In our last blog, we talked about the changing insurance market and overall industry, and the need for brokers to adapt in order to deliver superior client service and build long-term relationships. One of the most important areas that brokers need to focus on thiis adaptation is during the annual renewal.
We all know the traditional renewal process.
- The broker gets a few quotes and presents them to the client in a complex series of spreadsheets.
- The client has a hard time making sense of all the data in the spreadsheets.
- If the client wants changes to any of the plan design options, the broker must go back and create new spreadsheets, extending the process to multiple more meetings.
- The entire process is laborious and frustrating for all parties involved, and the employer finds it hard to make an educated decision that fits their budget and is also valuable for their employees.
The problem with this renewal approach
Although this is the way “things have always been done,” that doesn’t mean it’s necessarily the best way to approach the annual benefits renewal. Most employers dislike that traditional approach, for a few reasons:
- They simply don’t have the time anymore to spend hours and hours over multiple meetings hashing out their benefits plans. They need a more efficient process.
- With all the options out there today, sifting through data in a spreadsheet is too overwhelming. Employers want to make a confident, educated decision.
- Employers want to see not only many options, but also how those options impact their budget and their employees. They want a big-picture view of their benefits, in order to make the best decision.
Delivering better client service, efficiently
As a broker, how do you deliver the client service employers are looking for at renewal, while still being respectful of their time? The answer is through technology. Modern technology solutions of today allow brokers to:
- Present plan options visually
- Show plan alternatives side-by-side
- Make changes in real-time to show immediate impact
- Show the full picture, including all costs and employee impact
- Work within a predetermined budget
Using a technology platform to present plan design options can greatly simplify the conversation, while also giving the employer all the information they need at their fingertips to make an informed decision, fast. Brokers who use this approach to renewals report high degrees of client satisfaction and retention, and often wrap up renewals in just one or two meetings.
Interested in learning more about how to boost your client service game in today’s rapidly evolving market? Don’t miss our latest e-book, Client Relationship Building: Adapting to the Digital Age.