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There’s a whole breed of new kids on the block competing for your business – whether you like it or not. Everyone is talking about disruption in the benefits industry, which includes insurance aggregators and other online-based models. You’ll need a smart and proactive approach to distinguish yourself from industry upstarts before they start eating into your profits.

Established benefits brokers have attributes and skills that the newbies simply don’t have. Here, then, are key things that you can do to stand out from the pack.

1. Deliver client value

Figure out what your clients really want and give it to them.

Offer products and services your clients value – chief among them customer service. Emphasize the personal touch. You know how to deal with your clients. Your primary role is not that of a salesperson, but rather a consultant. Provide that value-added service that clients have come to expect, and you’ll immediately pull ahead of much of the competition.

2. Be innovative

Your clients have come to expect certain products and services, but what about those they don’t expect, like insurance and HR solutions tailor made for individual client needs? You best know your customer and their evolving benefits needs -- capitalize on that knowledge. Stay on top - and ahead - of market trends. Employers are constantly looking for ways to decrease health care costs, for instance, so if your health insurance business is on the decline, you can offer other cutting-edge and specialty insurance products and services to offset the loss.

3. Touch base with your current clients

Don’t underestimate the value of a friendly, familiar face. Remember your current customers while you’re out there trying to catch new business. Your existing client base is your best source of advertising; word-of-mouth recommendations can go a long way toward garnering more business – even more than many pricey marketing campaigns. Neglecting current clients at the expense of prospective clients is simply counterintuitive, and will leave you with nothing. Teach your agents to be good listeners so that they, too, can perfect their customer service.

4. Look Inward

There’s always room for growth, but when business is good, it’s easy to be complacent. Regularly assess your operations, looking closely at risk management, software solutions and more. Devise strategies for improving those parts of the business that most need it. And make sure you haven’t neglected agent and ancillary staff training. Encourage your agents to let you know both the good and the bad. Agents can learn a lot from their peers – and by hearing their triumphs and travails for yourself, you’ll be much better equipped to mentor your employees in the way that works best for them.

Instant Insights /

4 ways to distinguish yourself from the competition

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