Nationwide 9.5 Million Consumers Are Signed Up For Health Insurance Marketplace Coverage

Nationwide, 9.5 million consumers selected or were automatically reenrolled in quality, affordable health insurance coverage from the Health Insurance Marketplace through the second month of 2015 Open Enrollment, according to a report released today by the U.S. Department of Health and Human Services. Of those, more than 7.1 million were in states using the platform and 2.4 million were in the 14 states (including Washington, D.C.) using their own Marketplace platforms. As the Feb. 15 deadline approaches, HHS encourages all eligible consumers to sign up for Marketplace coverage. Most will be eligible for financial assistance to lower the cost of monthly premiums.

This HubPage only covers insurance agencies that want to operate and get licensed in the State of California. This is where I got my license, and worked as an insurance broker. Each state has its own rules, so if you are in a State other then California, you might want to use this manual only as a guide to understand how the industry works in California , and how it may work in your state as well. For you people in California, I tried to go through each and every step to start out your own agency.

On the contrary, it was much easier to obtain an E& Insurance on the Health & Life side of the business. Generally an E& insurance in this side of the industry will cost you approximately $500 a year, and Blue Shield had a great program that I was able to use right away. It is recommended that you start off right away selling health and life insurance to your clients, and with that experience move to the P&C side of business. E& companies in the P&C side will like the fact that you’ve been selling insurance in the past, and they will be more willing to give you a quote for insurance.

Customer Relationship Management software or CRM may do similar things. Personally, I use a CRM software over an Agency Management software because of the type of business we are in. The solution we use is provided by , and it’s a very user friendly tool that helps us to keep track of our customers. The fact that it is an Internet based solution is extremely helpful, and it allows you to access information in and out of the office. CRM will allow you to improve your sales processes along with customer service processes, and we found it extremely useful managing our customers and keeping them happy.

To give an example, say you have 10 customers, all with an annual premium of $1000. You have written $10,000 worth of business given that all of your clients stay with the insurance company until the policy expires. One of your clients gets in an accident. The accident ends up costing the insurance company $10,000 to fix the other person’s car, and pay for their medical. At this point, your loss ratio will be 1 (100%), or $10,000:$10,000. You’ve written $10,000 but your client has cost the insurance company $10,000. They are at a break-even. You’ll need to write more business to help the insurance company make money.

Basically, these are middleman that can help the smaller independent agents like yourself and me. In some cases, getting appointed with a certain insurance company becomes not favorable or feasible because you know that you will not be writing enough business for them. As an example, say you have a cousin that is a plumber and that allows you to write a commercial insurance policy in this category each year. But because that’s not your core business competency, it will be very difficult to find and get appointed with an insurance company that writes these kinds of business. So in cases like that there are companies like Insurance Noodle, which will allow you to be able to work with companies that write insurance in this industry.

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