Increase your member retention rates by constantly expanding your arsenal of support tools and personalizing your outreach. W3LL works to provide a personalized set of features for brokers to grow and maintain membership numbers. Here are three ways brokers can support members without reinventing the wheel.
1. Serve and Manage Your Clients on a Simple Platform
A centralized Book of Business hosted through a simple portal allows you to effortlessly serve members through ICHRA, ACA, Medicaid, and more.
As a broker, you’re dealing with countless members enrolling in various plans on various platforms. Considering how businesses and health plans alike need a quality broker, you need to have streamlined processes to keep track of and easily serve members regardless of the type of coverage they selected.
Having this hub allows for an overview of your entire member base so you can identify trends to help improve your offerings. For example, noting a specific type of member more likely to term allows you to target and begin outreach to at-risk members immediately upon enrollment. A unified platform allows for a polished and personalized member experience to increase renewal rates.
2. Prioritize Exceptional Member Services
Brokers need to think outside the box to find new ways to guide members through the increasingly confusing health insurance landscape. Plans and subsidies can be complicated and confusing, so rise to the challenge and help members navigate through new and changing legislation. Investing in an expanding set of self-serving tools can help you and members adapt to any changes that come.
An integrated solution allows brokers insight into the consumer journey. The more control brokers have over the shopping and enrollment process, the more communication and guidance can be tailored to the member. Expand your toolset to seamlessly communicate with, provide quotes to, and support members.
An exceptional member experience and support will make or break a member’s perception of health insurance and their broker. Keep in mind a customer-first philosophy when investing in new tools and ensure that every change you make to your offerings directly links to the member experience.
3. Guide Members Towards Plans that Meet Their Needs and Offer Flexibility
Don’t miss out on assisting members by failing to cater to small and large businesses alike. The Individual Coverage Health Reimbursement Arrangement (ICHRA) proves to be a gamer changer for brokers, employers, and employees. More and more businesses are dropping traditional group insurance in favor of flexible benefits at a lower cost.
Look for employers who might need to address potential risk pools. If employees experience major health events, including surgeries or cancer, the rates go up with traditional group plans. Offering businesses an ICHRA solution can translate to huge company savings and a better way to manage those high-risk scenarios.
Employers will need a guide as various new plans and options become available with ICHRA. Coupled with an integrated Book of Business and a customer-centric philosophy, brokers should always be on the lookout for new opportunities and people to help.
Keep these tips in mind to grow and retain your membership at amazing rates. Brokers needing to expand their reach and member support should look towards W3LL. W3LL can analyze your current offerings and help carve out new strategies to improve your business and member engagement.
With nearly two decades in health insurance, Pete English’s diverse experience makes him uniquely qualified to help health plans and brokers leverage innovative technology in partnership with W3LL. From growing sales staff by 126% over 4 years at a large health plan, to building his own health insurance brokerage firm with over $7.2MM in annualized premium, Pete has done it all.