then send you the email, and all you have to do is review it and simply reply that you agree. Once you agree, you will receive a separate email with the DocuSign, which you electronically sign agreeing to the terms and conditions. You don’t have to be contracted with the carriers upfront to start doing business. We can start right away.
Frequently Asked Questions (FAQ)
What is the three-part process for selling group benefits?
The three-part process consists of: (1) exploring HRA options, (2) comparing traditional health plans to self-funded plans, and (3) presenting supplemental and voluntary employee benefits.
What is an HRA?
An HRA stands for Health Reimbursement Allowance. It is a benefit option that allows for flexible reimbursement arrangements for employees. You can learn more at hraoptions.com.
Do I need to be experienced in group plans to use this program?
No. This program is designed for both new and experienced agents. If you’re new to group plans, it serves as hands-on training. If you’re experienced, it helps you become more efficient by handling much of the workload for you.
Do I need to be contracted with the carriers upfront?
No. You do not have to be contracted with the carriers upfront to start doing business. Once you sign the agent agreement, you can get started right away.
How are commissions structured?
There is typically a 50/50 commission split on the group health plan for the first three years. After that, the agent becomes the sole agent of record, unless they prefer to continue the partnership arrangement.
What marketing tools will I receive as a partner?
Partners receive email templates, a landing page, a prospect flyer, additional training, a prospecting script, and access to consultations with a team of experts.
How do I get started?
Email Melvin directly at melvin@benefits.com or write to office@benefits.com to request the agent agreement form. Review it, reply to agree, and then sign the DocuSign electronically to finalize the partnership.
What is a self-funded plan?
A self-funded plan is a type of group health plan where the business owner can potentially get a portion of claims money back at the end of the year, as opposed to a traditional health plan. These plans are typically underwritten and work best when most of the group is healthy.
Can I still partner with Benefits after becoming experienced?
Absolutely. You can partner with us as often as you would like, even after you feel comfortable running group policies independently.
Conclusion
There is so much added value to partnering with us on the group side. The goal of this training was to give you a heads-up on our program, what it’s all about, and our three-part process, so we can keep it simple and get you started making money and building your book of business.
If you have any further questions, feel free to reach out by email. Also feel free to visit our website and our YouTube page to check out our video content. Thank you for your time. We wish you much success.
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