We are more than a third of the way through 2013 and most benefits advisers still have not committed to a plan to adapt and change in light of the tumultuous changes occurring in the marketplace. Last month we discussed how many of the market survivors will have mastered market segmentation. They will carve out employer groups with common characteristics – like size – and organize their resources to provide expert counsel, advice and cost-effective service to their clients. And most importantly, this group is accelerating their organic growth and improving their client retention.
So what else will the survivors do differently? Universally, they have realized that their competitive advantage and value proposition cannot be as the access point to products. That day is long gone. They know their value to their clients emanates from their expertise and counsel. They are highly consultative and strategic in their approach to client engagement. They understand their client’s core values and critical business issues. They create benefit strategic plans for their clients, conduct stewardship meetings with their clients like their property and casualty counterparts, and know that their clients need a formalized process for managing change.
