As a health insurance Broker, client retention is an important, if not the most important, aspect of your business. From a cost perspective, retaining clients is five times cheaper than acquiring new ones, according to an Invesp survey. In order to retain clients, you need to provide consistent value and positive experiences to the Groups you serve. Here’s how you can be the Broker your clients never want to leave.
Personalize Experiences
Clients know they aren’t your only priority, but they want to feel as though they are. It’s important to build individual relationships with your Groups, so you get a better understanding of their health insurance and benefits needs. Health plans aren’t one-size-fits-all, so it’s important to tailor your offerings when you present to each Group.
For example, one of your Groups may employ several younger employees who are more technology-inclined than another Group you manage that’s comprised of older employees. Presenting quotes for health plans that include telemedicine would likely resonate better with your “younger” Group, while health plans with greater prescription drug spend might appeal more to the “older” Group.
Stay Relevant
The old cliché, “out of sight, out of mind,” can certainly apply to your relationship with a Group. Don’t just reach out to clients during renewal season or if there’s a problem. Scheduling regular check-in calls can help keep your Groups in the loop about changes to their health plans, introduce new technology and address any ongoing Group management concerns.
Provide Expertise
As a Broker, your Groups look to you as a trusted expert to help them navigate the confusing insurance world. Stay up-to-date on new technology offerings, employee benefits trends and updates to health plans and Carrier offerings. When meeting with your Groups, be sure to give detailed explanations of benefits and options and explain any specific insurance jargon in layman’s terms. Remember, just like the Employers you serve are experts in their fields, you need to be well-versed in yours.
Simplify Processes
At the end of the day, if you can help Employers save time and energy while they find the right health plan, they’ll be more likely to continue doing business with you. Look for ways you can leverage technology to streamline the quoting and enrollment processes for your Groups. Transitioning from paper to digital data collection, improving the accuracy of the data transferred to the Carrier and preloading information are all ways Brokers can simplify and better manage the health insurance process for their Groups.
Increase Client Retention
Strong retention rates drive profits, client acquisition and growth. Brokers need to have the right tools in place to continue to meet Groups’ evolving expectations.
FormFire offers Brokers an all-in-one digital platform that gives Brokers a competitive edge. From quoting to enrollment to ongoing Group management, our software offers a simplified benefits experience that can help Brokers save time and impress and retain their Groups all at once. Contact FormFire today to learn more or request a free demo.