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Forbes
07-05-2025
- Business
- Forbes
Beyond The Sale: How Insurance Leaders Can Win With Value-Based Care
Drew Gurley, Founder of Redbird Advisors and EVP of Growth for Senior Market Advisors, a Medicare FMO. getty If you're leading an insurance agency, you already know healthcare is shifting, and that shift is changing how you sell. Consumers aren't just looking for coverage anymore. They want a healthcare experience that works for them. They want doctors who take the time to listen, plans that offer real value and coverage that protects them from financial risk. That's where value-based care comes in. This model isn't just another industry trend. It's changed how doctors get paid and how patients receive care. Instead of rewarding providers for the number of visits, tests and procedures, value-based care incentivizes them to deliver better outcomes. That means longer appointments, more preventive care and stronger patient relationships. The result? Better health outcomes, lower costs and a system that actually puts patients first. For insurance agencies, this shift is an opportunity if you and your team know how to approach value-based care the right way. The challenge is making sure everyone can explain the benefits in a way that resonates with clients. That's where solid leadership comes in. 4 Sales Strategies That Work In A Value-Based Market To succeed in providing value-based care, your agents need more than just product knowledge. They need to understand how value-based care impacts their clients' decisions and how to position the right plans to meet those needs. 1. Train agents to lead with value, not just products. People don't buy insurance because they love policies. They buy it because they're trying to protect themselves from financial risk. The best agents don't just push products; they help clients solve problems. Life insurance isn't tangible, and most people don't wake up excited to buy it. But when our agents present it as a solution to real financial risks, it becomes something people care about. Instead of focusing on policy details, frame the conversation around the four key areas of financial risk older Americans face: • Healthcare Costs: Will they be able to afford doctor visits, prescriptions and treatments as they age? • Hospitalization Costs: If they land in the hospital, will their savings take a hit? • Outliving Their Money: Will their retirement income last? • Final Expenses: Will their family be left with unexpected bills? The key is explaining how these are real-life concerns. For example, a beneficiary with a Medicare supplement plan might feel frustrated that their premiums keep rising. A good agent won't just sell them a new plan; they'll help the beneficiary understand all their options and make a confident decision for their particular situation. 2. Shift the conversation to customer experience. Selling a value-based product means delivering a value-based experience. Clients expect more from their insurance providers, and that means your agents have to show up differently. The best agencies don't just sell policies and move on. They check in, they build relationships, and they provide ongoing support. A client should feel like their agent is a trusted guide, not just a salesperson. Internally, the same principle applies. If your agents feel valued, they'll create better experiences for consumers. Recruiting can be difficult. In my experience, the most productive hires come from referrals, and happy agents bring in other high-quality agents. If you've got a toxic team member dragging down morale, you'll lose your best people. But strong leaders make tough calls. Sometimes, that means letting go of the wrong people so the right ones can thrive. Other times, it's about the small things, such as sending handwritten birthday cards or recognizing agents who go above and beyond. Those details make a difference. 3. Use technology to support, not replace, agents. Technology can be a game changer for agents if they actually use it. A CRM system, for example, isn't just a place to store leads. It's a tool that helps agents follow up effectively, manage relationships and close more business. But here's the challenge: If your agents don't see the value, they won't use it. Leadership has to set the tone. Show them how digital tools free up their time so they can focus on what they do best: helping people. The same goes for automation. It should make agents' jobs easier, not turn the sales process into a robotic exchange. The goal is to remove administrative headaches so agents can spend more time in meaningful conversations with clients. 4. Reinforce the right mindset every day. Your agents won't naturally adopt a value-based approach just because you talk about it once. You have to reinforce it. At Senior Market Advisors, we make customer-first behaviors part of our culture. When an agent gets a glowing review, leadership doesn't just say, "Great job." They say, "This is exactly what it means to deliver customer-first service at scale." That constant reinforcement helps agents internalize the mindset and apply it to every client interaction. It's the same with training. We hammer these concepts into our salespeople because we want them to hammer them into agents. That's how we make sure they're ready for business—the kind of business that allows us all to have jobs. If your agents aren't consistently hearing about the importance of value-based service, they won't prioritize it. Make it part of your team's daily conversations. The Bigger Picture Value-based care is more than a shift in healthcare. It's a shift in how people think about their insurance, as well. Your agents must understand that they're not just selling policies. They're helping clients protect their health, finances and future. Strong leadership means making sure they have the right tools, the right training and the right mindset to succeed. When agents learn how to frame their conversations around real client concerns, they build trust and create long-term relationships. And when that happens, everybody wins. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
Forbes
03-04-2025
- Business
- Forbes
4 Financial Risks Older Americans Face And How Insurers Can Help
