When selling insurance on Edvisor, there’s a golden opportunity to boost profit margins that many might overlook: markup. 

Don’t worry if you’re not familiar with the term—we’ll break it down and explore how you can use it to your advantage.

What is Markup?

In the simplest terms, markup is the extra amount you add to the cost of a product to set its selling price. 

     → Imagine you’re buying an insurance policy from a provider for $100.

     → If you add a 20% markup, you’ll sell that policy for $120. 

     → That extra $20? It’s your profit (on top of your commission).

It’s as straightforward as that.

Markup is an important concept in insurance sales that can significantly impact your profit margins. By applying a markup to your insurance products, you can increase your earnings on each policy. 

The key is to find a balance that maximizes your profit without pricing yourself out of the market.

And… lucky you! Edvisor provides the tools you need to adjust your markup effectively!

How Can You Use Markup on Edvisor to Increase Profit Margins?

Now that you know what markup is, let’s talk about how you can actually apply it on Edvisor to maximize your profits:

1. Log into your Edvisor dashboard and find the ‘Manage Providers’ icon at the top. This is your starting point for tweaking insurance sales prices.

2. Select ‘Manage Insurance Providers’ from the dropdown menu. Here, you’ll see all the insurance providers you work with.

3. Pick the provider whose pricing you want to adjust. Click on their name to bring up their list of insurance products.

4. Choose the product you want to edit. Once you’re on that product’s page, you’ll see your current sales price and profit.

5. Adjust the Markup by clicking on the ‘Markup’ option. This is where you can decide how much more you want to charge. Add the percentage increase you want, and you’ll immediately see how it affects both the sales price and your profit.

6. Review and Update your changes. Make sure the new price makes sense for your clients and your profit goals. When satisfied, hit the ‘Update’ button to lock it in.

💡Here’s an in-depth tutorial on how to use the markup feature on Edvisor

By understanding and utilizing markup, you’re not just selling insurance—you’re strategically positioning your business for better profits. 

It’s about making smart decisions that benefit both you and your clients. And remember, even a tiny markup can make a significant difference when scaled across multiple sales.

Whether you’re new to insurance sales or a seasoned pro, Edvisor makes it easy to sell insurance, adjust your markup and keep your profit margins healthy. And if you ever get stuck, our support team is there to help.

Start using markup today, and watch how a small adjustment can lead to a big boost in your bottom line.

For more tips on maximizing your insurance sales 👉 check out our comprehensive Insurance Sales Guide.

Happy selling! 😊