Health Insurance Marketing in the Age of Obamacare

November 4, 2013

ObamacareIconThe health insurance market has completely changed over the last couple of years.

The Patient Protection and Affordable Care Act has been passed by Congress and upheld by the Supreme Court, health insurance commissions have been cut, and the health care exchange has opened up…well, kind of.

You’ve likely already felt a significant pinch in your book of health insurance business. In the age of Obamacare, it’s unclear what roles insurance brokerages will play, if any.

One thing’s clear though: in order for your business to stay afloat in the age of Obamacare your marketing needs to be spot on.

If you’re worried about the effects Obamacare is having on your business, you may need to change your marketing plan. Here’s how.

Marketing in the Age of Obamacare

It’s already pretty clear that those who fall within 400% of the poverty line and benefit from a subsidy will likely purchase insurance through the health care exchange, cutting you out of the equation. This means your target market may drastically change.

High income earners and businesses with 100 or more employees could be your new customer base.

To effectively determine and narrow down your new client base even farther you need to figure out what your unique selling proposition is.

Identifying Your Unique Selling Proposition

Your unique selling proposition (USP) is what differentiates you and your product from the competition. In the age of Obamacare it’s crucial to tune into your USP.

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Answering the following questions can help you to better identify your USP.

• What product or service do I have that fulfills customer’s needs?
• What makes me different from the competitors?
• Why would a customer do business with me over doing business with someone else?

In order to develop a consistent marketing strategy you must be able to answer these questions. This will help you focus on the exact group of prospects you’d be a perfect match for.

How could you make their lives easier? Could you save them money? Could you offer peace of mind? Pinpointing your unique selling point will help you pinpoint your ideal prospects and turn them into customers.

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Brushing Up on Your Customer Service Skills

The biggest downfall of the healthcare exchange is that the customer service will be very weak. Instead of hiring insurance brokerages or agents to help in the distribution of new health care policies, the states have hired “health care navigators.”

The health care navigators will be responsible for guiding customers through the online application process and answering their questions. There’s just one problem: the number of healthcare navigators compared to the number of citizens is tiny.

Take Georgia for example, there are nearly 2 million residents in Georgia but only 100 health care navigators. Many customers will go with unanswered questions and purchase a policy without fully understanding it.

Customer service is one area in which you can far exceed the new health care exchange. Exceptional customer service is also a highly sought-after feature in an agent. If you or your staff is lacking in this area it’s time to brush up your skills.

Creating a Long Term Marketing Plan

Obamacare is going to change health care as we know it. It’s also going to have a huge impact on how you do your job as insurance agent.

If you’re nervous about the effect that Obamacare will have on your business it may be time to take a good look at your marketing approach.

You can find out more in our new, comprehensive eBook, The Insurance Agent’s Guide to Obamacare.

About Troy Wilson