How to Grow Your Group Benefits Business
May 19, 2023
Written by – Zeynep Ertas, SEB Marketing team
Many group benefits brokers face two main challenges in growing their business: servicing their existing book of business and finding the time to acquire new clients. This is especially true when they are handling a large volume of clients. Still, a brokerage must grow like any other business, which requires a consistent effort to reach out to the market for new client acquisition. In order to achieve that, two things are required:
- Gaining efficiency in your current operations to free up your resources to handle more.
- Having the right strategy to acquire new business.
In this article, we will explore both aspects and recommend some practical steps for each.
Building Operational Efficiency
- Add benefits administration technology. Adding benefits administration technology to automate enrolment, claims processing, and other administrative tasks can improve the efficiency of your back-end operations. This will free up time for you to focus more on driving the growth of your business. Providing clients and members access to online self-service benefits information, updates, and a modern experience is crucial in today’s digital age and reduces your team’s workload. Self-service portals or online platforms can empower clients and members to make updates, view plan details, access essential documents, and handle routine administrative tasks independently.
- Streamline communication channels. Efficient communication is essential for a growing group benefits business. Implementing a centralized communication system, such as a customer relationship management (CRM) platform, can help you manage and track interactions with clients, prospects, and leads. This allows you to stay organized, prioritize tasks, and ensure timely follow-ups, to ultimately enhance customer satisfaction and conversion rates.
- Develop strategic partnerships. Collaborating with other professionals and businesses in the insurance industry can be mutually beneficial for growth. Identify strategic partners such as insurance carriers, third-party administrators, or complementary service providers who can complement your offerings or refer potential clients to your business. Building strong relationships with these partners can expand your reach and lead to a steady stream of qualified leads.
New Client Acquisition Strategy
- Stay ahead of industry trends. The group benefits industry is dynamic, and it’s essential to stay informed on emerging trends, products, and technologies. Clients value flexibility in their benefits offerings, and by adopting innovative technologies that allow for multiple providers, you can enhance the value you bring to your clients. Proactively understanding and implementing industry trends positions you as a knowledgeable and forward-thinking broker.
- Identify target markets. Identifying specific target markets is crucial for effective marketing and business growth. Small businesses, startups, and industries known for comprehensive benefit packages are excellent target markets to focus on. Tailoring your offerings to meet the unique needs and challenges of each market segment can help you differentiate yourself and attract clients who are more likely to benefit from your services.
- Provide expert guidance and support. The group benefits landscape can be complex, and clients often need guidance to navigate it successfully. By keeping up to date with regulatory changes, industry updates, and best practices, you can provide valuable insights and expert advice to your clients. Offering ongoing support and proactive communication regarding changes in regulations or industry trends helps clients make informed decisions and reinforces your role as a trusted advisor.
Growing a group benefits business requires a proactive approach and ongoing effort. By enhancing operational efficiency, implementing a targeted strategy for new business acquisition, and consistently nurturing leads, you can expand your client base and drive sustainable growth for your brokerage