The changes I've seen in over 27 years in benefits and the process to provide those benefits are extraordinary. Once we only could take paper apps. Now we can enroll people on a tablet. Brokers able to adapt to that evolution were and are able to continue to grow their business. Now, our understanding of the process to have a successful enrollment is changing. When I first began it was understood the only way to do an enrollment, especially a voluntary one, was to get conditions. An enrollment firm had to be able to sit face-to- face with every employee for 15 minutes. Today, especially for larger groups, HR directors aren't wanting or willing to provide that access. We have to be flexible and creative.
Think GI
Sometimes carriers are slow to embrace the changing market, too. A lot of brokers have come to me because they have a large group and they know they need to be able to offer products that have a strong underwriting offer. Unfortunately, the carriers they were working with weren't able to provide that. It's imperative that products today are offered with some sort of guaranteed issue. If a broker or a carrier enters into a competitive negotiating process without it they're automatically at a huge disadvantage because someone else is bringing GI to the table.
Be Honest
This is one of the truest clichés: People want to do business with people they know and trust. Insurance carriers want to do business with brokers they know will deliver what they say they will. When the brokers who've approached us without GI for their case, or looking for a way to effectively enroll a large case, they asked for our help. We've been able to help them because of the relationships we've built over the decades. We're able to get them the GI they need. We're able to help them provide an enrollment solution.
Do What You Say
Building relationships are not just about meeting someone and taking them to dinner or having a drink. Relationships are built by the actions we take. That is why you say what you are going to do then do what you say. The reason brokers are able to get that GI when some others may not is because of the business relationships that have been built based on delivering on what they promise. If you promise an insurance company that you will write $1 million in premium-write $1,000,001 in premium.
Select Carriers Carefully
To be able to build that relationship, a broker cannot effectively do business with every carrier that crosses their path. We have to be selective with our carrier partners and work with those that will work with us and create an environment where we can both succeed. If we deliver on our promises to two or three carriers as opposed to over promise to 15 we have much more credibility. And quite frankly, that is what is most important. Having the credibility to get things done for clients, broker partners, and carriers.
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