A 28-Year Success Story Looks To The Future - The Senior Market: An Interview with Bonny Albright, FBS Owner

Bonny Albright, co-owner of Freedom Benefit Solutions (FBS), sees a big opportunity coming for agents and brokers. It's the fast-growing senior market, and she knows what tools and resources every producer needs to capture their share of this market.

But providing individual insurance is only part of Bonny's job and mission. Along with her husband and co-owner Johnny, she has trained dozens of agents in the art of selling. They've developed a proven system and put it to regular use.

Experience has taught them what it takes to succeed in health insurance, both now and in the future. Bonny recently shared those lessons in an insightful Q&A with Norvax.

First of all, how did you get into insurance?

My husband Johnny started the company, and I joined him four years later. Originally, he had been in the construction business when a friend of his encouraged him to give insurance a try. A year after that first recommendation, Johnny earned his insurance license and hit the field with a briefcase full of quoting manuals. And he discovered that he was good at it.

As our business grew, we brought on and trained many agents. We found the insurance business isn't for everyone. For some people, selling insurance can be a real nightmare. But for others, it really works. It fits their personality. That's the case with us, so much so that it became a family business.

Do you focus on group or individual insurance?

Originally, we started with individual sales. When I came on board, I concentrated more on group insurance, while Johnny focused on individual. But we could see the gradual trend going toward individual, especially after UniCare came out with their individual products. Now, more than 95% of our business is individual. And I don't see that trend reversing any time soon.

But individual policies were a tough market early on because it was so time-consuming. Johnny had to drive to clients with these huge rate books. He then had to manually go through the process of elimination to find a program that met the client's qualifications. Then after you got an application, it would take an average of two more months before you received a final approval.

It was hard to make money on individual plans back then.

What changed?

The Internet, for one, came along and allowed everyone to work smarter.

Then we started using the Norvax Quote Engine. What used to take up to or at least half a day now takes less than 15 minutes. We can take a client through the whole process of quoting four different plans and providing them with a detailed proposal in less than 15 minutes.

There's also no longer any need to drive out to prospect's homes to write up applications - which is welcome news for both parties. People don't really want kitchen sales anymore. Many don't have the time. But most just don't like receiving a sales pitch in their homes anymore.

The net result is that agents have more time to serve more people.

So where do you see the future of health insurance?

The senior market. It's going to be huge. It'll be much bigger than the basic individual market.

It has the potential to reshape the insurance agency world. The Medicare-eligible market is already big. Medicare Advantage and supplemental plans have opened that market for agents who can help guide seniors through their various private options.

On top of that, remember that Baby Boomers are retiring and will soon be qualifying for Medicare. There's 70 million of them! This is where we're seeing the biggest opportunities for agency growth.

But just like the early days of individual market, I think a lot of us agents have been anxiously waiting for the tools to efficiently serve this market.

The demand is already there. We could do a lot more - but not until carriers came online with their senior products and we had tools to market it efficiently.

Thanks to Norvax, we finally have the technology to efficiently serve seniors like we do the individual market. And it's exciting to be able to quote Anthem's senior plans online. They have good products, and the Norvax senior quoting platform is the perfect vehicle.

Does selling to seniors require a different approach?

Yes, it does. Medicare Advantage and supplemental plans are different from basic individual and family plans. So agents have to familiarize themselves with the Centers for Medicare and Medicaid Services (CMS) as well as any state-specific guidelines.

As for the seniors themselves, most of the seniors we've served are a lot more knowledgeable about Medicare and their health insurance options than a lot of other people. They do more research. They have a better idea of what they need from their health insurance. Many of them are also online.

Because of that, we've found that most seniors are more ready to buy. There are few if any qualification issues. As long as they're 65, they're eligible for Medicare. There's also little doubt they want to buy a plan. They just need help finding the right plan for them.

Having the Norvax quoting platform for their Medicare supplemental needs lets us do just that. We can compare multiple plans side by side - and let them decide which mix works for them.

How does Norvax fit into your business?

Norvax has always had a great overall reputation, especially with us. They're very responsive whenever we have any issues. Tech-wise, Norvax is so far ahead of other companies. That's why we use them for our tech needs.

The quote engine and the built-in e-applications save so much time. And because we no longer need to spend half a day on just one client, we have more time to go after new ones and convert more leads. Norvax gives agents the tools they need to be profitable.

Can you tell us more about Freedom Benefit Solutions?

Succeeding in insurance sales is an art. But it's an art that new agents can learn. Johnny and I have spent nearly three decades training and motivating agents in this art, while providing our customers with a wide array of both popular and niche products - so they can find the right plan for them.

I think that our ability to work as a team gives us the ability to look at challenges and obstacles from many different angles, so we're often able to find creative solutions for individual situations.

We've also brought together a great team of sales professionals and developed an effective system for any agent who wants to succeed in this business.

Take a free demo of the NEW Norvax Senior quote engine here:
http://www.norvax.com/senior-quoting/anthem.html

To learn more about Anthem products and how to get appointed, please contact the Regional Sales Representative in your area:

Anthem Blue Cross Blue Shield:
Amy Canchola (877) 292-4474
States Supported: NV

Robin Le (888) 370-6224
States Supported: CO, MO

Tony Makkar (888) 486-9260
States Supported: CT, ME, NH

Jennifer Garcia (888) 334-0804
States Supported: IN, OH, WI

Rayel Chavez (888) 370-6215
States Supported : KY, VA

Anthem Blue Cross: California
Amy Canchola (877) 292-4474

Blue Cross Blue Shield of Georgia
Rayel Chavez (888) 370-6215

Empire Blue Cross Blue Shield
Tony Makkar (888) 486-9260