The opportunities in benefits and insurance are growing as the industry transitions to modernization. New specialized technologies are influencing the sector as a whole. These niches can provide brokers the opportunity to thrive. Conversely, if they fail to capitalize, they will founder.
The market today is rapidly changing as insurtech companies are beginning to dominate and disrupt the traditional benefits and insurance model.
As an executive, how do you continue to keep your broker network energized? Once they’ve reached their self-perceived peak, how do you motivate them to do even better?
Some key practices to follow in order to keep your network energized include:
- Staying in constant communication and keeping your broker network up to date
- Providing them with the tools needed to be successful
- Sharing your industry knowledge
Leverage the following proven methods of success in order to ensure a more productive and engaging broker network.
1. Keep your broker network current on industry trends and topics
Possessing industry awareness and expertise is one of the most important factors in helping your broker network stay on top of the benefits and insurance industry.
Keeping up with the ever-changing regulations alone is a challenge in itself – then add in staying current on trends and the different benefits that employees want. On top of this, new technology and disruptors are altering traditional processes.
By staying in regular communication with your network and keeping them updated on the latest insurance trends and changing regulations, you will be able to capitalize on the social changes that are fueling the shift in the industry and enable your broker network to embrace the change as an opportunity to offer clients what they want.
Changing the way your brokers present their offerings and modifying their approach to fit the uptake of modern technology, will allow them to stay ahead of the curve.
Brokers who look at new developments as an opportunity to evolve will be the ones to go on to survive and conquer the industry.
2. Maximize resources provided to broker network
As user experience demands continue to evolve, providing your broker network with the necessary resources to successfully deliver their offerings is crucial in determining the value of their approach.
With the growing use of technology, your broker network must fully understand how and where to best reach their clients before they are able to create tailored solutions for them.
This means contributing resources such as captivating marketing material, software solutions and providing them with an efficient marketplace.
Resources to consider:
Marketing Materials: Remaining visible and offering competitive plans that employees want are the two of the biggest keys in maintaining market share over other brokerages. Providing and developing unique, identifiable branded material that highlights the best features of your products will allow clients to easily differentiate between plans they are considering.
Spending the time to provide your broker network with compelling material and testing different types of advertising will allow brokers to stay branded and draw in potential new clients through these compelling marketing pieces.
Software Solutions: With the growing use of cloud technology and modernized security, software solutions are essentially taking over the more mundane parts of the Human Resources workload. These solutions have the capability to reduce paperwork, improve data analytics, store critical documents, organize hiring, manage vacation time and contribute to more efficient processes.
It’s important for your broker network to understand the solution tools that their clients are using to make their processes faster and easier. Encouraging brokers to implement these software solutions into their own business is a way for brokers to build additional value.
A broker who fully understands the systems and solutions their clients are currently using, and takes the opportunity to learn these tools, will be able to provide better services to their clients.
Storefront: Using a Genius Avenue Storefront to showcase your product offerings comes with many benefits. Providing brokers with a storefront to share with their clients will make processes quicker and easier for all parties involved.
Instead of having to go to HR representatives with an array of lists and paperwork, the storefront can be accessed through a link provided by brokers and shared with employees.
Consumers are more digital than ever before. With access to nearly everything on mobile devices, providing a marketplace will allow your broker network to meet consumers through their preferred channels.
Supporting your broker network with the resources needed to advance during the digital shift is key in supporting their success.
Delivering informational marketing material, utilizing the industry’s latest tech tools, and maintaining an efficient marketplace are all imperative in climbing the benefits and insurance industry’s ladder. Having access to these resources will help in streamlining processes and enhancing productivity from brokers.
3. Your knowledge is power
To become one of the top players in the market, you must always remain informed.
Many new brokers entering the industry may feel like they have a grasp on things but learning all the ins and outs of the benefits and insurance industry, and keeping up with the evolving changes, is something that may require mentorship from someone with reputable experience.
Keeping track of what strategies are working within your broker network, and giving valuable feedback and insights, will give brokers a better grasp on the industry fundamentals.
Being proactive in assisting with different tasks and establishing yourself as the go-to resource will contribute to the overall success of your broker network. Through helping brokers set up specific goals and tracking/measuring their success, you will be able to understand what works, what doesn’t work and what needs to be improved upon within your broker network.
As your broker network continues to grow, being committed to helping all members prosper within the field should remain a priority. Helping brokers stay up to date on the emerging technology, trends, and practices in the insurance industry will enhance productivity.
By being familiar with changes in the industry, you and your broker network will be able to make wise business decisions and build a strong competitive advantage.
Genius Avenue is designed to help brokers meet their goals. Through leveraging modern technology and providing employers and employees with the benefits experience they are looking for, we’re dedicated to assisting brokers meet consumers where they want to be met.