Three Key Ways RFPs Are Important to Your Business

 Just another long list of detailed questions. (Yawn.)

If that seems similar to how you look at facilitating requests for proposals (RFPs) between insurance carriers and clients, read on to see why RFPs are important to insurance brokers —and gain three ways you can use them to your advantage.

Customizing fit for the client and carrier

In our digital age, your client can simply hop online and find out what they need, right?

Not always. Here’s why.

• The vast amount of carriers that exists, coupled with the various regulations and laws that have impacted states as a result of the Affordable Care Act, has created a confusing map of possibilities, especially to those who are untrained; the options can also be confusing to benefits specialists these days.  

• Simply letting your clients gain their information from insurance carriers’ websites (which are, after all, marketing tools) may not help your clients see how one carrier or another might be the best fit for their company and their employees.

Since the benefits side of your client’s business doesn’t directly add to their bottom line, ask yourself, “What is this particular client looking for from a benefits package for employees?”

It’s complicated. The answer includes:

• Cost containment
• Attracting and retaining the best employees
• Compliance with the new legal landscape
• Staying competitive by offering benefits packages comparable to or better than competitors

With your expertise, you are the one who can best balance all these factors to help tailor a good fit. Use the request for proposal process to communicate to your client all the factors—and expertise—that went into how you tailored that fit.

Remember that a good fit is a win for your client, for your carriers and ultimately, for you. 

Demonstrating customer service

Your clients and your carriers both want to work with a professional who is highly knowledgeable, thorough, ethical, and focused on their success. They seek out and stay with brokers who have excellent follow-through. For them, that means brokers who do the following:

• Routinely identify potential carriers
• Do their homework
• Finalize benefits packages to the clients’ complete satisfaction
• Offer ideas on cost containment

That’s a tall order, yes. But brokers can demonstrate a number of these ideal characteristics with a thorough request for proposal process.

Building true partnerships

A benefits broker doesn’t just deliver a set of products. The right broker is a problem-solver because the right products meet an organization’s benefit needs every time. Remember—that means the right products help the company attract and retain great employees, hold down costs to the extent possible, comply with laws, and remain competitive.

If the client is getting the right products from you repeatedly, it becomes clear to both your client and your carriers that you are in it for the long haul as a trusted, results-driven partner. Your recommendations show them that:

• You are someone who will grow with them as they grow and change with them as they change.

• You will routinely scour the healthcare landscape for products that comply with new laws, fit their price range, and help keep their employees happy.

How will your clients and carriers know that you are the type of broker who becomes a true partner?

Once again, your request for proposal process speaks volumes. It shows that you understand your client and what they need in a carrier and the types of benefits package that best fits their needs. So, your goal is to use the proposal process to ensure that it resolves your client’s specific questions and problems. 

Allow your RFP to communicate that you have what it takes to help your clients and your carriers succeed. Do that, and success will follow.