Drew Gurley, Founder of Redbird Advisors and EVP of Growth for Senior Market Advisors, a Medicare FMO. getty Older Americans may feel like they're navigating a financial minefield. Healthcare costs are skyrocketing, savings are stretched thin, and unforeseen emergencies can threaten hard-earned stability. These risks can seem overwhelming, but they don't have to be. When licensed agents adopt a value-based care mindset, they can transform these challenges into opportunities to build trust, offer solutions and make a lasting impact. This mindset requires teams in the field to not only educate their clients about risks but to also empower them with tailored solutions. Let's explore the four primary financial risks older adults often face. Healthcare expenses often top the list of financial concerns for older adults. Close to 95% of older Americans manage at least one chronic condition, and ongoing treatments, medications and routine doctor visits can quickly add up. For those living on fixed incomes, even minor medical bills can become unmanageable, especially when you consider that over 10 million Americans rely on their Social Security check for more than 90% of their income. The Solution: Licensed insurance agents must step into the role of educators, breaking down the complexities of supplemental health plans and ancillary products. Options like Medicare supplements and accident insurance can help make sure older adults aren't blindsided by unexpected out-of-pocket costs. Critical illness insurance can add another layer of security, providing a financial cushion during serious, unexpected health events. Bundling these policies simplifies the process and saves clients money while addressing multiple risks simultaneously. Framing these conversations around a client's specific needs highlights how these products can directly alleviate their biggest financial concerns. The goal is not to sell bundled policies to 100% of your customers. The goal is presenting the right bundled solutions to 100% of the people you meet with, guaranteeing you are educating based on value in every interaction. 2. Preparing For Unexpected Medical Bills And Hospitalization A sudden hospital stay or critical illness can devastate a retiree's finances. Even with robust health insurance, hospitalization often comes with hidden costs—from out-of-network fees to follow-up care and rehabilitation. For someone on a fixed income, these expenses can feel insurmountable. The Solution: Hospital indemnity (HI) plans offer a direct way to address these gaps. These policies provide lump-sum payouts to help cover hospitalization costs, offering clients much-needed financial breathing room during emergencies. Agents can also introduce bundled products that combine HI with other forms of coverage. For instance, pairing HI coverage with short-term care (STC) benefits addresses multiple risks while offering flexibility. When discussing these options, licensed agents can present relatable scenarios: "Imagine an unexpected hospital stay that is coded as observation instead of inpatient, and now your plan doesn't cover short-term therapy. Wouldn't it be reassuring to have a plan that fills in the gaps Medicare doesn't?" This approach makes the value of these solutions crystal clear. The hospital coding issue of inpatient versus observation is a growing problem, and those who bear the burden are the beneficiaries who are sleeping in a hospital bed but have no idea they aren't considered inpatients. This is exactly the value and education that must be front and center. 3. Ensuring Retirement Savings Last A Lifetime Running out of money during retirement is one of the most pervasive fears among retirees. With life expectancies increasing and economic conditions in flux, Social Security benefits and modest savings often prove insufficient to sustain a comfortable lifestyle. The Solution: Annuities may be able to provide a reliable solution. By offering guaranteed income for life (keeping in mind that guarantees are backed by the financial strength and claims-paying ability of the issuing insurance carrier), annuities eliminate the guesswork surrounding retirement income planning. Hybrid annuities, which combine income guarantees with additional benefits like legacy planning or long-term care (LTC) insurance provisions, can deliver even greater value. Licensed agents should guide clients through these options, exploring how such annuities may align with their goals. Statements like, "If you're worried about outliving your savings, let's explore how an annuity can provide steady income for life," can help address their immediate concerns. Highlighting family benefits may enhance the additional appeal of these products. The key here is leveraging insurance products that can mitigate multiple areas of financial risk. 4. Unlocking The Full Potential Of Life Insurance Life insurance is often seen as a tool for covering final expenses, but its potential stretches far beyond that. Modern life insurance products can shield families from debt, provide liquidity during emergencies and even support policyholders during their lifetimes through living benefits. The Solution: Licensed agents should spotlight the versatility of today's life insurance policies. Living benefits, for example, let policyholders access funds to cover chronic illness or LTC insurance needs. When appropriate, suggesting a transition from outdated term policies to more flexible options tailored to evolving client needs can be transformative. For instance, replacing a term policy with a living benefits policy that reduces the death benefit but adds liquidity for emergencies reframes life insurance as a proactive financial tool. This approach shows how life insurance isn't just about end-of-life planning—it's about living with confidence. Value-Based Care: Our Driving Principle At the core of every effective risk management strategy is a value-based care mindset. This approach emphasizes understanding each client's unique concerns and tailoring solutions to meet their needs. Moving beyond transactional sales, it's about fostering lasting relationships rooted in trust. Consider This: A licensed agent meets with a client worried about healthcare costs. Instead of presenting a laundry list of products, the agent asks thoughtful questions to uncover the client's fears and priorities. They then explain how a combination of a Medicare Advantage plan and a hospital indemnity plan could provide comprehensive protection. By aligning solutions with specific needs, the agent demonstrates expertise and empathy—key hallmarks of value-based care. Broadening The Impact: A Collective Effort When licensed agents embrace this mindset, their impact extends far beyond individual clients. They contribute to more financially secure communities, reducing reliance on social safety nets and empowering older Americans to live with greater confidence. The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
