BROKER LIFE | What it's like being a broker.

A Great Way to Create a One-Stop Shop by Offering Multiple Products

August 9, 2018   |   by Staff Writer

 

Most of us like to make things easy for ourselves – and the same is true of your customers when it comes to shopping and purchasing insurance.

Offering health insurance and property and casualty (P+C) services to your clients can make it easy for them, while driving new revenue for you.

 

Convenient for Customers

If you are currently selling P+C, adding health insurance can help your clients get the coverage they need through one source.

Likewise, if you selling health insurance, adding P+C can enhance your customer relationship and help you create a tighter bond with your clients.

When it comes to attracting and retaining customers, offering a broad insurance portfolio can help you develop a longer-term relationship with your clients. It can help you become their insurance hub. And, it can lead to increased revenue and referrals for even more business.

 

What It Takes

If you want sell both health and P+C, in California, you will need an Accident & Health Agent license, a Property Broker-Agent license, and a Casualty Broker-Agent license. More information on each can be found on the California Department of Insurance website using the two links below:

 

http://www.insurance.ca.gov/0200-industry/0050-renew-license/0200-requirements/accident-health/index.cfm

 

http://www.insurance.ca.gov/0200-industry/0050-renew-license/0200-requirements/property/fire-casualty.cfm

 

In Nevada, you will need a Producer license. For information on Nevada’s requirements, go here.

 

Alternative Options

If you do not want a full P+C license, there are still options for you to earn added income through a referral arrangement. You can nurture a relationship with a current P+C broker in your community – sharing leads with one another for business you’re unable to write on your own. (He or she can send Group Medical or Employee Benefits referrals to you, and you can share any P+C leads.)

Alternatively, you can work with Word & Brown’s business partner, CompNet, to offer your clients access to P+C underwritten by Berkshire Hathaway GUARD. Link here to watch the Word & Brown webinar on CompNet and learn about their referral program for P+C coverage.

You can also link here to read our prior post on broker licensing, A Six-Step Guide to Getting Your Health Insurance License.

For information about what distinguishes Word & Brown from other general agencies in its support of brokers, link here.

 

Health Insurance Broker

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