Case Study: How This Agency Generated $500K in Additional Sales Before Open Enrollment
Introduction
Creating opportunities for revenue growth might be easier than you think.
In this case study, we’ll examine how one agency – anonymized as ABC Benefits – was able to add $500,000 in first year sales before open enrollment had even begun. They’re uniquely successful, but the steps they took to grow revenue are easily reproducible by many other agencies. Here’s how it happened, and how you apply their learnings to your own business.
Background
ABC Benefits, an East Coast-based health insurance agency, serves clients across 27 states with a team of 35+ ACA agents. As a leader in ACA medical insurance, they recognized a growing demand for more comprehensive health coverage among freelancers, 1099 workers, and individuals seeking individual medical insurance. High out-of-pocket expenses—reaching $9,450 for individuals and $18,900 for families¹—left gaps a standard health plan couldn’t cover.
To better serve their clients and enhance revenue streams, ABC Benefits implemented an integrated quoting system that automatically pairs accident and critical illness insurance with ACA medical plans. This strategic move not only filled coverage gaps but also empowered the agency to offer true financial protection for its customers and drive a significant boost in revenue.
The Challenge
As healthcare costs rise, more individuals face higher out-of-pocket maximums. For many, unexpected medical expenses from accidents or critical illnesses could mean financial ruin. Standard health insurance doesn’t cover all these costs, yet many consumers are unaware of the gaps in their coverage and need more protection. At the same time, ABC Benefits was facing declining commissions on individual medical policies, making it difficult to maintain revenue levels.
The question was clear: How could ABC Benefits protect their clients from financial risk while increasing agency revenue?
The Solution
ABC Benefits partnered with Assurity to leverage a solution that seamlessly integrated accident and critical illness insurance into their internal quoting and enrollment platform. When customers selected their medical plan, the system automatically highlighted their deductible and out-of-pocket maximums, prompting agents to offer accident and critical illness coverage in the same conversation.
Here’s how the sales process worked:
- Identifying the Gap
Agents began by discussing the clients’ out-of-pocket costs and asking if they had enough emergency savings or HSA funds to cover unexpected expenses due to an accident or illness. - Presenting the Solution
When clients revealed their vulnerability, agents introduced accident insurance (covering set amounts for accidents) and critical illness insurance (offering lump-sum payments for diagnoses like cancer, heart attacks,² or strokes). - Tailoring Coverage
Agents customized policies based on individual needs—whether clients had children, active lifestyles, worked in high-risk jobs, or wanted peace of mind regarding critical illness protection.
This approach positioned agents as trusted advisors and significantly boosted both client protection and company revenue.
The Results
Through this strategy, ABC Benefits achieved remarkable success prior to open enrollment.
They generated over $500,000 in additional first-year revenue, including:
- Nearly 500 accident insurance policies generating about $225,000 in annual premium
- Over 200 critical illness insurance policies generating almost $240,000 in annual premium
- Over 40 term life insurance policies generating more than $40,000 in annual premium
Agents found that clients were willing to invest in additional coverage once they understood the financial risks they faced without it. By combining essential protection products with ACA medical plans, ABC Benefits closed the coverage gap for their clients and grew their revenue stream considerably.
Future Outlook
ABC Benefits continues to refine this sales model, anticipating even greater success during and after open enrollment. With more individuals seeking protection from high out-of-pocket expenses, the agency is well-positioned to expand its offerings, particularly in accident and critical illness coverage.
Key Takeaways for Your Business:
- Identify the financial gaps your clients face and present complementary insurance solutions that add value.
- Pair protection and products together to offer comprehensive solutions while driving additional revenue.
- Leverage technology to make it easy for agents to introduce additional coverage options in one conversation.
- By adapting this model, your agency can enhance customer protection and significantly increase your revenue streams.
Want to talk more about how you can start using this winning formula? Explore Assurity’s supplemental health options and schedule a meeting with me today.
1. HealthCare.gov, “Out-of-pocket maximum limit,” 2024. (Compliance link: https://www.healthcare.gov/glossary/out-of-pocket-maximum-limit/)
2. Heart attack does not include established (old) myocardial infarction occurring prior to the issue date, sudden cardiac arrest, cardiac arrest or cardiopulmonary arrest.
Assurity is a marketing name for the mutual holding company Assurity Group, Inc. and its subsidiaries. Those subsidiaries include but are not limited to: Assurity Life Insurance Company and Assurity Life Insurance Company of New York. Insurance products and services are offered by Assurity Life Insurance Company in all states except New York. In New York, insurance products and services are offered by Assurity Life Insurance Company of New York, Albany, New York. Product availability, features and rates may vary by state.