The end of the year for an employee benefits broker is largely consumed with renewals. Now that the busy renewal season is over, it’s time to focus on growth for the following year, whether you’re a sales manager leading a team or a producer out there prospecting.
In this blog we’ll discuss an insurance prospecting strategy that is particularly effective at the beginning of the year, and can help you start the year off strong in new business.
Focus on the pain of the last renewal
When talking to employers in Q1 and trying to convince them to switch to your agency, you have one big advantage: their last renewal is fresh in their mind. And let’s face it, most employers aren’t particularly thrilled with the renewal process. In fact, if their broker still relies on dense spreadsheets to present plan options, the employer was probably downright frustrated and/or confused during their most recent renewal.
This is the perfect topic to use to get in the door with a prospect. Focus on the pain of their recent renewal (and ask probing questions about what they received from their broker), then provide an alternative approach.
How to execute this strategy
There are many ways a producer could successfully use this tactic, but we’ll share some ideas here. Start by asking questions about the last renewal and try to coax out any pain or frustration. Here are some examples:
- Describe your recent renewal experience
- What did you like and dislike about your recent renewal?
- Do you feel you made the best decision you could, or would you have preferred more support and decision tools?
- Did your broker offer _______? (fill in with a service your agency provides)
Many employers dislike the benefits renewal process, but don’t realize there are alternatives to the experience they are used to. Once you get your prospect talking about what they disliked in their recent renewal, you can contrast those pains with the superior service/experience/results your agency can provide.
This is a great prospecting strategy to secure a first meeting. After that, the burden is on you to illustrate how your agency’s approach is superior, and convince the prospect they should switch to you for a better renewal experience in the future.
The beginning of the year is a perfect time to implement new strategies to boost your sales success. To read more examples of how you can start 2017 out strong, take a look at this free ebook.