For years, Group Benefits Brokers have sought the best way to reduce client costs through policy changes, coverage comparisons, program options, specialized services, and even shifting premiums to employees. But…
None of these options get to the heart of the matter. They’re all VARIABLES in the cost of the commodity. When you go this route, you’re not maximizing your value.
It’s time to take your power back by focusing on costs you can
Specifically, it’s time to focus on the Financial Leakage that’s eroding your clients’ results. Here are the contributing factors (found in every buyers’ program):
- Direct Costs – Sick Leave, FMLA, and Salary Continuation
- Indirect Costs – Presenteeism/Absenteeism, Overtime, Training, Temporary Workers, Brand and Productivity Loss
On average, these costs are 30% to 60%* of additional expenditure ABOVE Healthcare and Benefits costs. They significantly impact a buyer’s financial statement.
Unfortunately, most Benefits Providers are unable to quantify these critical costs for their buyers. By ignoring them, they’re throwing away their biggest market differentiator. Without the ability to quantify and reduce this leakage, Brokers are left to compete on a yearly cost increase compared to trend. They’re seen as a cost escalator, not a business improvement provider.
Here’s the point:
Virtually everything you do (other than the placements) reduces a client’s costs.
But, unless you provide an analysis of the impact of your services on their additional Financial Leakage, you’re not maximizing your value to them. When you put that into the mix, you have a chance to measurably impact their EBITDA, Margins, and Shareholder Value.
That’s the sweet-spot for C-Suite-level engagement.
Ready to Learn More About Total Cost of Human Capital?
Check this out.
Attend our premier 2019 webinar: Changing the Playing Field: Moving the Group Benefits Sale from H.R. to the C-Suite
on January 24th @ 12 Noon EST. The webinar, including the presentation, tools & learning opportunities, and interactive Q&A session, will last approximately 45 minutes.
This FREE webinar will focus on the capabilities and resources needed (right now) to quantify the financial impact of your services and help you sell directly to the C-Suite. You’ll learn how to speak the language of the C-Suite buyer (using Total Cost of Human Capital™), open doors to better opportunities, and win larger clients. Most importantly, you’ll see some tools that are available to help you take your sales approach upstream and make more money in 2019. Don’t miss it!
About the Analytic Brokerage™ Platform
Leading brokerages and producers across North America choose the Analytic Brokerage Platform to maximize their large account profits, revenues, and growth.
Utilizing the latest KPI’s, client metrics, and business intelligence, the Analytic Brokerage Platform is the only system in existence that helps brokers:
- Quantify a buyer’s financial leakage and true Total Cost of Risk
- Deliver consistent and meaningful reports
- Attract and retain larger accounts
The Analytic Brokerage Platform is currently embedded inside many of North America’s leading brokerages who control over $2,000,000,000 of annual revenues.
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