The price of the insurance product is always going to be important. However, most brokers are going to be bringing the same price to the same prospect. Instead, give the buyer new criteria to use for selecting and engaging a new advisor.
Explain the process
Explain to the buyer how the quoting process works. All brokers armed with the same information about a buyer are going to approach the same carriers and come back with the same plan design options at the same rates.
Acknowledge that most advisors are more than willing to go out and get quotes knowing that the outcome will be the same as any other broker. The broker will then use a capabilities presentation or promises of better service in an attempt to differentiate themselves from everyone else. This is why close ratios are so low for most brokers.
Emphasize that, as critical as the insurance decisions are, many other areas also impact the results an employer gets in their HR/benefits program. Take the time to help them understand how all of these areas (compliance, technology, communication, attraction/retention, employee engagement, etc.) must work cohesively to get optimal results.
Most advisors give these areas nothing more than cursory acknowledgment with their capabilities presentation. This is where most brokers fail to take control of the sales conversation, leaving it in the hands of the buyer.
Take control by holding yourself to a higher standard
Emphasize to the buyer your ability to handle their insurance needs at renewal, but let them know you hold yourself to a higher standard. After giving them a new perspective on their program and the various elements that go into making it successful, it is time to establish the standard that, when hit, will likely result in you doing business together.
Most serious prospects would consider the following to be a reasonable standard:
- It must become evident during your conversations that there is an opportunity to make significant improvements to the employer’s overall HR/benefits program. You will uncover needs not currently being addressed.
- It must also become clear to the prospect that you have solutions to address those needs, and you can effectively implement those solutions to ensure the employer gets improved results.
By establishing a reasonable standard, you and the buyer both know what the final destination looks like, which allows you to control the path/conversation moving forward. Just ensure that the next phase of your conversation with the buyer focuses on analyzing what is working and what isn’t working for them in the various “other areas” mentioned above.
As you analyze their programs, chances are you are going to uncover several areas that aren’t being adequately addressed by their current broker. If this is the case, you have just satisfied the first half of the standard.
Maintain control by asking the buyer if they agree these are important areas worth addressing. Assuming they agree they are important, also ask if they would like to see a proposal from you as to how you would address these needs on their behalf.
When presenting the solutions you propose to put in place to address the needs, don’t merely describe the solution. The most essential part of the solution presentation is to explain very clearly the results you have delivered with these solutions in the past and, maybe most importantly, the steps of implementation you will follow to ensure successful outcomes for them. This will earn their confidence that you defined in the second half of the standard.
Congratulations, you have a new client!