Insurance Clients

Remember that an Insurance client is never a closed account.

Perhaps you will open an additional line of business. Perhaps they will refer additional clients to you. Perhaps another broker will approach them. Obviously a high level of professionalism is paramount but other features can augment a client’s experience.
Help them complete claims with the insurance company for benefits they feel they are entitled to. Some medical expenses will require pre-certification by the insurance company, it’s just important that your client’s doctor check with the insurance company for questionable procedures. Claims will often be responded to in an explanation of benefits which is the insurance company’s official response to claims.
Call them at renewal time and make sure they are happy with their policy.
Learn about changes in their lives which might make changing policies financially beneficial.
Once they have signed with you on a policy, try and sell additional lines of coverage. Increased lines of coverage improves retention of clients because then you become a reference point for their financial needs If you see the opportunity for a relationship between two of your clients give a polite mention (the longer they are in business, the longer they can be your clients)
Distribute satisfaction surveys (or we can) to find out what their happy with and what additional needs they have. With a free google account, on our website, we hav ea form you can send and get the reply for.
Managing your client’s needs is an art, however, remember that the more lines of business your client files through you the more likely it is you will retain them as a client.

Choosing Insurance Carriers

Choosing Insurance Carriers in the Individual & Group Markets

Confidence makes sales and product knowledge keep clients. When first meeting with your client, describe your history in the insurance field and why the support Blue Star Benefits offers will make you more than just another broker. We’re always here to support you, but below is a little tutorial to help you be more knowledgeable when it comes to choosing Insurance Carriers.

A premium is the monthly cost of insuring one’s health. Best new business rates are based on age and gender but these rates may be increased based upon the submission of health statements disclosed on an applicant’s application.

The Lifetime Maximum Benefit on all health insurance plans is unlimited as of September 23, 2010 per Health Care Reform.

Co-pays are the amount an insured individual must pay toward the cost of a particular benefit. Typically a fixed dollar amount.

A deductible allows for an individual to absorb the initial risk of adverse health by covering the cost of items up to a certain point.

Co-insurance allows for costs after the deductible is met to be shared between the insurance company and the insured up until the maximum out-of-pocket is reached.

A maximum out-of-pocket (stop loss) clause ensures that in the event of a large medical expense an individual can plan on a fixed exposure, aiding in the process of general budgeting.

Here is an example of how deductible, coinsurance and out-of-pocket come into play in the event of a claim:

Example: david’s PPO coverage has a $500 deductible. Once his deductible is met, David then pays 20% co-insurance until he reaches his $2,000 stop loss. Unfortuantely, David needs surgery…

Full Billed Amount

$30,000

Managed Care Agreed Fee for Service

$18,000

Insurance Company pays 80% co-insurance

$14,000

Deductible

$500

David’s 20% co-insurance

$2,000*

David’s total responsibility

$30,000

*If the stop loss had been higher, David’s co-insurance could have been $3,500.

Insurance Clients – Identify Your Market

Identifying Your Market

Whether or not you have a core market already, you have a network that you can tap into. Think about the contacts you already have.

Schools you’ve attended… Athletic and social activities you take part in… People whom you already purchase services from… Family, friends & neighbors… Client already in business? Contact your current clients to add lines of coverage for single point of support…

Learning More About Your Insurance Clients

Do your insurance clients currently have coverage? What carriers? What plan? Who are their current medical and dental physicians and are they willing to switch? Do they currently use any tobacco products? What medications are they currently taking and are they available over the counter? Are there any surgeries or medical conditions they have been treated for in the past five years? Where do they live? Do they travel frequently? (it is important to research the coverage area) How frequently do they utilize a policy? (heavy utilization encourages a lower deductible as it is more likely it will be met) Are there any procedures (i.e. pregnancy) you anticipate and are they excluded by the policy? Are you applying with a spouse? (Pre-existing conditions and age may make it cheaper to have independent policies) Are they happy with their current broker?

If you need help identifying your clients and/or what products are best for their individual needs, contact Blue Star Benefits and we will help you keep your insurance clients happy.

