The Mistakes You’re Making with Your Renewal Quotes

Renewal Strategies

Now is the time to become renewal focused as you head into open enrollment. Although it can be tempting to offer exactly what you have in previous years, do so at your peril.

Never assume you know what your clients want or even think their needs haven’t changed. They want to be just as competitive in their employee benefits offerings to attract and retain the best people and will compare quotes with other brokers.

A savvy broker will understand that even if they have been in the industry for some time, things change every year. Employees leave, new ones hired, some businesses grow, whereas others downsize or change their operating model.

Don’t make these three common mistakes with your enrollment quotes.

Not Considering the Needs of Remote Staff

Many brokers operate on the back of their reputation that has built trust with their clients and allows them to retain existing business. This is a strategy that may have worked in the past; however, in today’s competitive climate, clients expect you to be renewal focussed and on top of your game.

The significant shift we have seen this past year is the number of staff who are working remotely. Not considering these workers and how you will communicate with them is a big no-no! Unless you consider the needs of remote staff, you will undoubtedly miss the boat with clients turning their business over to someone who is.

Ensure you invest in virtual meeting software like Zoom, Skype, or Microsoft Teams to access your clients and their employees. Consider holding webinars and virtual meetings to answer common questions and provide ongoing communication before and during the open enrollment process.

Not Adjusting for Loss / Gain of Staff Throughout the Year

You know from experience that staffing levels change throughout the year. Not adjusting for the loss or gain of staff throughout the year is the second big no-no! While you don’t want to deal with unhappy or disgruntled employers or employees, you can’t predict what is going through a client’s mind and how their needs have changed throughout the year and what they expect to happen in the year ahead.

Being renewal focused gives clients confidence in your ability to present a proposal right for them and their employees. Ask questions and listen intently to what your clients have to say and ask about their changes in staffing levels upfront. Even more critical, ask them about their staffing levels into the future as this will give you some indication of what changes you may need to make to your proposals.

Not Putting a Dollar Figure to Ease the Use of Tools (Productivity)

If a broker is still relying on a napkin and pencil over lunch to do deals, they are headed for disaster. The workplace composition is different from when you could rely on verbal agreements; today’s clients are tech-savvy. They have up-to-date websites, a social media presence, and presentations that can be delivered to their employees via email, virtual meetings, and webinars, in addition to many other forms of digital communication tools.

Not putting a dollar figure on the use of productivity tools and tech is the third no-no! Clients not only want (and need) tech support for what can be a complicated process. They also want to know that you are personally up to date with online tools that make their job (and yours) easier.

The good news is, you don’t need to fight your way through the scrap heap of outdated tech tools; the Rogers Benefit Group has all the tools you need by tapping into their expertise and training. A tool that will immediately help you navigate the complexities of the renewal process is this guide: How to Streamline Your Renewal Process Download it now to discover how you can leverage their expertise to enhance your renewal process and take it to the next level.