Health insurance agents: People will buy for their reasons, not yours

We’ll give you a pass if your first fall with Medicare’s Annual Election Period or the Marketplace’s Open Enrollment Period didn’t meet your sales expectations. There’s a lot to figure out in this industry. But what if you’re into year two, or three, or beyond and still not finding sales success? It might be time to examine your approach to appointments, among other things.

It takes some agents too long to learn this simple truth: People will buy for their reasons, but not yours. They have problems (premiums, coverage, out-of-pocket costs, etc.), and they need you to provide solutions. Let’s dig in. We’ll assume, though, that you’re up to speed on consent and Scope of Appointment requirements.

Mom was right

Growing up, you probably heard “You have two ears and one mouth for a reason.” And in this profession, that’s especially true. In every appointment, your prospect or client should be talking way more than you do. That means you’ll have to ask great questions – and pay careful attention to the responses.

Two questions to get you started:

1. How are you?
2. What worries you about your health coverage?

The first question, simple as it may seem, is powerful. If you’ve got the meeting, folks likely know you have something to do with healthcare. And while most answers will be shallow or surface-level, the folks who really need help will start divulging information right away. They’ll talk about pre-existing conditions, drug costs, and other pain points. Let them do that. And take copious notes.

The second question helps narrow a prospect’s thinking to their health plan. And, their hot-button issues are going to pop right to the surface. They’ll lament high deductibles or out-of-pocket maximums. They’ll mention that referrals are a pain. They’ll tell you about how hard it is to find a doctor. Or, they’ll share worries about drug costs. Here too, you’ll want to fill up your notepad.

Repeat after me

If a prospect is going to put their trust in you, they’ll need to know you understand their needs. The best way to do that? Say those needs right back to them. Here’s where your notes, combined with the power of paraphrase, will do well:

“Ms. Smith, before we go forward, I want to make sure I understand what’s most important to you. It sounds like you want to keep your doctor, but you’re concerned about your monthly premium. Is that correct?”

Notice what happened at the end, there. Right after the paraphrase, allow the client to confirm what you heard. This will help clear up any misunderstandings, and narrow the products you might present to them.

Check it off, and earn multiple closes

Once you’ve identified the concerns, it’s time to match products to them. Of course, you’ll likely be able to cover doctor and drug concerns by selecting the right core health plan from your portfolio.

But, there’s not much you can do about plan benefits, deductibles, or out-of-pocket maximums. Or is there?

This is an excellent opportunity to bring up ancillary products like critical accident, critical illness, or hospital indemnity plans. Here’s why: clients are most likely to meet those high deductibles and OOPMs via some unfortunate accident (we can’t all be good at skiing), a critical illness (no one plans on a heart attack or stroke), or a hospital stay. Each of these products pays your clients whenever they file a claim, allowing them to use that money to offset deductibles, copays, and any other costs associated with the event.

Once you’ve found a product, or combination of products, that addresses each of your client’s top concerns, run through the checklist with them. Show how you’re addressing each need, and they’ll be more likely to follow you along.

Plan your next steps

Once you’ve nailed down the products, it’s time for the applications. Work diligently with your clients to complete them fully and accurately.

But then, let them know what will happen next. When can they expect their ID cards? When will binder payments be withdrawn? Will they have to set up an auto-pay on top of that? And when will they get materials from their new carrier(s)?
This is also a good time to cement your relationship with them. Let them know you’d like to talk again once all their new policies go into effect. At that point, you can review any questions they might have. You also have an opportunity to address any needs you weren’t able to at the first appointment – or to ask about new ones.

You're a problem solver first, a salesperson second

Shifting your approach can be difficult. But, you’re much more likely to have success when your prospects and customers see you as more of an ally. Performing a thorough needs assessment – and showing how you’ll meet those needs – is a critical step in that direction.