With more than 881,000 licensed insurance agents and brokers vying for clients’ attention, the same old stuff just isn’t going to cut it.
Employers have plenty of options when it comes to getting employees benefits and health insurance. It’s not as simple as a friendly broker-to-broker competition. Professional employer organizations (PEOs) and direct-to-employer software companies (DTEs) are breaking down their doors, too. Offering better, offering more, and offering easier solutions by cutting brokers out of the equation altogether.
But here’s the deal — none of those have you. Your connection to the community, your knowledge and expertise, and your drive and focus to do what’s best for your clients.
Step one: You can’t challenge your competitors unless you know who they are and what they bring to the table.
You already know employers in the small- and medium-sized business (SMB) space can be price-sensitive. But they want more than just low prices. These groups are searching for a trusted, secure resource to holistically help them:
PEOs and DTEs are rapidly adapting to this new landscape. And they are shouting it from the rooftops with value-adds like HR services, compliance support, and payroll. Lesson learned: Offering only health plan coverage is no longer enough.
But we can’t look past your homegrown competition, either. Who is consistently at the table with you for new business? And how do they fare? Maybe their sales deck is slick or the agency owner goes off the cuff. The better you objectively understand what you’re up against, the better chance you have at challenging them.
Once the insurance plans are picked and open enrollment is completed, a broker’s role can feel reactive to clients. To stay relevant, you need to pivot from handling transactions to being a valuable business partner year-round.
This value could look like one, two, or any combination of the below.
Flexible spending accounts
Group-level reporting and analytics
Identity protection services
Community event sponsorships
Compliance & risk mitigation
A good rule of thumb: Potential clients don’t want to hear about you. They want to hear how you’ll help them. Seems like a small shift, but let’s see it in action.
The more concise you can be in your reason why, the better it will land. Studies show that when you write or say more, your audience actually understands less. Psst: Free tools like Grammarly and Hemingway App can suggest and assess your writing.
OK, now we put it all together. Download your own copy of this eight-question worksheet to drill down to your competitive edge.