How to Make Cobra management Your hidden Sales Weapon

Affordable Health Insurance - How to Make Cobra management Your hidden Sales Weapon

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As you call on prospective accounts this year, keep a hidden weapon in your back pocket. What? You're not used to thinking of Cobra management as a hidden weapon? Think again. Cobra is a pain point, a hot button and an expensive point of contention, development it an ideal conversation starter and change agent. As you know, separating an catalogue from an incumbent broker is no easy task. But it's a task that becomes a whole lot easier when there's a highly relevant topic begging discussion.

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If your competitor happens to be ignoring the Cobra elephant in the room, you'll enjoy an immediate competitive edge by introducing the Cobra management topic. Not sure how? Below is a ready-to-use sales script.

The Cobra management hidden Weapon Sales Script: This script assumes you're meeting with a decision maker who has given you permission to ask a few questions.

You: Are you happy with how your current agent is managing your condition insurance benefits?

Prospect: Yes, our agent does a great job for us. We've been very satisfied with our benefits box this year.

You: Great, it's good to hear you're satisfied with your condition insurance benefits. Now let me ask you - are you also happy with the way your agent is helping you through the challenges of Cobra administration? She has helped you navigate all of the recent legislative changes and helped you avoid expensive mistakes, right?

Prospect: Well, kind of.

You: Oh good, because Cobra is one area some agents overlook. It sounds like your agent has things covered. So, you probably already know how to sell out the labor hours needed to administer Cobra efficiently, right?

Prospect: I don't know about that. It's literally taking more people to administer Cobra now that the laws have come to be so complicated.

You: Did you know it doesn't have to take more time? I'm sure your agent has probably already apprised you of the concerns such as report keeping, spoton reporting and billing overpayments. And I'm sure you already know that one seemingly minor oversight in Cobra management can cost you thousands in overpayments, fines or litigation. But even with all of this, many of my clients have found ways to sell out their Cobra management burden. Has your broker helped you compare your current situation, evaluate your Cobra management options and pick the best solution?

Prospect: Not really. Sometimes I am worried something might slip through the cracks. What do you mean by best Cobra management solution? Does such a thing literally exist?

You: It's a good idea to weigh the potential cost savings of outsourcing Cobra management compared to managing it in house. For some associates outsourcing makes sense, for others it doesn't. Your firm may gain principal time and cost benefits from outsourcing. One of the biggest cost savings is labor expense. One study estimates the average employer spends four hours per Cobra participant, per month. If an employer outsources the process, the four-hour expenditure drops to about 20 minutes per participant, per month. And labor charge isn't the only savings. I'm sure you've already heard about all this, right?

Prospect: I don't remember. But I belief outsourcing was only for big companies. Do you literally think it's a viable explication for smaller employers too?

You: Absolutely. associates of all types and sizes can benefit. For example...
If your firm is understaffed, the job of Cobra may fall on employees who already have many other responsibilities. They probably aren't adequately trained in Cobra and don't fully understand the risks and costs of noncompliance. It may be cost-effective to outsource Cobra management to a devotee so you can avoid expensive oversights. The cost of one condition insurance premium overpayment regularly more than covers the each year charge of outsourcing. If your firm is growing, you probably need to focus your Hr efforts on attracting and retaining talent. You may gain principal time and cost benefits from outsourcing, while freeing you to focus on tasks that preserve your growth. If you're a firm with tight margins, you probably can't afford the costs of noncompliance. You might appreciate the peace of mind of outsourcing to a professional firm that carries the added security of professional liability coverage.

Let me ask you, which of these categories (understaffed, growing or tight margins) best describes your business? I'm sure you've already talked to your agent about this, but in the ideal scenario, how would you change your Cobra process so it was less of a burden on your lowest line?

Prospect: I'm trying to grow my company. In an ideal scenario, I would like to wash my hands of Cobra and redirect my Hr team to top line strategies. I never belief outsourcing would be something I could afford though.

You: Well, it's worth exploring isn't it? When I'm working on your condition insurance quote, I can also provide you with a Cobra outsourcing quote and I'll help you analyze your potential return on Cobra outsourcing. If the wage or savings opening is twice what you would spend to outsource Cobra, it's worth considering. How does that sound?

Do you see how literally you were able to get this prospect's concentration by using Cobra as your hidden weapon? Now, more than ever before, the Cobra conversation is development and breaking condition insurance relationships. Cobra management is a sales hidden weapon and it will remain so well beyond 2014 because continuation will be an ongoing issue. If you take the time to introduce this highly relevant topic, learn about your prospects' challenges, build a solid rapport, and paint a photo of an ideal solution, you'll greatly improve your odds of development a sale. By using Cobra management to get your foot in the door, you'll make inroads with your condition insurance prospects and cut off them from your competition.

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