Nov 05, 2018
by Kevin Timone This article is based on a PodCast with Dennis Carlson of Benefits Influencer Our industry is full of smart, dedicated people. But, when it comes to higher levels of success, what separates great brokers from good brokers? If I could boil it down to one thing, it would be that great brokers are open to change. One proverb fits our industry perfectly, “Old ways don’t open new doors.” To break it down, great brokers have these four traits that drive success in today’s health insurance and employee benefits industry:
One — They Provide a Range of Products and Coverage Options
The great brokers I see are not afraid to present limited provider networks when it makes sense. Depending on their location, many limited networks are almost as full as the full networks. Carriers have done a great job delivering innovative solutions whether you’re in Los Angeles or Sacramento. If you demonstrate that a limited network meets each employee’s needs, another agent is less likely to swoop in and sell your client an unnecessarily large network. An agent who cuts costs wins over one who doesn’t. But don’t wait until renewal time to recommend a limited network when clients are facing rate increases.
If you offered it from the beginning, your client would have saved a year of higher premiums. When it comes to introducing new coverage lines, good brokers are a little sheepish with clients. They focus primarily on placing medical coverage, and then maybe dental. They want to secure the client first and foremost. Great brokers have a different mindset. Their attitude is, “I’ll capture as many lines as possible with this initial conversation. And I’ll demonstrate due diligence by presenting a full range of valuable benefits.” In today’s market, smaller firms are up against the gorillas. But, when you deliver valuable product lines, you boost your ability to compete on all levels. A General Agency like LISI provides the sales support you need to expand your coverage lines.
Offering multiple lines of coverage also allows you to deliver more value to a diverse workforce. For example, short-term disability (STD) coverage may be a perfectly good option for some employees while long-term disability coverage (LTD) is ideal for families who need more comprehensive protection. Another advantage of placing multiple lines is that other brokers are less likely to steal your client. And you’re more likely to get referrals. LISI has the product knowledge to get you up-to-speed on products like LTD or STD.
Two — They’re Always Learning
Product knowledge comes over time, but you have to start somewhere. That’s back to mindset. For a great broker, school is always in session. If you take the time to learn a product every two or three months, you’ll be versed in multiple lines by the end of the year, which makes you more effective.
Three — They’re Proactive with Clients, Not Reactive
Some brokers go dark outside of open enrollment and just wait for clients to bring issues to them. Regular communication is a differentiator with great brokers. They continually reach out to clients with new solutions. At the same time, your clients don’t want you calling just to say, “hi.” You have to add value to the conversation and the relationship. After open enrollment, a great broker may tell a client, “I have new product offerings that suit the personal needs of your employees at little or no cost to you.” Ask your client what their employees are saying about their benefits. Do they want different options? It’s important to get feedback on the entire package. Far too often, employers think they know what their employees want, without having the full picture.
Four — They Find New Ways to Communicate Their Value
We’re past the days of getting in your car and knocking on doors. Great brokers embrace online and social selling with platforms like LinkedIn and Facebook. It’s a cost effective way to promote yourself and your agency. When it comes to marketing, the first step can be the hardest, but you have to start somewhere. The Carriers and a General Agency like LISI can provide marketing support. It’s more cost effective to market to your in-force business. A survey, newsletter, or other medium that allows you to continually communicate your agency’s value is a win.
And, of course, referrals are always huge. You have to do it all. A comprehensive marketing program doesn’t happen overnight. Some brokers start a marketing program and throw in the towel after six months when they don’t get the results they expected. A marketing plan shouldn’t exactly be working in six months. It takes refinement, feedback, and perseverance. Stick with it for a full year at the very minimum. So start embracing change in its many forms, and you’ll be on your way to more success than you ever thought possible. LISI is here to help you every step of the way.
Kevin Timone is LISI Senior Vice President of Sales, Northern California and Senior Vice President of Sales for CoPower.
