At a broker meeting I recently attended, the room was filled with growing angst as each firm told stories about being under attack. Whether it was from carriers lowering commissions, competition heating up or from losing producers, there was a feeling of futility and resignation as brokers told their stories. Make no mistake—these are challenging times for the industry. But let me be absolutely clear on one point: There is no better time to be a broker.
When I started my career as a broker, the medical trend was almost flat, and the biggest value a broker delivered was marketing the insurance plan. It was brutal trying to gain interest from prospects, and it was tough to shake existing relationships. One would persevere by working hard and playing the numbers game.
Today’s environment offers a brokerage an incredibly rich target environment to grow its agency. With changing buyer expectations, a broker has an unbelievable opportunity to become indispensable to clients and prospects. The first step is for brokers to stop focusing on themselves (their history, their people and service, blah blah) and start creating an amazing client experience. The good news is that technology makes this a lot easier to do. Every single day, Zywave has more than 300 people striving to help brokers create that amazing experience and showcase it to clients.
At the meeting I recently attended, a key topic of discussion was enrollment capabilities and the very obvious need for brokers to bring it to the table in order to grow and protect their books. Zywave has made a tremendous investment in our enrollment platform, HRconnection®, a solution that allows a broker to do just that. But in today’s world, we need to go much deeper to create an experience that lasts throughout the year. A broker needs an integrated suite of tools to create value and to keep the client engaged. For example, with just some of the Zywave tools, a broker can create the following:
The Client Experience powered by Zywave
The next step to becoming indispensable is execution. A vision without proper execution is simply a hallucination. Zywave has the largest and most in-depth service team in the industry for front-office solutions, and we drive results for brokers every day. But that is not enough. For a broker to be successful, he or she needs to adopt these strategies and the philosophy of the client experience as his or her own. The broker needs to take pride in the service he or she provides and understand that marketing an insurance plan is only a fraction of what today’s buyer expects.
Yes, these are challenging times. But with challenge comes opportunity. Stop what you are doing and spend a day or two focusing on how you can provide an amazing experience to all of your clients. Get buy-in from every employee, and then focus on execution. We all got into this business to help people—the best part is that we are poised to help now more than ever
O’Brien is the CEO of Zywave, Inc., a leading provider of software solutions for insurance brokers. He has been with Zywave since its inception in the 1990s, helping create new technology tools that drive profitable results in a dynamic marketplace. Contact him at firstname.lastname@example.org or visit www.zywave.com.