Cliff's Insights Playbook # 9: How to Identify Common Customers

Benefits of Identifying Common Customers

1. Strengthen Client Relationships: Offering integrated solutions fosters trust and loyalty.

2. Reduce Acquisition Costs: Targeting existing customers is more cost-effective than acquiring new ones.

3. Increase Retention: Addressing multiple needs through bundled solutions enhances the value of your partnerships.

4. Maximize Sales Opportunities: Understanding your client’s existing relationships allows you to approach them with the right offering at the right time.

Use Cases for Cross-Selling Success

• Carrier Bundling: A carrier offering group life insurance identifies employers already using its retirement plans and strategically offers bundled solutions to expand the relationship.

• Broker Growth: A broker pinpoints existing clients with gaps in coverage and proactively presents complementary offerings, such as dental or vision plans.

Steps to Identify Common Customers Using Benefeature

Here’s a quick guide to uncover employers with overlapping product relationships:

1. Log in to Benefeature.

2. Navigate to the “Insurance Plans” section.

   • Select the “Add a Plan” option on the left side of your screen.

   • Enter the name of the carrier or broker to search.

3. Navigate to the “Retirement Plans” section.

   • Select the “Add a Plan” option on the left side of your screen.

   • Enter the name of the retirement provider to search.

By selecting both the same insurance carrier/broker and retirement provider, the resulting list will display employers with shared relationships between their 5500-reported insurance and retirement plans.

Alternatively, you can search for either the insurance carrier/broker or the retirement provider alone. This will help identify employers with an existing relationship who may be receptive to additional product offerings—turning them into warm leads.

Why Benefeature?

Benefeature stands apart by combining enriched Form 5500 data and multi-source intelligence into a single, user-friendly platform. With proprietary search capabilities and 23 years of expertise from AskGMS, Benefeature ensures no opportunity is overlooked.

Unlike other tools, Benefeature provides insights that enable carriers and brokers to identify common customers, understand gaps in product offerings, and strategically grow their business.

What's Next?

Identify Your Next Warm Lead
Schedule a demo with Benefeature today to see how you can maximize your cross-selling potential and unlock new opportunities.

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 #10: Using Retirement Plan Metrics to Sell Group Insurance Products, 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.