Acquire more customers 

New business acquisition is a very different proposition today than it was even five years ago, and competition is fiercer than ever before. You cannot rely solely on referrals and personal relationships to grow your business; you need to be purposeful in differentiating your message and more aggressive in your sales tactics.

Start with a well-defined value proposition 

Insurance agents often get a bad rap as "just a middle man" hawking insurance products, so make sure your branding and message tells a different story. Your clients' chief concern isn't how many generations have run your business, rather, it's the value you deliver as their advisor. The most forward-thinking agencies communicate that they think strategically on their clients' behalf, taking into consideration the unique needs of their employees, company culture and bottom line. Cost will always be central to the discussion and the decision-making process, but that should only be the beginning of the conversation. Modern agencies empower their clients to help employees make effective benefits choices, and ensure that they have the tools and resources that enable them to make healthy decisions throughout the year. 

Lead with technology 

You can't rely on a unique product offering or favorable rates anymore; there is just no longer enough differentiation in the products you sell, or the expertise you provide. Compliance isn't a differentiator, either: that's table stakes for any benefits advisor in business today. Focus instead on how you'll actually help their company succeed in the longer term: deliver process efficiencies through automation, help them save time and money, and make sure employees are able to understand and use their benefits. What can make all this possible? Choosing a benefits technology partner that sets you apart. It's important to be strategic in choosing that partner, according to Jim Rogan at M.E. Wilson, "There's always an expense, it's an arms race, and really, after the ACA, it's become more so. So we have to put these strategic partnerships in place, but they cost money; so the cost of doing business has dramatically increased. If you're doing business with a partner, is that mutually beneficial, and can that generate new revenue?" 

Expand your sweet spot

Smaller clients can be profit centers, if scaled correctly, and generally have the most to gain from working with a good benefits advisor, as they can't dedicate the same resources to benefits management as their larger counterparts. These are prospects that are often overlooked by the broker community, but innovative agencies that are able to segment their targets, templatize and customize their benefits strategies, and create repeatable, automated processes both internally and for their clients will see massive returns. Brown & Brown's Naples, Florida office is breaking into the SMB sector profitably by offering a set package of benefits for clients under a certain size, making it possible to serve those clients efficiently. 

Increase ROI with your current customer base 

As leaner plans (and leaner commissions) become the status quo, you have an opportunity, and a responsibility, to think much more holistically about the product options you integrate into the benefits strategies you recommend – both employer-sponsored and employee paid. 

Integrate voluntary and ancillary lines of coverage into benefits strategies you deliver in a way that doesn't mean more work for you or your clients. New lines of coverage should be delivered with scalable quoting, implementation, and ongoing data integration processes for your team, and within the streamlined, robust enrollment and administration technology system for clients and their employees. 

Integrate resources to help employees use their benefits throughout the year, like telemedicine or a health care concierge service. These have proven to deliver both cost- and time-saving efficiencies for employers and employees alike, and often build in revenue-sharing agreements for forward-thinking brokerage firms. 

The days of giving away your services for free and collecting commissions for the products and the policies you sell are over. That is no longer a sustainable business model. It's time to adopt a more consultative approach with your clients, diversify your revenue stream, and take control of your business.