Insurance Services We Provide

Blue Star Benefits Insurance Services

Developmental Sessions – As your relationship grows with Blue Star Benefits we want to encourage you to expand your book of business. We have regularly scheduled seminars which target health insurance sales as well as non-health lines of coverage that can help build your relationship with your clients. Feel free to attend as many times as you would like as refresher courses. E-mail Joanne Brown to find out the next available session.

Individual Quoting – Joanne to expand

Group Quoting – Group rates are based on several factors including industry and location of the group as well as the ages and gender of its employees. Therefore there are not “book” or “published” rates for group benefits.

In order for us to provide you with proposals, we need you to complete a census (like the one on page__). You can create your own census, but it needs to include everything that is on ours. Once you have completed the census, please fax or e-mail it to Alisa Heller. She will then send you the proposals for review. The turnaround time for quotes back is approximately 48 hours.

Don’t know what carriers or products to quote? No problem. Based on the information that you provide, Alisa will determine the best suitable carriers for your client.

Group Support – After a group has been written, you are the liaison between your client and the carrier for servicing. Whether your client has a billing issue, claims issue or questions about their plan, Amy Zeller can assist you with the answers. Servicing also includes adding and terminating employees on a group policy, agent of record letters and renewals.

Group Renewals –One of your biggest responsibilities of being an agent to a group is consulting with them at renewal. Groups renew on a policy-year basis. The carriers release a renewal packet to Blue Star Benefits approximately 60 days prior to the anniversary date. As soon as they are released, Amy will send it to you with an explanation as to what the increase may be attributed by and she will offer you suggestions.

This is an ideal time to touch base with your client and make sure that their coverage is still meeting their current needs. You may find out that there is a medical condition within the group that may be costing a large out-of-pocket amount so they need a lower deductible. Or the cash flow of the business is not what it was last year so they need cheaper plan options. Just let Amy know and she will provide you with alternates within their current carrier as well as quotes from other carriers. Renewal is also open enrollment so you can add employees &/or dependents who previously waived coverage.

List Bill – Employers can opt to offer employees &/or dependents individual plans and then receive the bill for all employees. The employer can pay for these premiums pre-tax. However the employer cannot pay for any portion of the premium. Ideal candidates for list bill include employees of groups who do not subsidize any or much of the premium for dependents.

Broker Compensation

Broker Compensation For Blue Star Benefits

Once a policy is in full force, brokers who independently enroll a client earn a percentage of the premium depending on the carrier and the structure of Blue Star Benefits contract with the insurance company. If there is a joint sale or Blue Star Benefits has a preferential commission there may be a commission split to ensure that the account can be both supported and compensated for. Commissions will be mailed or direct deposited to your account on the 1st and 15th of the month every month. Please note that cumulative commissions below $80 will be held until an excess of $80 has been reached.

Joint Sales

If you would like our assistance selling the policy, just ask. These joint sales will be on a case-by-case basis and we will discuss this with you prior to withholding any commission.

Individual Joint Sales

If you would like assistance with a sale in our office, but are willing to support the policy, we will gladly do so for 25% of the commission. However, if you would prefer to merely make the introduction, we will pay you 50% of the commission for being so kind.

Group Joint Sales

For many insurance companies, a company representative will join you for free and we will gladly introduce you to company representatives. However if you’d like us to assist you in the sale of a product (representing a variety of carriers) we will pay you 75% of the commission. If you do not want to participate in any of the sale or subsequent servicing of the group, we will pay you 50% of the received commission for the life of the policy.

Agent Compliance

It is required to have errors & omissions insurance to sell health insurance. Do you have yours in force? If either your E&O or your life and health license is out of date we will request the current one from you. As your E&O and license renews, please send it to Joanne Brown who will forward them to your appointed carriers. If you do not supply it within 3 months of the expiration date, we will suspend your commission until you become up to date. Once we have received a current E&O we will pay your back commission.

Agent Referral Program

Tell your friends! For every agent you refer to Blue Star Benefits, $100 will be added to your commission check after that agent sells a policy on someone other than themselves or family.