How Brokers Can Increase Revenue in 2023

John David Garletts

Brokers, Healthcare Coverage, Small Group, Technology

February 10, 2023

As an insurance broker, your business is to provide the right coverage for your clients. When it comes time to quote healthcare coverage options, clients both large and small want to make sure they are spending their money wisely. One of the best ways to help clients know they have the best plan option for themselves, and their team is to offer more plans from more carriers. This allows your clients to see a range of possible benefits, this puts them at ease and helps you transition the conversation from cost to actual benefits, coverage, and educating the client about their choices. In turn, these added benefits help you generate more revenue and potentially grow your book of business.

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More Options = More Profits

Offering a wider range of health insurance options to your clients can help you generate more revenue in a few ways:

By offering a variety of health insurance plans from different carriers, you can appeal to a wider range of clients with different healthcare needs and budgets. This means expanding your book of business and growing your client list.
Offering additional insurance products, such as vision and dental coverage, can also help you generate more revenue. Ancillary coverage options can be quoted instantaneously through software allowing you as a broker to never leave any revenue on the table. These types of coverage provide additional revenue, making groups (especially smaller groups) much more profitable.
By staying informed about the latest developments in the health insurance market, you can be better equipped to help your clients make informed decisions about their coverage and potentially generate more revenue through referrals and repeat business.

It's important to keep in mind that as an insurance broker, your primary goal is to help your clients find the coverage that best meets their needs and budget. By offering a wide range of options and providing knowledgeable, unbiased advice, you can build trust and credibility with your clients, which can lead to more business and revenue in the long run.

Offer More with the Help of Software

After reading all of this you may be thinking, how do I ensure I am offering my clients the best choices and a wider range of plan options including ancillary coverage. Often times it is hard to add these additional carriers and a wider range of options without spending more time and money with each client. By finding and utilizing software like that created by MyHealthily, brokers can instantly quote 135+ carriers including ancillary coverage options for each of your clients. This allows you to spend less time and money on the quoting process. Clients are happier because they are able to see quotes instantly and you as a broker are generating more revenue per client.

The MyHealthily platform allows agents to quote and start enrollment for clients in about 45 minutes. So, if you work with a client and they do not see the value of the options presented, you have lost minutes not weeks. The minimal amount of time and energy softens the rejection and allows you as a broker to move forward with your next client in

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How Brokers Can Increase Revenue in 2023

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More Options = More Profits

Offer More with the Help of Software