Cliff's Insights Playbook # 4: Using Facts, Data, and Logic to Manage Your Territories
Managing a sales territory effectively can be a challenge; even more so if you are basing your assessments solely on qualitative or subjective...
You just received an RFP for a 500-life employer group. How will you quickly identify and seize this opportunity?
Proactively identifying opportunities with employers can be challenging if you don’t know where to look. With Benefeature and AskGMS, you can quickly access trusted, robust business intelligence to better understand employer needs and build a comprehensive offering.
By proposing tailored solutions that focus on their specific preferences, you’ll set yourself apart in an increasingly competitive market. I’ve included a couple of market-proven approaches below:
Let’s walk through just two of the approaches mentioned above to better understand your employer; you will need to have a license to Benefeature and AskGMS to follow along.
1. Log in to Benefeature and select the "Employers" option in the top-left menu. Begin typing the employer’s name in the “Search for employers” field; matching results will appear as you type.
2. Select the appropriate employer from the list. You’ll be directed to the employer’s “Overview” page, where you can also access the “Insurance” summary, a list of “Providers,” and available “Contacts.”
3. Generate a PDF profile by clicking the button in the top-right corner. Once the profile is generated, you’ll receive a notification saying, “Profile ready to download.”
4. The PDF employer profile will include details such as broker and carrier insurance relationships, participant and premium information, detailed plan breakdowns with proprietary premium and compensation benchmarks, and a list of retirement providers.
5. For example, Transamerica might be listed as the retirement provider, while a competitor is noted as the insurance provider.
6. In another case, MMA Securities may appear as the retirement advisor and Principal as the contract administrator, but neither would serve as the insurance carrier or broker of record.
1. Filter employers using the search filters on the left side of the screen. Under "Retirement Plans," select "Add a plan" and choose a "Participant Loan Rate" of 1.5% or higher, which is considered high. Apply additional demographics as needed.
2. For this example, select employers with 100-500 participants in California, reporting a 2% Participant Loan to Asset ratio and not offering any Supplemental Health benefits. This search returned 201 matching employers!
3. Download the prospect list to an Excel spreadsheet by clicking the button in the top-right corner.
4. Suggested narrative for discussing with the employer’s decision-maker:
Participant Loan Rate = Participant Loans / Assets Under Management
What’s Next?
Start using these tools today! If your sales teams have access to AskGMS and Benefeature, and leadership has emphasized the importance of discovering new revenue sources, following these proven, step-by-step instructions will help you harness the full potential of this business intelligence and drive significant new sales growth.
We want to hear from you! Please share your success stories or feedback with us. Remember, we're always here to support you—whether you need guidance, have questions, or want to explore any of these prospecting strategies in a 1-on-1 session. Feel free to email us or call at 207-618-8792.
Stay tuned! Coming soon:
Playbook #7: Building a Broker Plan
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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