Are you looking to increase loyalty and compliance and do more business this year? You’re not alone. Clients expect more from brokers each year and sometimes it’s hard to keep up. But, there’s no better time than the New Year to make a few changes that could transform the way you do business. In this post we list several ways to start 2018 off on the right foot.
A Changing Marketplace Demands Brokers Keep Pace
If you’re a forward-thinking broker, you know the insurance industry is changing. In the past, you probably concentrated on placing business with carriers and finding and presenting plans with favorable price points and designs. Now, you’re stilling doing many of these activities, but you’re also faced with the challenge of helping clients engage and enroll their employees.
Clients want you to be the “magic bullet” to all benefit challenges, right down to making sure they hit target enrollment numbers. And, this of course, is easier said than done, especially in a self-serve marketplace where employees want both autonomy and support when researching and enrolling in healthcare plans.
If you now must pitch plan benefits to individual employees, and fear clients jumping ship before you get a chance to prove your worth, we have tips that can help.
6 Tips to Increase Client Loyalty and Compliance This Year
Now is the time to position yourself as the likeable go-to expert and catapult your business. To get started, follow these tips:
1. Communicate clearly and effectively
Each client will want to communicate with you differently and that’s okay. Offer more than one way for clients to get in touch with you and cater to their preferences. Phone and email are a must. However, don’t be afraid to expand your means of communication to include Facebook, Twitter, and LinkedIn.
Your email should be easy to locate and obtain, as according to a B2B Huff/Ko Marketing Survey, 81% of buyers want your contact page to include an email address. We also recommend avoiding a contact form as such forms only appeal to 39% of buyers; 58% buyers surveyed in this same study said they would rather see a phone number on your site than a contact form.
2. Educate
Take the time to walk clients through the nuances of their options. HR directors and benefits administrators have a lot on their plates. Be patient and available. If they like you and it’s easy to get in touch with you, you’ll have repeat business.
3. Be a resource
If you hope to become the likeable go-to expert in your industry, you need to stay abreast of industry changes and position yourself as a thought leader. If you have a website, the easiest way to do that is through blogging. Discuss your take on current news and industry trends and promote your posts on the social media platforms your clients use most often.
4. Help clients pitch to individual employees
HR managers are under tremendous pressure to enroll employees and “prove” to upper management that all benefit options are being used wisely. Embrace the fact that your job will now involve helping clients pitch benefit options to individual employees. Focus on helping clients show their employees how benefit options improve health outcomes. Make sure employees know they’ll have plenty of tools to help guide them when it comes time to enroll online. And, be transparent about costs—consumers want to know the cost of services at different providers if they will have a copay.
5. Offer benefits and plans clients want
Clients are often stuck between opposing forces—the needs and demands of employees and a responsibility to make cost-effective decisions the company can afford. You can position yourself as a valuable resource by saving your clients the time it takes to find and research plans by presenting them with plan options that address employee demands at a cost they can afford.
To assist you, we offer an extensive array of customizable solutions for:
• HSA
• FSA
• HRA
• COBRA (including COBRA administration services)
• Dependent Care
• Pre-Tax Transit and Parking
• Wage Parity
• Premium Only Plans
• Online Benefit Administration
• Benefits Marketplace
It is also a great idea to consider cross-selling. Data from Bank Intelligence Solutions from Fiserv shows that clients using one product remain with the consultant connecting them to that product for 18 months. But, clients using three products stay for 6.8 years. Offer your clients more and it will be harder to walk away from your services.
6. Work with a partner that helps you streamline benefit administration and compliance
Compliance is, arguably, more important than ever. Brokers need to make sure they are squared away in this regard. We are proud to offer brokers our services in this regard. At Clarity, we make sure that all plans and benefits meet compliance standards, so you can focus on selling.
Specifically, we make compliance simple by offering:
• Full-Service 1094 and 1095 Affordable Care Reporting
• ACA Safe Harbor Monitoring (eligibility, affordability, and FTE’s)
• COBRA automation and compliance testing
• Automated benefit alerts and reports
New Year, New Resolutions
Are you running to the supermarket to pick up kale or stopping at the gym after work to log a few miles on the treadmill? If you are, you’re already taking steps to create a better you this year. Why not extend your efforts to your business? It is your lifeblood after all. The tips we’ve listed here are the perfect starting ground for brokers looking to stay ahead.
