4 Ways to Drive New Business With Benefits Broker Software
If you’re a benefits broker, you are likely leveraging some kind of software to operate more efficiently. Unfortunately, many benefits advisers struggle to leverage benefits broker software to generate new business. This relegates their software solutions to being a basic operating cost, instead of being a revenue driver.
At Springbuk, we believe that partnering with the right benefits software solutions can help differentiate you in the market, and ultimately drive new business for your firm. That’s why we have built health intelligence software tailor-made for benefits advisers who are looking to grow their book of business. There are several types of benefits broker software, but you can find ways to leverage many of them to drive new business. Here are four ways that you can use software to drive new business in your brokerage firm:
1.) Use Benefit Broker Analytics Software to Position Yourself as a Data-Driven Expert
Prospective clients want to partner with a benefits adviser who is knowledgeable about their organization. This means that, if you’re unable to tailor your presentation to their specific industry, population makeup, or company size, you’re likely to miss out.
By leveraging a health analytics software like Springbuk, you can analyze data from other clients in your book of business to provide clear and concrete examples of actionable health steps. Instead of comparing a prospective client’s benefits offerings to a broad, national benchmark, you can present narrow, focused options, based on data from other organizations like theirs.
Furthermore, by having a robust, yet easy-to-use analytics solution, you can present best practices and data-driven cost containment strategies with HR leaders in your network. This will position you as a benefits expert in your area, and increase the number of HR professionals interested in doing business with your firm.
2.) Use a Customer Relationship Management Software to Organize Your Sales Efforts
Oftentimes, the hardest part of making a sale is keeping your ducks in a row. If you’re not leveraging a Customer Relationship Management (CRM) software, your firm could be missing vital opportunities.
The best CRM solutions allow you to track prospective clients, associate contacts with each account, and log your correspondence with both current and prospective clients. This means never forgetting where you met someone, or letting a follow-up opportunity slip through the cracks. There are hundreds of CRMs on the market, and finding the right fit for your brokerage could prove difficult. Use a software review site like Capterra to identify the best fit for your organization.
3.) More Efficiently Serve Current Accounts With a Client-Facing Portal
It may seem redundant, but driving new business starts by investing time into new business development efforts. Some firms separate the teams that drive new business from the teams that manage client relationships. But, smaller shops may need to find a solution that allows for spending less time answering routine questions and more time generating relationships with net new prospects.
Providing clients with software solutions that allow them to self-serve their own information could free up hours of time every week. This could mean providing a client-facing portal that allows clients to access their plan information online. It could also mean ensuring that other health tech solutions, such as a health analytics platform, are equipped to provide access to all relevant stakeholders. By choosing a software solution like Springbuk, brokers can provide clients with easy access to their health data, without taking up a broker’s time for every question.
4.) Leverage Health Intelligence Software to Sell Yourself as a Strategic Adviser
One of the biggest hurdles that some brokerages face when competing for new business is selling their value as a strategic adviser. Far too many HR professionals view their benefits package is a commodity and their broker as someone whose responsibility is to facilitate that transaction. This thinking is wrong, and the easiest way to defeat it is through expertise.
By leveraging a health intelligence solution, you can sell prospects on the idea of getting ahead of their population health issues. Instead of reacting to last year’s data, empower your clients to take action based on their current health data. An ideal health intelligence software solution should provide you and your clients with actionable insights, such as avoidable ER admissions, prescription drug savings, and potential interventions that could save you money in the long-run. If you’re able to provide this level of insight to your clients, you will never need to worry about being viewed as a commodity again. Instead, you can drive new business and retain your current clients as a strategic benefits adviser.
Interested in learning how Springbuk can help your brokerage firm drive new business? Request a demo to learn more about how our software empower benefits advisers just like you, all across the country.