We Insure now proudly offers health care insurance through its We Insure Health division, a part of its vision for creating insurance customers for life. The company rolled out its new division and coverage options to We Insure’s more than 100,000 clients and 150 agencies late last year.
Americans will continue to need and seek out health care alternatives, whether they’re part of the gig economy, aging out of their parents’ insurance plan, unemployed or working for an organization that doesn’t offer medical benefits. And research confirms robust market demand. In the February 2021 IBIS report, health and medical insurance revenue comprised nearly 14% of the total insurance and brokerage industry revenue of $161 billion. Health and medical insurance was the third highest-grossing product segment behind commercial P&C and personal P&C insurance lines.
Agencies play a big role in distributing health insurance policies, according to the IBIS report, and any increases in health insurance membership will be advantageous for agents and brokers alike. For agencies, adding health care insurance to your offering can be an additional source of revenue and enable you to expand your level of service to clients. Commercial line demand has been negatively impacted during the pandemic as the number of businesses declined. Health care policies can also help agencies make up that lost revenue.
We Insure health care insurance offerings include short-term medical, hospital, accident and critical illness, vision and hearing, dental and gap health insurance, as well as health discount programs. One-year and short-term options are available at any point in the year — not just at the traditional November open enrollment.
We Insure agents do not need a life and health license to offer health and medical insurance to their clients. Through a partnership with one of the largest health care companies in the U.S., We Insure franchisees work on a referral agreement.
Agents have the enviable position of trusted risk advisor to their clients, but many are not fully serving their insurance needs in this vitally important area, which is a missed opportunity in client service and retention. Adding health and medical insurance services to your agency can help create customers for life.
IBIS US Risk EXPERT Summaries Report: Insurance Brokers & Agencies in the US