“Selling just medical insurance to a group should earn an 80% retention rate.  Sell just two more lines of business and it jumps to 93%!”

I’ve quoted this health insurance sales statistic for more than a dozen years. The source is long gone, but I haven’t heard it refuted in all that time, so I’ll still quote it (if you have different experience, please comment below). 

The wisdom of the simple question “do you want fries with that?” is irrefutable. The time is long-gone when brokers brag with statements like “selling ancillary isn’t worth my time…I do better by just selling another group medical plan.”  Now, the new bragging rights are regarding the amount of consulting advice you bring, and the number of non-insurance streams of income you’ve incorporated into your agency.

At freshbenies, we’re in the non-insurance business. We know that cross-selling and up-selling additional lines works. Brokers who cross-sell our add-on services DOUBLE their commission. Plus, it makes the services darn near impossible to replace with another single vendor. Did I catch your attention? Good! Below are the details of how this plays out:

The WAY

Our most successful brokers implement freshbenies this way:

• The employer purchases the base Access Package for employees.
• The broker doesn’t leave it there - she gets the group to voluntarily offer the 4 add-on services (NOTE: it’s simple, because there are no minimum participation requirements for these buy-ups). 

The RESULTS

Here are a few stats that prove the value…

The UNEXPECTED INSIGHT

As much as we think we know what our clients want, we’re often wrong. The most common response to the above results is “HHHMM…that’s not what I expected.”

The LESSONS

These are the top 5 lessons we’ve learned after doing this for so many years…

1. Sell the Access Package employer-paid. This is the base product. If you need more convincing, check out this case study to discover how it’s a great strategy to reduce medical costs.
2. Offer the non-insurance Add-Ons. Every benefits survey says employees want options for additional services offered through their employer.
3. Don’t try to second-guess what members will elect. Offer all four and let them choose.
4. Maximize your renewals. If you didn’t do this before and you have a freshbenies group coming up for renewal, offer the add-ons this time around. (Note how easily you can offer add-on options without having to install a new carrier).
5. Defend your turf. This is a great way to do it. If you don’t offer these four buy-up options, a competitor broker could get a foot in the door by offering even one of these optional services from a stand-alone vendor.

Stop leaving your members with unmet needs. Stop leaving income on the table. Stop leaving the door open for competitors. Stop making it easy for other brokers to replace your solutions.

Start making your business simpler and your clients happier!