Today’s is a tough market for employee benefits brokers, with the added regulations due to ACA and more employers moving to private exchanges. How do you prove to your clients that they still need the expertise of an insurance broker—and most importantly, that it should be you?
Offer a new approach to renewals
Brokers who walk in to renewal meetings with the same spreadsheet and binder approach of years past aren’t going to impress their clients. In fact, clients may leave the meeting more confused than before, and certainly not likely to trust their broker’s judgment.
Why the paradigm shift? Where in the past there were just a few types of plan design options to discuss (PPO, HMO, etc.), today there are countless possibilities for you and your clients to explore. Beyond selecting the type of plan, you can consider contribution options, wellness-based strategies, consumer-driven plans, and much more. While this allows more flexibility for employers, it can also leave their head spinning with questions.
Choose technology to be more consultative
A better fit for today’s market is to present renewal options using an interactive, visual presentation. Many leading brokers are taking advantage of technology solutions that enable them to deliver this innovative approach to their clients, changing the renewal conversation.
Moving to this approach helps clients feel empowered instead of confused, helping them make educated decisions about their benefits to find the best plan for their company’s needs. Plus, it makes you shine by simplifying the conversation while at the same time highlighting your expertise.
Creating a consultative renewal conversation like this shows your clients exactly how valuable you are, since this is an experience they can’t get from a private exchange or by sending their employees to the healthcare marketplace.
I’d love to hear your thoughts on renewal strategies to help prove your worth as a broker. Please share your thoughts in the comments section below.
To read more about how to prove your value as a broker in today’s challenging marketplace, read our free e-book, Prove Your Worth as a Broker.