As a Savoy Associates Account Executive, my primary goal is to assist my assigned brokers in writing new business and retaining the clients they already have.  In other words, to help them grow their book of business! Since joining Savoy Associates in 1997, I’ve had the opportunity to assist brokers on doing just that with their 51+ groups.  There is no set playbook or protocol that covers every broker/client situation to achieve this goal.  Nevertheless, I’ve formulated six pieces of universal advice that come from my successes and failures over the past decade.

Don't Fight the Checklist

At Savoy Associates, we’ve developed our 51+ RFP checklist based on what the carriers require to get the most aggressive quote.  I cannot stress enough how important it is to obtain ALL of this information from the prospect, which is why this section makes up half of the content in this article.  If you omit any of this information, intentionally or otherwise, underwriters can only assume the worst - and they will.  The more information you can provide regarding their past insurance history, the more comfortable the underwriters are going to be when developing rates for your prospect.  I know at least one carrier that will discount the medical rates by up to 25% if you submit copies of the prospect’s last three renewals.  And most carriers will discount the medical rates if you add additional lines of coverage, including dental, life and LTD. Carriers make an effort to keep the rates consistent when there is dual activity, but the aforementioned examples are exceptions to this rule.

Using the checklist goes beyond getting the most competitive rate.  How can you make a recommendation or put together a spreadsheet if you don’t have a copy of their benefit summary and renewal notification? Are you setting yourself up for complaints now that the president’s scheduled bariatric surgery, spouse’s gym reimbursement and children’s routine eye exams are now excluded, unbeknownst to them?

If your prospect is seriously considering appointing you as their broker, they should at least be willing to give you all of the information you ask for in order to obtain the most competitive rates possible.  Bring the checklist with you as a guide for your meeting.  Pride yourself on being a true benefit consultant and not just an "order taker".

Click here to download our 51+ checklist.

The Nepotism Trap

Only an hour before our finalist meeting with his prospect, the broker I was working with informed me that the CFO’s brother-in-law was currently the incumbent broker of record on the case.  However, we did still have a glimmer of hope going into the meeting: Based on the brother-in-law’s advice, our prospect was leaning toward one carrier, but we were armed with a convincing presentation that another carrier was a much better fit.  The meeting went so well, they ended up going with our recommendation, but we still didn’t get the account.

If the decision maker’s family member is the broker of record, be cautious before putting in the time and effort. If they tell you they’ll consider your services just because "business is business", grab your things and walk out the door. They should have a better explanation than that if they would truly use you for more than just a price-check.

Don't Be An Insurance One-Trick Pony

Remember the days when you sat in your living room stuffing envelopes or making 100 cold calls to get that one "kitchen table" appointment?  By writing a 51+ group, you have the opportunity to introduce yourself to every employee - so take advantage of it.

Employees also need personal finance and insurance advice that goes beyond what the company offers.  By handing out your business card to every employee during open enrollment meetings, you’re creating an opportunity to extend your services from group to individual lines while solidifying your relationship with the entire company and not just the management.

Lend A Helping Hand

The responsibilities of a HR Director can be over overwhelming.  From recruiting and employee relations, to payroll and safety training, group benefits are just another hat that HR wears on daily basis.  Take some of their responsibilities off their plate by offering services that go beyond what a typical broker performs. Initiating and overseeing a Member Satisfaction Survey or a Wellness Fair are two things that come to mind.  It presents value beyond just producing a rate on a spreadsheet.  They will also be your number one ally if you run into competition with another broker or PEO.

Tee It Up For Next Year

Everyone has had this experience.  You knock the cover off the ball at your finalist presentation and are then informed subsequently that the group is staying put.  Don’t let desperation morph you into an insurance unprofessional.  Making disparaging comments about their current broker, tracking down the president of the company or cutting commissions in the 11th hour will not change their decision and can only ultimately hurt your reputation.

A simple explanation was probably given on why you did not get the case.  Learn from it, accept it and put a reminder in your Outlook Calendar for next year.  Don’t blow your chance for the opportunity to work on the account again next year.  Many large group cases take more than one or two attempts.

Treat an Existing Client Like a First Date

Last year, I attended a Yankees game with my wife and a good friend of mine and his date.  At some point during the game, the women expressed interest in some nachos and cheese, but the closest concession stand did not sell them, so I walked back to my seat empty-handed.  One inning later, my friend returned with the nachos and cheese after finding a concession stand in the upper deck that sold them.  In retrospect, if I was out on a first date, I probably would have done the same.

Don’t make that same mistake in the business world.  It is not uncommon to find brokers getting lax or losing their creativity with their existing clients.  In fact, with the proliferation of Consumer Driven Health Plans, they are also becoming greedy.  No one wants to do more work to make less money, but if you are recommending Consumer Driven Health Plans to your prospects, you have a fiduciary responsibility to be doing the same for your existing clients.  It’s much easier to keep an existing large client than to get a new one, and in the business world, if you don’t go get them the nachos and cheese, someone else probably will!