Cliff's Insights Playbook # 5: Know Your Broker
Who is your "best" broker? Are you sure? Have you based that on feeling or facts? Having a 360-degree view of your broker – market presence, new...
3 min read
Cliff Murch : Aug 14, 2024 9:16:41 AM
Territory Management Strategy #1:
Quickly Identify Territory Competitor Carriers and Brokers
3. Expand the "Insurance Plans" filter and select the Carrier and / or Broker criteria to further sharpen your focus.
Territory Management Strategy #2:
Compare Broker and Carrier Growth and Retention
1. Log in to Benefeature. At the top of the Search screen, you have the option to select either Employers, Brokers, or Carriers.
2. Select either Brokers or Carriers. For this example, let's assume you would like to compare brokers (you will follow the same process if comparing carriers).
3. Use the "Search for brokers" box to select the firm of interest. You may also expand the "Office Demographics" or "Client Demographics" sections to further refine your selection. If you would like to compare brokers or carriers in a particular territory, select that office territory here.
4. Once you have selected a broker, you will be taken to an "Overview" dashboard. A "Competitor Market" grid will be displayed and the broker you selected will appear on the grid. The upper right quadrant reflects the highest growth and retention key performance indicators and is the most favorable spot to land.
5. Select the "Go to full competitive analysis" link at the bottom of the grid to move to the "Competitor Market Detail tab. The user may select / deselect brokers that can be used for comparison purposes. This will allow us to easily see other competitors that may be experiencing market difficulties based on year-over-year premium comparisons (by default). You also have the ability to benchmark competitors by compensation and the number of plans.
6. This analysis should help identify those firms that are not growing and / or are losing business and could be attractive targets.
7. AskGMS may also be used to search for any particular broker in question and view new sales activity by product and effective year. Log in to AskGMS; select "Broker Search" as the Report; select products, territory, and effective years desired; run the report.
8. Locate the broker on the resulting broker listing and click on the broker's name. This will load a "Broker Profile" for you.
What next?
Please use it! If your sales teams have access to Benefeature, have clear direction from leadership around the importance of finding new sources of revenue, and follow these proven step-by-step instructions, you are certain to unlock the power of this business intelligence and significantly grow new sales!
Please share with us! Please share with us any of your successes or feedback; also, remember we are always here to help, guide, or answer any questions you may have. We are also available to walk through any of these prospecting strategies with you in a personal 1-1 session. Email us or give us a call at 207-618-8792.
Please be on the lookout! Coming soon…
Playbook #5: Know Your Brokers
Cliff Murch has spent his career working closely with the sales, marketing, underwriting, and finance organizations of several large group insurance and retirement carriers designing and implementing business and broker intelligence capabilities, traveling across the country meeting with sales teams and broker partners; these proven capabilities have been employed to generate millions of dollars of sales revenue. He has recently founded and now offers consulting services related to these marketing and sales strategies to insurance carriers as well as brokerage firms of all sizes through his consulting firm Insight 360, LLC.
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