Leverage Discount & Non-Insured Benefits

Posted on: March 20th, 2024 by Our Team

Leverage Discount and Non-Insured Benefits

How Discount and Non-Insured Benefits Can Boost Your Insurance Brokerage’s Business

Discount and non-insured benefits aren’t just extras; they’re the secret sauce that sets brokers apart in a sea of options and the strategic tools that drive revenue and employee satisfaction. Imagine a potential client is shopping for insurance, sifting through endless options. They’re seeking more than just coverage; it’s about the added valuediscounts on health services, travel perks, and lifestyle benefits. Suddenly, that broker or insurance provider stands out from the rest. For that employee or member, it’s about enhancing their lifestyle, saving money, and feeling valued. This scenario highlights precisely why leveraging these benefits is crucial for brokers. Non-insured and discount benefits and services aren’t just attractive; they’re the cornerstone of client satisfaction and long-term loyalty. 

Here’s how discount and non-insured benefits can transform the landscape: 

Increased Member Acquisition: Imagine being the broker who provides more than just standard coverage; the broker who offers services like NB Marketplace that generate revenue year-round and not just during open enrollment. Discount benefits and non-insured perks become magnets for potential employees or members seeking that extra value. By positioning these benefits as exclusive offerings, brokers attract individuals and businesses looking for a comprehensive insurance solution.

Enhanced Employee Retention: Once onboarded, employees or members appreciate the added perks. They feel valued and connected to their broker. This sense of loyalty translates into renewals year after year, solidifying relationships and boosting retention rates.

Additional Revenue Streams: Brokers can tap into new voluntary revenue streams by teaming up with third-party providers or leveraging platforms like NB Marketplace to provide discounted products or services. From health services to travel benefits and lifestyle perks, each sale through these partnerships can add to the broker’s retention rate.

Differentiation in the Market: In a crowded market, differentiation is key. Brokers who offer unique discounts and non-insured benefits to their portfolio stand out from the competition. This distinction attracts a broader employee base and ultimately increases market share.

Upselling Opportunities: These benefits aren’t just for acquisition; they’re powerful upselling tools. Brokers can offer additional perks at a discounted rate or as an upgrade, increasing revenue per employee while delivering added value and satisfaction.

Cross-selling Possibilities: Through these benefits, brokers can broaden employees’ or members’ perspectives on insurance offerings. For instance, a health insurance broker providing discounted gym memberships might spark interest in complementary health-related coverage options. Similarly, brokers offering cancer coverage might find value in advocacy services to enhance their offerings.

However, success hinges on strategic analysis. Brokers must meticulously weigh the cost-benefit ratio of offering these benefits. Thorough market research and understanding employee preferences are vital to ensure employer alignment and generate a profitable return on investment. 

In essence, discount and non-insured benefits aren’t just perks – they’re profit drivers, employee and member retainers, and differentiators in a competitive landscape. By leveraging these benefits and a platform like NB Marketplace effectively, brokers can unlock a world of opportunities and cement their position as industry leaders.