Here at ArmadaCare, we understand the savvy health benefits broker is constantly looking for ways to interact with prospective clients as efficiently and effectively as possible. Understanding their most asked questions can help you be best prepared in that endeavor. With that in mind, what prospective client questions do you need to look out for?
1. What is your method for controlling healthcare costs?
Potential clients will want to see options and understand the potential impact of those options on their company. This means coming prepared with enough potential options and benefit structures so that you can find the right fit. This will, naturally, be different for each client. Product differentiation is the easiest way to stand out among your competitors. Employers are typically looking for something new that can make a real impact. For example, our suite of supplemental expense reimbursement insured products can also help solve employers’ turnover costs as well.
2. Do you have solid references and industry experience?
Clients will want to be reassured (possibility multiple times) that they’re speaking with a trained professional in the field. Be ready to share details on your past experience and also what you’re currently doing in the present to remain up to date on industry changes.
3. What kind of online enrollment and other tools do you offer?
It’s important to touch on the need for online processing tools and the convenience they provide. 40% of companies do not use an online platform or software for plan enrollment.1 And 52% of advisers feel their success and the success of their clients relies on technological innovation.1 That’s nearly half your potential clientele. Have a few optimization tools on hand for reference to begin with.
4. How do you plan on handling the renewal process?
Do you use a passive renewal, auto-renewal and active renewal process? Explain to the client as clearly as possible the difference between them. A broker who can work on optimizing the plan year-round will know how best to negotiate a better renewal rate and give suggestions for superior products. This affords both you and the client time to solidify data and make the right decisions for renewals.
5. How will you determine the best coverage?
Clients’ needs might change over time for a number of different reasons. This could be from things like growing or shrinking employee counts, dissatisfaction with their current product, external factors beyond their control and more. A savvy broker knows they need to demonstrate both the ability to create different packages and keep track of client’s business needs based on the financial information they provide to you. ArmadaCare’s insured products are capable of addressing individual needs of employers by the very nature of them being targeted benefits. This means they can be offered to select employee classes, giving employers the power to decide what insurance product will work best for each constituent group.
Understanding the importance of these five questions will help prospective clients feel at ease in such a competitive market where the talent pool is shrinking as it is. Knowing these essentials will help you solve not only their benefit problems, but their business problems as a whole.