No matter what industry you work in, finding and retaining new customers is a goal worth pursuing every day. While the process may look a little different for insurance carriers, the same need holds true – especially when it comes to the employee benefits world.
Prospecting for new policyholders goes beyond finding employer groups that you’d like to have on your books. While there are new carriers emerging on the market that are selling directly to HR managers and other group administrators, the vast majority of benefits coverage is still placed through brokers. And the brokers who have strong relationships with employers are certainly worth connecting with.
That’s why the first step for benefits carriers looking to build their premium base is to find and partner with the right brokers. Stalwart benefits brokers can help you connect with the right employers, and drive growth.
But how do you find the brokers who can best compliment your existing book of business? Tools such as Zywave’s Lead Generation Solution, powered by miEdge, can help. Let’s talk about how.
The Evolution of Prospecting
The insurance industry is experiencing a digital transformation. Sales prospecting is no exception. While prospecting for new brokers used to mean networking and building relationships from scratch, that’s not going to cut it anymore.
The old-school methods of prospecting don’t give carriers the agility to effectively respond to market changes. That’s why carriers need to change how they prospect in order to build a network that will continue to generate premium as the market shifts.
In order to do that, carriers need to leverage technology that makes vetting potential broker partners a data-driven process. Instead of relying on relationships, broker appointment decisions should be based on information – who their customer base is, how much premium they can bring in, and what industries they excel in. Using a prospecting platform that delves into the data behind a broker’s network will make the research process more effective and less manual – and that’s the core of intelligent prospecting.
What Is Intelligent Prospecting?
While we already talked about the importance of data in prospecting, how you use such intel also matters. The true core of intelligent prospecting is understanding how you can leverage data into growth-minded decisions.
When it comes to insurance carriers, that means picking brokers who will bring on policyholders that fit seamlessly into your existing book of business. Understanding that fit means drilling down into a broker’s book of business on an individual policyholder level — including finding out who their key contacts are, determining what coverage they already have, and viewing their current incident profile. All of that data can be compared to your existing book of business to determine if there’s a feasible match, before you even ask to setup an appointment.
In addition to understanding policyholders, you can leverage the data from intelligent prospecting to determine if the coverage you are offering and the goals you are setting for your brokers are in line with the current market. Data about individual policyholders will help you evaluate the types of coverage that employers are currently requesting, and to determine if your coverage meets those needs. You can also see how your broker network is performing compared to your competition. It’s all about leveraging nuanced data on the market to make your organization more successful.
Intelligent Prospecting with Zywave
If you’re ready to see how data and intelligent prospecting can make a difference for your organization, Zywave is ready to help. With our Lead Generation Solution, powered by miEdge, you get access to the intel you need to put intelligent prospecting to work in your organization.
Not only does Zywave provide the tools you need to get started with intelligent prospecting, but we also make it easy to integrate the data you find into your existing tech stack. With the ability to export raw data to your business intelligence systems, and API integrations to enterprise CRM systems — including Salesforce and Microsoft Dynamics — Zywave makes it easy to bring intelligent prospecting into your existing sales workflows.
So, if you’re ready to develop a more efficient prospecting pipeline with the help of wider broker base, it’s time to talk to Zywave. Contact one of our Lead Generation and miEdge experts today.