The Future of Health Insurance Sales

The face of health insurance is changing drastically. Group health insurance is out and individual health insurance is in. The door to door health insurance salesman is becoming the online health insurance salesman. With 2008 on the doorstep, we are entering into the beginning of a health insurance revolution where we will see not only the product change but also the method of selling health insurance.

In 2008 and many years to come experts predict that the individual health insurance market will surge. According to "The Retail Revolution in Health Insurance", The McKinsey Quarterly, March 2007 "McKinsey expects $550-$600 billion of healthcare insurance premiums to be purchased directly by individuals by 2011". In 2005 the individual market only represented $50-$60 billion in revenue. In only 6 years the market has and will continue to dramatically shift from group business to individual.

With the shift to the individual market comes customer scrutiny of the individual health insurance process. Health insurance brokers have to overcome customer fears of being rejected by health insurance carriers as well as concerns about the price of health insurance to the consumer. Many companies have found that the best way to do this is to give the consumer a one stop shopping experience where they can speak to one person and review several different plans for which the broker already knows the consumer will be accepted. The simplification of this process is being made possible through the development of systems that incorporate underwriting guidelines into the qualification process, enabling agents to offer many different insurance plans without being intimately familiar with the underwriting rules of every carrier.

For all of those currently employed in the health insurance market, you don't need a crystal ball to see what the future holds. The individual health insurance market is going to explode and with it will come the modernization of the sales process, because the brokers that make it easiest for consumers to buy plans will win the race.

By Liz Kenneally
Liz Kenneally is the Vice President of Business Development for Oxonia Insurance Group, Inc , a national health insurance agency and exclusive distributor for the Sure Health and Intelicare Health Programs , an innovative provider of Mini Medical products for the individual or group market. Liz serves on the Board of Directors for the Florida Association of Health Underwriters (FAHU) as their Publication Chair and is also the editor for the free monthly online newsletter, One Voice. (www.fahuonevoice.com)

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