The first big change came from carriers, when many of them drastically cut individual commissions. On a product that can have a fairly low issue rate, this can make for a low dollar reward when tallied against the hours spent soliciting business. Carriers also have become more aggressive in their direct sales approach to individual health insurance, and are making production requirements tougher.
To succeed in this new and challenging era, we must remake ourselves. Often that means improving our underwriting, adapting to new technology, and exploring additional marketing methods.
UnderwritingBy practicing stellar underwriting at the point of the sale we can focus our efforts on the prospects most suited for a traditional major medical product. In addition to asking the basic questions—like height and weight—we should ask prospects what medications they are taking, and use the prescreen feature from the carrier to simplify and speed the process.
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