You like the samples… but have you considered Costco medical insurance?
It’s the most cost-effective wholesale store around with shelves filled ceiling to floor with food, toiletries, and more. You always spend more time there than you should, perusing through aisles and gorging on free samples. It’s like a candy store for adult consumers. What store is this? Behold the all-mighty Costco. But Costco is more than groceries and tasty samples. In fact, Costco is home to a pharmacy, gas station, tire center, optical, and auditory departments. Costco apparently has everything you will ever need, and that includes medical insurance. As a consumer and industry professional, here’s everything you need to know about Costco medical insurance:
What is it?
Through Costco’s online health insurance marketplace, you can shop and compare quotes for different lines of coverage. Costco has partnered with an insurance broker since the dawn of the Affordable Care Act known as Custom Benefit Consultants (CBC) to make these quotes possible. Once you request a quote on Costco’s health insurance marketplace, shoppers are redirected to the CBC to fill out their information and receive a quote. From there the comparison and plan selection can begin. The shopper is also given the contact information of a broker if they have questions or need guidance.
Who is it for?
- Coverage for Individuals and Families
Includes those who are unsatisfied with their employer’s health coverage, those who are self-employed, or those who have experienced a life-changing event.
- Coverage for Businesses
Offered for small businesses (up to 50 employees) and large businesses (51-100 employees).
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Why does Costco have it?
Simply put, Costco offers medical insurance as another convenience for Costco members. Anyone can search the internet for health insurance providers, but CBC offers an easy-to-use site to compare and select quotes from providers in nearby. Providing insurance is also a golden opportunity for CBC to gain new clients by tapping into a market with over 90 million members in the US.
Is Costco my competitor?
Do you offer auto, home, or life insurance in your agency? Chances are that you offer at least one of the three. However, Costco offers them all, including exclusive discounts for members because of a partnership with Ameriprise in most states. It doesn’t stop there. Since 2014, Costco has offered life insurance through Protective Life Insurance Company with over $7 billion in coverage to Costco members. While Costco may not be a well-known insurance competitor, the grocery chain has a significant number of members. Therefore, if your agency is located near one of their stores, they may be tapping into your market!
How you can compete:
1. Be consultative in your sales approach.
When meeting with prospects who are shopping around, be sure to be personable and build a relationship with them! When prospective buyers are shopping online through Costco, there is little human touch. This can be your differentiator.
2. Follow-up!
It can take several follow-ups to close a deal. Blitz can help you to ensure zero prospects fall through the cracks.
3. Provide excellent service.
Everyone remembers a bad customer service experience. Don’t let this happen in your agency! Proper training and a willingness to serve customers with pride will keep customers on board for years to come.
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