Give the buyer new criteria to use for selecting and engaging a new advisor.
The price of the insurance product will 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. Here is how you can shift the conversation away from being only about price.
Explain the process
Explain to the buyer how the quoting process works: All brokers armed with the same information about a buyer will approach the same carriers and come back with the same plan design options at the same rates.
Acknowledge that most advisors 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 to differentiate themselves. This is why close ratios are so low for most brokers.
Emphasize that, as critical as the insurance decisions are, other areas impact an employer's results in their HR/benefits program. Take the time to help them understand how all of these areas must work together cohesively to achieve results:
- Attraction and retention
- Employee engagement
Take control by holding yourself to a higher standard
Emphasize to the buyer your ability to handle their insurance needs at renewal and that 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 will likely result in you doing business together.
Most serious prospects would consider the following to be a reasonable standard:
- During your conversations, it must become evident 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 evident 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 know what the final destination looks like, which allows you to control the conversation moving forward. Ensure that the next phase of your conversation with the buyer focuses on analyzing what is and is not working.
As you analyze their programs, chances are you will uncover several areas that their current broker is not adequately addressing. If this is the case, you have satisfied the first half of the standard.
Maintain control of the conversation
Maintain control by asking the buyer if they agree these are areas worth addressing. Assuming they agree 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:
- Describe the solution
- Explain the results you have delivered with these solutions in the past
- Explain 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.
If the conversation goes well, you will have a new client.