Top 5 Approaches When Using Form 5500 Data for Prospecting

Form 5500 is a valuable resource for prospecting in various industries, particularly for companies offering financial services, employee benefits, and consulting. Here are the top 5 approaches for utilizing Form 5500 data for prospecting:

1. Identifying Target Companies: Use Form 5500 data to identify companies that have insurance plans and employer-sponsored retirement plans, such as 401(k) plans or pension plans. This information can help you target businesses that may require your services, whether it's investment management, retirement planning, or consulting.
2. Analyzing Plan Characteristics: Analyze the characteristics of plans filed on Form 5500, such as plan size, and participant demographics. This analysis can help you segment your prospects based on their specific needs and tailor your outreach and services accordingly.
3. Identifying Pain Points: Reviewing Form 5500 data can reveal potential pain points or areas of improvement for companies in their plans. Look for trends such as higher than normal premiums, and opportunities to bundle insurance plans . Position your services as solutions to these pain points to attract potential clients.
4. Competitive Analysis: Use Form 5500 data to conduct competitive analysis and identify competitors' clients. Look for opportunities to differentiate your offerings and provide added value to companies currently working with competitors. Highlight your strengths and unique selling points in your prospecting efforts.
5. Building Relationships: Form 5500 data often includes information about plan advisors or consultants. Use this data to identify key players in the industry and build relationships with them. Collaborating with plan advisors can lead to referrals and partnerships, expanding your prospecting reach.

By leveraging Form 5500 data effectively, you can identify promising prospects, tailor your offerings to their needs, and position yourself as a valuable partner. 

The Benefeature platform allows carriers, brokers and employers to obtain actionable insights from Form 5500 data. The platform is updated monthly, and is supported by proprietary cleansing and matching processes to give the most accurate view possible into plan details and relationships.