Carrier Interview: “Super Sizing” Your Health Sales With Solera’s New Discount Dental Product
Peter Kopp and Troy Daniels founded Solera in 2006. Now they’re launching their first nationwide discount Dental product. The two sat down with us recently to talk about why dental is a natural fit for health agents.
Norvax: Solera offers a discount dental product. There are many dental offerings on the market – what makes this one unique?
TD: We have high commissions, great discounts, guaranteed approval and consistency of product on a national basis with over 54,000 provider locations. Also, there’s no waiting period, no limits on pre-existing conditions, and there’s no limits on the number of visits. With most dental plans, cosmetic dentistry is excluded. Orthodontics is usually a buy-up option. With Solera, these come packaged in. With the national coverage it becomes a very marketable product.
Norvax: Why should a health agent consider adding dental if they’ve never sold it before?
TD: Dental is the most widely purchased benefit after health insurance, which makes it the ultimate “super size” for individual health insurance. Every time you speak with a client you can easily say: “Would you like to buy dental?” The price is so low that it’s like saying, “Would you like fries with that?” “Would you like to add dental for $11.75 a month?” It’s so easy.
Norvax: How can adding dental products impact an agent’s annual compensation?
TD: The commissions on this dental product are good, and you’re going to make money on that. But beyond that, the more products you sell to a client, the deeper that relationship and the more likely they are to come back to you.
It also gives you a reason to call existing clients. You might find out they have additional needs. By calling them and saying, “Hey I have a dental product that’s very affordable and it’s a great product,” you not only have the opportunity to sell the dental product, but you might move the medical from one carrier to another and increase commissions, or sell a life policy. It’s a good way open the conversation and follow through with relationships.
Norvax: What are some ideas agents can use to pitch this dental product to clients?
TD: Beyond saying, “Do you have dental?” you can say:
- •”You know we have a dental product that has no waiting period and no limitations on pre-existing conditions?”
- •”Have you ever considered cosmetic dentistry, such as getting your teeth whitened?”
- •”Would you like to get a discount on your dental services going forward?”
- •”You don’t have dental insurance and you have 5 kids, wouldn’t it be nice to pay less when they go to their semiannual dentist visit?”
- •”I noticed on the application your kids are 6 and 7 years old, that’s about the age for orthodontics. You know, I’ve got a dental plan that provides discounts on those services.”
Those kinds of things I think you could say. It’s looking at who you’re selling to and thinking about what their needs might be.
Norvax: Can you project how an agent could benefit from selling Solera’s dental product?
TD: Even when you can’t sell the medical, if you can sell the dental, then you increase your income. The average sale is going to be a little over $20. With our 20% commission rate, that’s an extra $4 a month you’re going to make in the first year on that sale. If you can sell 50 apps a month, that’s an additional $200 in commissions each month you’ve earned. It’s half a car payment. Just by saying, “Would you like to buy dental.”
PK: It’s an ongoing annuity you’re creating. And the retention is incredible. 98% of the people who have bought this product in Colorado through Beta Dental maintain it from year to year. 98% retention!
Norvax: Why is now a good time to start selling these dental products?
TD: Now’s a great time to start selling Solera’s dental product because we’re running two promotions. One is when a client purchases the dental program, they’ll get a vision discount card for the same period of time they’re on the program; they’ll also get a discount drug card and a hearing discount card. Additionally, we’re providing 3 months of free coverage for consumers that purchase the dental program on an annual pay. So if they buy the dental program on the annual pay option, we throw 3 months on the end so they get 15 months for the price of 12.
PK: The added promotion helps agents sell the annual coverage, which benefits them because they’ll get the entire annual commission up front. So if the consumer purchases the annual pay, the agent is not going to be paid month to month. We’ll pay them right away for the entire program so they get annualized commission.
Norvax: How can an agent get started selling Solera Dental?
TD: It’s very simple. We have the application available online. The agent just has to go there, fill out the agent information sheet and sign the agreement and they are ready to go.