Growing a Health Insurance Business and Personal Brand: Applying Lessons Learned

Watching my son grow his under-65 health insurance business where he specializes in self-employed, 1099, and small business coverage (or PPO alternatives to the ACA) has been a profoundly rewarding experience, both personally and professionally. Drawing from my roles at Aetna and Humana, where I focused on creating solutions and simplifying broker and member experiences, I’ve been able to support him in various ways. The journey has reaffirmed key principles that are crucial for success in the health insurance industry—and any business, really.

The Power of Branding

In the crowded health insurance market, standing out is essential. During my time with the Aetna Senior Supplemental Insurnace team and now here with the Humana Medicare Supplement Team, we invested heavily in building a brand that was synonymous with trust, reliability, and simplicity. For my son’s business, we’ve applied the same principles. Developing a strong, recognizable brand isn’t just about logos and taglines; it’s about conveying a consistent message and delivering on promises. Every interaction with clients, from the first phone call to the follow-up emails, reinforces what the brand stands for.

Lead Generation: The Lifeblood of Business

A steady stream of leads is vital for any growing business. My experience has shown that diversifying lead generation strategies—online advertising, community events, partnerships—ensures a consistent pipeline of potential clients. We’ve leveraged digital marketing, targeted local advertising, and community engagement to keep the leads coming. My son’s business has benefited from a multifaceted approach, ensuring that no single channel is relied upon too heavily.

The Magic of Referrals

Referrals are gold in the health insurance business. They come from satisfied customers and carry a level of trust that is hard to achieve through other means. As independent insurance broker reading this article, you know first-hand and have cultivated a culture where referrals are encouraged and rewarded. Similarly, my son’s business thrives on referrals. We actively seek them by asking satisfied clients to spread the word and by networking within the community. Building strong relationships and consistently delivering value makes asking for referrals a natural next step.

Humility and Gratitude

No matter how successful you become, staying humble and appreciative of every piece of business is crucial. My experiences at Aetna and Humana taught me that humility builds stronger client relationships and fosters a positive reputation. My son embraces this by showing genuine gratitude for each client’s trust. A simple thank you note or a follow-up call to ensure satisfaction can make a lasting impression. Growing a business takes time, effort, and resilience. There are ups and downs, and sometimes it requires sweat equity to push through challenging times. My son has shown remarkable patience and perseverance, understanding that success doesn’t happen overnight. This humility and dedication are key to long-term success.

The Art of Follow-Up

Following up with clients is not just good manners; it’s good business. Whether it’s checking in after a policy is sold or reaching out to see if there are additional needs, follow-up is a critical component of success. I know first-hand through working with many of you in my career that structured follow-up processes were a cornerstone of your customer service strategy. My son’s business has adopted this approach, ensuring that clients feel valued and supported long after the initial sale.

Helping Others

In business, as in life, helping others can lead to unexpected opportunities. Throughout my career, I’ve seen that going the extra mile to assist someone can result in long-term benefits, both in reputation and client loyalty. My son’s business ethos includes a commitment to helping clients navigate complex health insurance choices, even if it means recommending a competitor’s product when it’s a better fit. This level of integrity builds trust and often results in clients returning when their needs change.

Knowing When to Say No

An essential part of being a trusted advisor is knowing when a different product might better serve the client’s needs. Each of you perform this dance every day helping your clients make the decisions between Medicare Supplement or Medicare Advantage. My son has taken this lesson to heart. When he recognizes that a client would be better served by a different product, he isn’t afraid to make that recommendation and referral. This honesty not only builds trust but often results in clients coming back when they are ready for what he offers.

Conclusion

Watching my son grow his under-65 health insurance business has been a journey filled with learning and reaffirmation of essential business principles. Branding, lead generation, referrals, humility, follow-up, helping others, and knowing when to refer clients elsewhere are all critical components that have contributed to his success. These principles, are on display every day for me through the actions I see first-hand with many of you providing a solid foundation for any business looking to grow and succeed.

I am proud to see my son incorporate these lessons, creating a business that is not only successful but also respected and trusted. As he continues to grow, I am confident that these core values will keep guiding him toward even greater achievements including the eventual migration to T-65 and Medicare products where who knows.....one day he might be found in one of your downlines growing his reach and passion of helping others.