Benefits Think

How advisers can empower employers during open enrollment

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At the beginning of every renewal meeting, I share the following with my client: "Today our goal is to give you enough information that you feel empowered to make a decision. We want you to feel as though you have what you need to be confident that you are making the right decision for your organization for the coming year."

Time and time again, an incoming client will share that they always felt like they were being sold to by their previous broker. The "last guy" came off as a peddler of products with mouths to feed, and although they were knowledgeable, they rarely took the time to help the client fully understand and feel supported during renewal season — or throughout the year, for that matter.

I believe many of us are missing the mark. We have the wrong goal. It shouldn't be to sell insurance, show options or seek job security. The objective of our conversations needs to be "decision confidence."

Read more: How to bring elevated standards, results and respect to the benefits industry

I hear brokers say all the time, "This is a relationship business." And I agree. But the question is, "How do I build the strongest relationship possible?" Is it through lunches, cocktails and golf games, or is it a transfer of strength and empowerment? I believe it is the latter. 

How do we go about empowering our clients so that they aren't making their renewal decisions from a place of fear and fingers-crossed hope? There are three areas that a broker needs to focus on for a client to have what they need to make a healthy decision. Could there be more than three? Of course. But this is simply an introduction to a concept to start the wheels turning.

First, we have to give them enough time to make a decision. Common feedback from companies of all sizes is they always feel rushed at renewal. They are given tough news too late, and once options are on the table they don't feel like they have enough time to carry out proposed changes — so they stay stagnant. 

Carrier renewal timelines can be tight, but there are absolutely things you can do in your office, with your processes, to steal back time for your client. For example, schedule the renewal meeting in advance. Don't wait for the renewal to be released before you reach out to get a conversation on the books. This buys your client another week on average. 

Or, advise them to have a shorter open enrollment window. Take it from two weeks down to a week (always including a weekend). This, in turn, buys more time for the new carrier to process the enrollment and get ID cards out. Your client needs to feel they have time to weigh their options and execute them if they are to feel confident that they can make the right decision for their company.

Second, the client needs to know that they have options. A study came out a few years back stating that 70% of employees felt more invested in if they have options. Your clients are in the same boat. Whether this is a full market analysis, or a focus on one specific line of coverage, your client needs to know that they aren't stuck. Stop showing the same four carriers, with "like" plans! 

Read more: 7 tips to help employers and employees optimize HSAs

The standard broker comes in with standard solutions, or none at all. The invested broker shows their client out-of-the-box ideas. At the end of the day, the client may "renew as is," but the extra efforts that you make are the glue that binds them to you and your agency because you gave them the assurance they needed that they can do something differently if the need arises.

And lastly, your client needs your expertise. They don't need your opinion; they need your knowledge. They need to know that you understand the market, and that you can pass on that understanding in a way that is personal to them, and in a way that they can digest. When I get my taxes done, I feel like I am at the mercy of my accountant because it's a world I don't fully understand. I trust that she is capable, and that is important. What solidifies my loyalty is that she explains the document needs, laws and nuances to me in a vernacular that is accessible, and gives me examples that are personal to me. 

Bring benchmarking data to your client that is applicable to them. If they are a 75-life group, don't bring trends of what 1,000-life companies are doing for benefits. If a competing carrier came in with smoking rates, share what you know about their reputation and their ease of utilization for members. Your experience can be the secret sauce, but only if you are willing to share it.

Our job is not to sell insurance, but rather to invest in our clients so that they can succeed in their industry. To help them become an employer of choice and walk confidently that they are doing the right thing for their employees. Decision confidence is the goal every day.

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