You just finished your busy renewal season, so the last thing you probably want to think about right now are benefits renewals. But it’s important that you do, to ensure you aren’t at risk for losing business to a competitor. Even when clients seem happy, competitors are great at finding ways to demonstrate their superiority. Check in on your process and see if you need a new approach to renewals, with the tips in this blog.
Did your clients secretly hate their last renewal?
Undoubtedly, you work hard to satisfy your clients, and check in regularly to make sure they are happy. But data shows your clients may secretly hate the benefits renewal process. Dynamis Corporation has interviewed hundreds of employers, and the vast majority dislike and even dread their annual benefits renewal.
The reasons commonly given for disliking the renewal process include the following:
- It’s confusing to parse through all the data and spreadsheets
- It’s difficult to make an educated decision and know it’s the right choice
- It’s hard to incorporate budget into benefits planning
- The process is often tedious and spread over too many meetings
If you still present benefit plan renewals with spreadsheets, there’s a good chance some of your clients aren’t happy with their renewal process. The good news is that they probably like you—and likely don’t realize there is an alternative to the process they hate. To keep up with the competition, it’s important that you proactively deliver a superior renewal before a competitor beats you to it.
A new approach to renewals
So what does that new approach to renewals look like? A good place to start is with common employer objections listed in the previous section. Brokers who are breaking the “spreadsheet” mold offer a renewal experience with some of the following elements:
- Renewals are presented visually instead of on spreadsheets
- Plan options are presented side-by-side for easy comparison
- Renewals take into consideration budget from the very beginning
- Renewal options are presented with dynamic technology, eliminating the need for multiple meetings
If you haven’t substantially changed your renewal process for years or decades, consider a modern technology solution to provide a better experience for your clients.
Promote your new renewal approach
Once you do upgrade your renewal process, don’t forget to tell your clients! Many of them won’t have their next renewal for months, and that leaves plenty of opportunity for a competitor to swoop in and offer something better. Beat them to it and share your new technology with clients right away, so they know the value you continue to provide. A good way to accomplish this is to offer a mid-year benefits review, and use that as a chance to show off your new renewal process.