Ortho111 #8
When a broker gains a client, another broker loses a client.
This creates an interesting market dynamic. They need to play defense and offense at the same time.
In recent weeks, I’ve spent a considerable amount of my time talking with brokers to understand what they want to see from a benefit provider.
Here are my top three insights:
They want to protect their client from making a mistake. If they put something in front of a client that causes pain, that will damage the relationship.
Brokers get basically the same prices from carriers. To differentiate (while being defensive), they prefer seeking out low-risk, high-reward bets and working with people they trust or have highly demonstrable results.
Perhaps even more than cost, I hear brokers talk about how vital it is to have a great experience from an employee perspective.
One bad experience can sour the relationship.
A tip for making the broker's life easier:
Employers believe managing employee benefits is complex.
93% of brokers report moderate to high demand for help with benefits communications materials. Link
It is crucial for brokers to have a sense of control over the data and narrative they provide to their employer clients.
Here are three tips to build confidence with your target brokers: