Dynamis Blog

Still Using Spreadsheets for Renewals? Prepare to Get Left Behind.

Posted by AndyNunemaker on Feb 20, 2018 7:00:00 AM

Still Using Spreadsheets for Renewals? Prepare to Get Left Behind.

Employers hate spreadsheets. We’ve interviewed hundreds of brokers and employers, and the answer is unanimous. Yet many brokers still use this cumbersome, outdated process to present renewals to their clients.

However, the industry is moving toward more technology-based processes, and that includes renewals. In this blog we’ll examine why clients hate spreadsheets, and how you can upgrade your processes so you’re not left behind.


 

Your clients hate spreadsheets

“I would never hire you as our broker.” That’s what we hear all the time about brokers using spreadsheets. For employers, spreadsheet-based renewals are confusing, lengthy and just plain frustrating.

Why do employers hate spreadsheets so much?

  • All that data is difficult to interpret meaningfully
  • Clients struggle to compare plans
  • Any changes to the plan design requires another spreadsheet and another meeting, dragging the process out
  • The budget is usually addressed at the end in terms of premium share and distribution strategies, leaving the client in limbo about what they will pay
  • Employers generally don’t feel confident about their decision by the end of the process, because all the data is hard to decipher and understand

As a broker, you aim to provide the best client service and renewal experience possible. If you’re still using spreadsheets, that isn’t cutting it anymore.

 

Don’t get left behind

If you’re still using spreadsheets for renewals, think about what the above section means for you. More and more brokers are adopting modern, technology-based renewal processes—and the exciting capabilities often allow brokers to win the BOR in a single meeting.

If one of those modern brokers pitches your clients, what will your client think? Even if they love you, there’s a good chance they’ll love an upgraded renewal process even more. Here’s what clients are saying after experiencing this type of renewal:

  • “The best renewal process we’ve ever had!”
  • “This is awesome!”
  • “I’ll never go back to spreadsheets!”
  • “Why didn’t I switch brokers sooner?”

As the industry moves forward, one of two scenarios will happen. Forward-thinking brokers will steal away your clients with exciting new renewal solutions. Or you will adopt such a solution and steal clients away from your competition—while delighting clients and building a rock-solid wall of retention. Which would you prefer to be?


Even if you’ve seen Dynamis before, it’s time to take another look and check out the game-changing enhancements! To see the solution that’s becoming the renewal tool of choice among leading brokers, schedule your consultation today.

Topics: Dynamic Plan Designer