Individual Health Insurance Marketing

[bushinaustin]

Here's some marketing 101 for health insurance.

1) B to B
I attatched the flyer I use. Simply print them up and hit small businesses. The pitch is simple "Hi, I'm <your> and I'm an independent agent. I'm offering free quotes on affordable health insurance plans available through <insert> Do you have your own coverage or group? Look for a 5% response - for every 20 businesses you walk into it's one lead.

2) Cold call telemarketing
Buy a list for a variety of internet sources like USA data and start calling: "Hi, I'm John Petrowski from the Health Solutions Agency. I'm letting business owners like yo urself know about a variety of affordable health insurance plans through companies like Aetna, Time, United Healthcare and Blue Cross. Do you have your own coverage or group? Look for a 2% to 3% response.

3) Shared internet leads
You can buy leads from $6 to 15% a pop with $8 being the standard price. Look to close 1 out of 15 if you're new. If you're looking for 4 to 5 deals per week you'll need at least $500 per week. You'll also need that every week for at least a month before commission roll in. Since you'll be competiting with seasoned agents you'll really need to be on your game for this method to work.

4) Hire a telemarketer
Put an ad out on Craigslist and hire an in-house telemarketer. Have her/him come over to your place, pay about $12 per hour flat and about 4 hours per day of calls should do it. That should generate 8 solid leads and a deal a day.


MARKETING THAT SOUNDS COOL BUT DOESN'T WORK

1) Postcard mailers
Expensive and low return. 40 cents a pop and mail 1,000 at a cost of $400. Return is .05% or 5 leads. That's $80 a lead and you might not close any of those 5 leads. Or you might close one but it's a low individual premium that doesn't even earn you $400 in commish.

2) Ads in local publications
Failed concept. Small ads that are inexpensive and don't get hardly any return. Quarter page or larger ads are expensive and the majority of your calls with be from broke or uninsurable people. Only works well on a large scale - thousands of dollars.

3) Friends and family then expand off referrals
This is the MLM mentality - you sell a friend, get 5 referrals then each one of them give you 5 referrals and after a while you have hundreds of people to call. Ummmm, no. Doesn't work. You'll sell one or two of your friends and family and it'll end there. Oh, then your family member calls you bitching about the plan.

4) Business by osmosis
Some new agents think they just have to pass around their cards and basically let everyone know they sell health and the phone starts ringing. No, it won't.

5) Networking clubs
Although this method might get you the occasional deal it by no means will get you those 4 to 5 consistent deals per week you need to make this work.

Um this was posted in 06 would this work today after barrack destroyed the economy and the insurance industry?

 

[NCROSS]

Thats what I was afraid of. I wonder if any of the health companies will weather the storm or if it is inevitable they close their doors.

 

[COInsguy]

Thats what I was afraid of. I wonder if any of the health companies will weather the storm or if it is inevitable they close their doors.

Someone somewhere will still continue to make money in Insurance. Just like real estate, I got out when it went bust. However, I know a handful of agents who are closing 5-10 deals per month and making more than ever. They simply stepped back, figured out a new plan and attacked.

Same goes here, people haven't stopped needing insurance. You just have to find a different approach to sell it profitably. Myself & Agents who stuck with it are made more first year commission this December going off the new comps than they did 1 year ago same time.

 

[NCROSS]

Geez and I thought I couldnt spell!

 

[Shiddique]

It is not that extraordinary.

Without the public option, It was necessary to force private insurers to accept preexisting conditions.

Forcing insurers to take preexisting conditions required a mechanism to keep people from waiting until they were sick to buy insurance.

It is the simple and logical result of the public option being stricken from the bill.

 

[COInsguy]

It is not that extraordinary.

Without the public option, It was necessary to force private insurers to accept preexisting conditions.

Forcing insurers to take preexisting conditions required a mechanism to keep people from waiting until they were sick to buy insurance.

It is the simple and logical result of the public option being stricken from the bill.

Completely random point in regards to how to turn a profit as an Insurance agent.

You also used some interesting words that are a bit anti-constitutional FORCE & PRIVATE to do anything other than not violate another private citizens rights. There is no simple & logical result to 2200+ pages of legislation in ANY country let alone the U.S.

 

[CHUMPS FROM OXFORD]

He likes Harry Potter so he can't be all bad!

 

[NCROSS]

I am aghast at those who are for government control over their lives. America has been a powerhouse for years so why are we trying to mimic communist countries and become bankrupt like them? I applaud Coinsguy for being able to make a profit with the new commissions. I crunched the numbers and with Aetna's new commission schedule (4%, 3% renewal)I will lose money just on the paper and toner I use selling their products. My profit would be around $3 an hour at my current rate of sales? I mind as well get a job at McDonalds. I do not want to drop selling health insurance and focus only on my other products but I may have to to keep the doors open.

 

[sherryl]

Where Is Best Place To Learn About Selling Health Insurance Group And Single?

 

[jginsurance]

Um this was posted in 06 would this work today after barrack destroyed the economy and the insurance industry?

The economy was already destroyed by the republican party when Obama inherited it.