If you’re a health insurance agent, your time to shine is on the horizon! I’m of course talking about the Open Enrollment Period (OEP). The OEP, beginning on November 1st, gives insurance consumers a chance to renew their plan or change to a new one. For active insurance agents, it presents a huge opportunity to reel in new clients and to showcase stellar customer service to the existing ones. According to a study by the Centers for Medicare & Medicaid Services, “As of December 31, 2023…2.4 million plan selections within states using Healthcare.gov, or approximately 15%, were made by individuals who were previously enrolled in Medicaid or CHIP coverage.” This fact underscores the increasing number of individuals looking for privatized insurance.
While this opportunity is exciting, like most things in life, preparation and strategy is crucial for success. The OEP Checklist for Insurance Agents stands as an actionable guide to help maximize business growth during the OEP. Whether you’re a brand new insurance agent looking to break into the space, or a seasoned veteran, having a well-rounded plan in place makes all the difference in the world.
OEP Checklist Step 1: Pre-OEP Preparation
Document Gathering
To ensure smooth interactions with clients, it’s important to have everything that you need to reference at your fingertips. While these items may vary from person to person, here are a few key documents that you must have ready before November 1st:
- Client Records: Important client records include health records, a history of plan selections, as well as client contact information that is up-to-date. You’ll also want to include documentation about any family members or other beneficiaries.
- Plan Details: With available plan options prepared ahead of time, you’ll avoid having to search around at the last minute. Within these plan documents there should be information regarding eligibility, pricing and specific coverage options.
- Marketing Materials: Remember, even your existing clients aren’t guaranteed to renew their policy with you this year. With that said, make sure to have your marketing materials like email templates, brochures and anything else ready to go. You’ll want to get these materials together well ahead of time, so you can send them out months prior to the OEP start date.
Client Communication Preparation
As part of the OEP Checklist for Insurance Agents, developing a solid co
mmunication strategy is the key to building strong relationships. The following are just two preliminary steps in this process:
- Drafting First Messages: Create personalized texts, emails, or phone scripts that advise clients of impending deadlines and choices for the upcoming year. As mentioned, don’t wait to send these out. Instead give at least a few months notice.
- Set Up Automated Reminders and Follow-Ups: With so much going on during this time of year it’s easy to let things fall by the wayside. Instead of leaving it up to memory, set up automated systems that send out client reminders. This could include important dates like times to review current coverage, or the OEP coming to a close.
OEP Training and Education
Like many industries, rules, regulations and industry norms are always changing when it comes to insurance. To keep yourself and your team up-to-date, we recommend staying informed by paying attention to:
- Regulation Updates: Pay attention to regulatory and compliance updates by staying in tune with state and national publications. This includes, but is not limited to, insurance organizations or coalitions, which often require memberships, and government websites. Click here to learn more about the variety of online resources offered to insurance agents.
- Upcoming Webinars, Seminars and Conferences: Always keep an eye on your calendar. All year long different individuals and organizations hold a variety of events to help agent’s brush up on the upcoming OEP. Attending events like conferences, seminars and webinars are a great way to stay informed about industry updates, not to mention the fact that they are great networking opportunities.
OEP Checklist Step 2: Research and Analysis
Market Research
Knowing the market and what clients are actively looking for provides a competitive advantage for insurance agents. This year when analyzing the market, use the following strategies to help you improve your research:
- Competitive Analysis: Perform a competitive analysis by examining the marketing methods, plans, and other offerings of rival agencies or companies in your area. Having an idea of what the competition is doing can help you refine your strategy. Start by looking at what they are doing well, but also, identify and capitalize on opportunities they’re missing out.
- Trends and Client Needs: Take a look at your target market and figure out what their main concerns, needs and wants are. To do this, start by using some of the many market research tools available online. In addition to identifying ways to address your client’s main concerns, also be sure to look for cross-selling opportunities.
Client Analysis
It’s crucial to review your client’s details to get a glimpse into their previous plans and preferences. Doing so will layout the groundwork for this year’s enrollment period by giving you an idea of what’s been important to them in the past. Specifically, we recommend reviewing:
- Client Preferences: When pulling up a client’s records, pay particular attention to the health plan that they chose last year. Additionally, review any other notes associated with their account such as mentions of dependents, or special circumstances.
- Segmentation: Sort clients according to things like preferred healthcare providers, family size, and medical issues. This makes it easier to develop specialized marketing strategies and deliver personalized suggestions.
