Cliff's Insights Playbook # 7: Build a Broker Business Plan

Broker Views Generated with AskGMS

You can create these four broker views by using the Market Share feature of AskGMS. Simply select the relevant Products, Effective Date Range, and Broker Affiliation to begin.

• Report A: Select Effective Year under the Group By option, then run the report. You can export the results to Excel.
• Report B: Select Industry under the Group By option.
• Report C: Select Lives At Issue under the Group By option.
• Report D: Select Product under the Group By option.

Broker Views Generated with Benefeature

To generate key sections of the Broker Business Plan, follow these steps in Benefeature:

1. Go to the Employer Search section.
2. Select the desired broker under the Brokers + Attributed Offices section.
3. Under Insurance, choose the products to be reported.
4. Download the resulting employer list to Excel and summarize carrier details.
5. To explore additional products, use the Broker Search function and enter the broker’s name.
6. The Insurance Products section in the broker report will provide further product details.

Completing Your Broker Business Plan

Using the business intelligence gathered, you should now be able to complete the first page of the Broker Business Plan, making note of key discussion points and observations.

The second page is designed to proactively present market opportunities for discussion. In this example, we’ve identified four opportunity categories:

1. New Lines of Coverage: (e.g., Life but no LTD)
2. Multiple Relationships: Brokers/Carriers
3. Multiple Carriers: Unbundled Coverages
4. High Retirement Loans: No Supplemental Health Reported

You can reuse these categories or customize them to suit the broker’s needs.

To generate employer examples, use Benefeature’s Employer Search function. Our team is available for live, interactive training sessions to help you explore these strategies in greater detail.

With Benefeature and AskGMS, you have the tools and insights to build an effective broker business plan and elevate your broker relationships.

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 #8: How to Identify Opportunities Resulting from Carrier / Broker Consolidations

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.