Every C-Suite buyer is assessing whether or not their business advisors and service providers are delivering real value to their operation. They’re asking, “How has this relationship helped us achieve our business goals in quantifiable results?”
Group benefit brokers must also answer this question, or risk losing business to a competitor that can. Your answer needs to be translated into improved business results, NOT insurance program details.
Think about all the services you and your organization provide clients in the area of cost containment. Are you able to quantify them? Or do you just provide a list of features and projects?
If you’re like most Benefits Brokers, you show these to the client as features. And then you (hopefully) show the buyer that their increase in costs is lower than the trend.
It’s a losing argument in a marketplace that demands measurable improvements.
So, if you would like to demonstrate your business results to a buyer, here’s what you must do as a sales and client service organization:
1. Quantify your business results using industry data and statistics. This enhances your credibility, and the data will justify your analysis.
2. Translate your value onto the buyer’s financial statement and KPI’s. This is the language the C-Suite uses to judge effective business decisions.
3. Sell as a financial consultant, not an insurance agent. Speaking the language of outcomes moves you from the realm of the vendor to a trusted partner.
4. Change your culture from that of an Insurance Brokerage to that of a Business Consultancy that improves client KPI’s. This fresh approach will yield more opportunities and attract buyers who want real data and results.
5. Invest in the technology and tools needed to work this way. Without a platform to analyze your performance, apply statistics, and generate meaningful client-based reports, you’ll gain little traction in this new, fast-paced marketplace.
If you’re currently using your in-house spreadsheets and one-off stewardship reports to demonstrate your value to your clients, make sure you tie your projects and cost containment efforts to the buyer’s bottom line and KPI’s. If you’d like to differentiate yourself, gain market share, and move into a more data-driven business model, we can help you with that.
Either way, it’s time to give C-Suite buyers what they ALL want: a meaningful impact on their bottom lines.
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.