OEP Checklist Step 3: Marketing and Outreach
Digital Marketing
In the modern world almost everybody has some sort of online presence. Keeping this in mind, having a digital marketing strategy is imperative to have success as an insurance agent. The following are two areas to focus on:
- Email Campaigns: Create segmented email lists and offer personalized information about upcoming deadlines and new plans. Email campaigns are also a great way to promote limited time offers, discounts and deals. Make your subject lines interesting to draw readers in, and avoid spammy words or phrases. If you’re sending a large number of emails, we suggest looking into an email service provider that automates the process and provides statistics to help you track your progress.
- Social Media Posts: Social media content all comes down to quality. Find interesting ways to interact with your target market by posting informational articles or graphics about the OEP. Make sure that you reply to any comments or messages to show clients your expertise. Additionally, consider running paid advertisements on sites like LinkedIn or Facebook if you aren’t already.
Local Outreach
Though your digital footprint in the world of insurance marketing is most important, don’t forget about traditional advertising opportunities. These include:
- Community Events: Whether it’s in-person or virtually, community events are a great way to engage with clients face-to-face. During
these events, make sure to give people ample time to ask questions. Q&A sessions will draw in new interested consumers, and they also provide you with a chance to showcase your expertise. Another idea is partnering with other local businesses or organizations, to help get your foot into some untapped markets. - Direct Mail Campaigns: While not as prevalent as they once were, direct mail campaigns are effective in giving individuals an ideaof what you offer. Especially with the older demographic, direct mail is a great advertising tool. Some ideas include postcards, newsletter and informational pamphlets.
Content Creation
Quality content is great to post on your personal website or to use on social media as previously discussed. When it comes to creating stellar content, here are two areas to consider:
- Educational Materials: This includes infographics, blog posts, videos, FAQs and much more. The medium doesn’t matter as much as the content itself. To come up with solid content ideas, try to put yourself in the shoes of the consumer. Ask yourself, “If I was shopping for insurance, what questions might I have?” and then form your content around those answers. Also, to expand your online presence, be sure to follow SEO best practices. Doing so will help you rank higher in organic search results.
- Client Testimonials: What’s the old saying? The proof is in the pudding? Well maybe it should be, the proof is in the testimonials! According to Forbes, “75.5% of consumers put their trust in online review when making a purchase decision.” And you don’t have to wait around for these testimonials either. Encourage satisfied clients to leave detailed reviews outlining their personal experience and how your services helped them. Then display these testimonials on your website or social media profile.
OEP Checklist Step 4: Final Check and System Setup
System Testing
The last thing you want is for technology to fail you during the most important time of the year. To ensure everything runs smoothly, check the following before November 1st:
- Email Systems and CRM: Ensure that your client relationship management (CRM) software and email systems are working properly by performing simple tests. Mock up an imaginary client (you could even use your own personal email and contact info) and enter their info into both systems. Then go through the normal interactions you’d have with a client to ensure that there are not pending issues or updates. If there are any problems, identify them and consult with your IT team prior to the OEP start date.
- Lead Tracking: To maximize your marketing efforts, make sure that your lead tracking software is working. Having a fully functioning tracking system keeps things organized and lets you trace where your leads are coming from, which is valuable for making improvements in the future.
Compliance Review
It’s always necessary to comply with legal regulations and requirements. Failure to do so could result in fines or other costly penalties. The main area that we suggest all agents brush up on is:
- CMS Regulations: Prior to the OEP perform an audit on yourself to ensure that all strategies and materials align with the Centers for Medicare & Medicaid Services (CMS) rules. This includes client communications, marketing content and sales tactics. Compliance is a great way to showcase your professionalism and maintain trust with clients.
Backup Plan
Even with sufficient planning and preparation, there are always going to be bumps in the road. To cover yourself in the case of an unexpected hiccup, we suggest creating a:
- Contingency Plan: Make sure to have backup options for communication and document storage. For documentation, we suggest having both physical copies and copies stored in the cloud. If there are ever technical issues, these backups will save you time and money that would otherwise be wasted.
Final Thoughts…
By following this OEP checklist for insurance agents, you’ll be well-prepared for the most important sales period of the year: the Open Enrollment Period. With this huge opportunity coming up in less than 2 months, it’s crucial that you have a proper strategy in place to make the most of your time. While there are many areas of business to focus on, our checklist aims to provide you with a roadmap to reference, leading up to the OEP. By utilizing this whitepaper, you’ll be able to impress your current clientele, create new, lasting relationships, and stand out from the competition.
As leaders in the insurance lead generation space, Benepath wants you to know that we’re always here to lend a helping hand. Our site has a variety of helpful resources aimed at making your life easier and helping you to sell more policies. Additionally, we provide agents with top-tier, real-time and exclusive insurance leads. If you’re interested in learning more about our leads or other keys to success for this OEP, just fill out a quick form, or call us at 888-684-3121.
