Cliff's Insights Playbook # 8: Turning Disruption into Opportunity

Broker Merger / Acquisition

When a broker merges or is acquired, there’s a unique opportunity to understand the scope and details of the broker’s in-force book of business. Leveraging AskGMS and Benefeature can help you assess this book, target key clients, and develop your outreach strategy.

Using AskGMS: Broker Market Share Insights

AskGMS offers market share views that let you segment and analyze a broker’s business. Here’s how you can effectively use it:

• Market Share by New Sales Year:
  Use this report to view broker data broken down by the effective year of new sales. Select "Effective Year" in the "Group By" option, then run and export the report to Excel. This data will show how the broker’s business has evolved, indicating client loyalty or potential market gaps.
• Market Share by Industry:
  Segment the broker’s clients by industry to reveal which sectors they dominate. Choose "Industry" in the "Group By" menu to get a focused view on areas that may present strong new business potential.
• Market Share by Client Size:
  Analyzing the broker’s book by group size (Lives at Issue) gives insights into where their focus lies - whether it’s small businesses, mid-size firms, or large corporations. Select "Lives at Issue" in the "Group By" menu.
• Market Share by Product:
  Segmenting data by product can highlight which lines of coverage are most significant for the broker’s clients, providing clues on client needs and market gaps. Select "Product" in the "Group By" menu to pull this report.

Using Benefeature: In-Force Case Listings for Broker Clients

Once you have segmented market share insights, Benefeature allows you to produce an in-force case listing for any broker receiving compensation as shown on Form 5500 data. Here’s how:

1. Log in to Benefeature.
2. Select the “Employers” Icon located on the top navigation bar.
3. Expand the “Insurance Plans” Section and enter the broker’s name in the “Any Broker” input box.
4. Click “Generate Excel” to download the case listing report for ERISA-qualified employers.
5. Sort and Filter in Excel by criteria such as product, broker location, and carrier to identify specific targets or valuable accounts.

Carrier Merger / Acquisition

Carrier mergers present different but equally valuable opportunities to identify new in-force business and client needs. Benefeature provides access to Form 5500 filings, enabling you to analyze in-force listings at the carrier level.

Using Benefeature: Carrier-Level Case Listings

In the event of a carrier merger, you can use Benefeature to quickly produce a case listing for all employers associated with a specific carrier. Follow these steps:

1. Log in to Benefeature.
2. Click the “Employers” Icon in the top banner.
3. Expand the “Insurance Plans” Section and enter the carrier’s name in the “Any Carrier” input box.
4. Select “Generate Excel” to download the report with relevant data.
5. Sort and Filter in Excel by categories such as product, broker location, and carrier to identify key accounts impacted by the carrier merger.

Territory Management: A Key Differentiator

One of the standout features of Benefeature is its robust Territory Management capabilities. For clients who have defined customized sales territories, Benefeature allows you to pull in-force employer listings segmented by these specific territories. This targeted approach enables sales teams to generate a focused prospect list within 24 hours of a merger announcement, ensuring that you can swiftly identify and engage with accounts most likely to be impacted.

By leveraging Benefeature’s Territory Management, your team can optimize their outreach efforts, drive sales, and build stronger relationships with clients during transitional periods. This unique capability sets Benefeature apart in the marketplace, enhancing your ability to capitalize on new opportunities arising from carrier mergers.

What's Next?

Put the Data to Use
Activate these strategies with your team by distributing segmented lists and highlighting high-potential prospects. Encourage proactive outreach to leverage any shifts resulting from the merger.

Share Your Success Stories
We’re here to support your success! Let us know what’s working and share any feedback - whether it’s specific strategies, metrics, or challenges. Our team is also available for one-on-one sessions to help fine-tune your approach. Email us at hello@benefeature.com or call at (207) 618 - 8792.

Stay tuned for Playbook #9: How to Identify Common Customers, where we’ll share even more insights for maximizing market intelligence.

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.