5 Must-Know Advantages in Selling Dental Insurance for Small Business
Offering group dental insurance to small business clients is a lucrative opportunity. It can also help them meet ACA mandates and provide employees access to quality dental care. Understanding your client’s unique needs is important before selecting the best dental insurance plan.
Increased Revenue
To sell small business dental insurance can be a profitable and exciting business opportunity, especially for those with the know-how to get it right. From establishing long-term relationships with clients to creating marketing campaigns and promotions, several ways to increase revenue can help your business grow and thrive. While the profit margin on dental insurance may be lower than other types of coverage, it still offers a good return on investment and can be an important part of your business model. Many dental insurance carriers offer a wide variety of options so you can find the plan that best suits your client’s needs and budget. You can also partner with multiple dental insurance providers to ensure you can provide your clients with the best coverage. As with medical insurance, the key to successful selling dental coverage is offering the right plan at the right price. Dental procedures can be designed to include a Usual, Customary and Reasonable (UCR) fee structure that covers a set percentage of the average cost of dental services in your area or with a Preferred Provider Organization (PPO) that allows employees to visit any dentist within a certain network. Some dental plans also feature a maximum rollover feature that helps employees retain unused yearly benefits.
Increased Customer Satisfaction
Dental benefits are important to employee satisfaction, making it crucial that your clients find their plans affordable and easy to understand. As you search for the best small business group dental plans to offer your clients, consider cost, value, customer service ratings, claims history, and provider network size. Increasing your client satisfaction can have an immediate impact on sales. You can strengthen client relationships by providing ongoing communications and implementing referral programs to encourage repeat business. In addition to building a loyal client base, you can generate new leads by leveraging digital marketing techniques. For example, email newsletters and webinars are effective ways to keep your clients informed about the latest dental insurance industry developments and promote your services.
Increased Customer Retention
As an insurance broker, it’s important to understand your clients deeply. This allows you to provide the right dental insurance plan for each group or family, ensuring they receive optimal benefits and value. In addition to being knowledgeable about industry trends, you should educate your clients on ancillary benefits and insurance terms. A recent survey found that nine percent of individuals understand basic insurance terms clearly. Educating your clientele can help them become more health literate, leading to better care outcomes and cost savings. As one of the most coveted employee benefits, dental insurance has the highest participation rate of any non-medical employer benefit. With the many options available for small business group dental insurance, it isn’t easy to know which insurer to choose. The best way to determine which carrier will be the most beneficial for your small-business clients is by comparing customer satisfaction ratings, value, and coverage. Small businesses may also consider alternative group dental solutions, such as a dental savings plan. These plans operate more like a membership buyers club and charge a low annual fee to give members access to a network of dentists. This plan is ideal for small businesses that need help to afford traditional group dental insurance. It’s also easy to implement and requires no administrative services, making it an affordable option for small-business owners.
Increased Commissions
Dental insurance is an important component of most group benefits plans. However, it isn’t easy to balance comprehensive coverage and affordability. Whether clients are looking for a dental plan that covers preventive care or specialized services like orthodontics and oral surgeries, brokers need to be aware of market trends and client demographics to provide personalized service and find the right solution. Adding dental to your list of products can increase the number of clients you serve and grow your business. It can also improve your commissions since dental commissions are typically three times higher than medical commissions. It is important to be familiar with the commissions for different products to ensure you offer competitive rates. As a bonus, dental insurance is easy to sell on the healthcare exchange. Individuals and small employee groups without employer-sponsored health insurance can use the marketplace to purchase dental coverage through the Small Business Program. Having an experienced broker in their corner can help them navigate the process and get the most out of their range. Brokers can assist their clients with post-enrollment issues like billing questions or payment disputes. This one-way broker helps their clients beyond the initial sale and deepens their relationship with them over time.
Increased Referrals
A dental insurance broker is a professional who can provide clients with various options for group and individual dental coverage. They have a deep understanding of the market and evolving dental trends. They also have a unique perspective on offering plans that appeal to clients’ needs and budgets. For example, a broker can offer a group plan with low-cost premiums, and a wide network of dentists. Alternatively, they can suggest an individual program that provides fast-pass access to dentists and a flexible schedule.
Additionally, brokers can sell dental plans on the healthcare exchange (public marketplace) or through the Small Business Health Options Program. With the heightened importance of dental care, brokers can play an integral role in helping their clients make the right decisions for their business. They can educate their clients about the connection between oral and overall health, help them select a plan to meet their needs and budget and assist them with any other issues.