Benefits of Data - Keep Your Competition Scrambling
Analytic Brokerage is more than simply a bunch of meaningless data. It’s about client outcomes, proven, credible and focused around the client’s cost structure. It’s the ultimate sales powerhouse.
Now, you may say, “So what, why is this any different than what we're already doing now?”
Well try this on for size... What is it that any organization attempts to prove with its products or services? The answer: How much a buyer benefits from its usage. That is the ultimate differentiator.
When we as brokers speak about benefits of usage, we are not talking about claims frequency, loss ratios or even coverages. We certainly are not focusing on the commodity to fill the buyer’s basic needs. Frankly, those are all insurance terms that simply describe your results, they are not the benefit of usage.
So, let’s get something straight right here. Unless you can actually show the buyer how they benefited financially from working with you, it’s a move toward obsolescence. It just ain’t good enough anymore.
Here’s the deal... You now have the ability to show a buyer the specific impact your firm has had on their analytic and financial results. In addition, you can show a prospect what the results of your organization have been for other clients like them.
What? Am I telling you that you can actually use data as a sales process to prove your worth? Huh? Is it really possible to determine and demonstrate the financial impact of your representation? Whoa... Doesn’t that change the game forever?
Yup. And it’s happening right now, in top performing firms across North America.
So, here are 3 Things you need to do right now if you don’t want to get run over:
- Change your perspective – Stop thinking about your delivery of a product and move into the buyer benefit of usage space. Ask yourself this question: If I had to prove our established value, how would I do it without making it about the transaction of insurance? By the way, that includes emod calculations, as they are simply part of the transaction.
- Truly understand your prospects and clients – Go where they really live. Embed yourself in their profit margins, growth goals, productivity and ownership value.
- Become committed to business excellence – This is a much different place than simply insurance brokerage excellence or risk management excellence. If you can’t prove what you have done, you can’t take credit for results in business.
As you will recall, I started this conversation around the idea of data, analytics and being able to prove your impact on a client’s financial outcome. Now let’s finish it.
If you don’t have access to the credible data you need, or the analytic output required to prove your worth, you can’t prove anything. Certainly not your ‘Buyer Benefit of Usage.’ You will continue to compete around the product and features, not outcomes. And you will be left behind.
Remember what Dr. Deming said: “Without data, you are just another person with an opinion.”
So, maybe it’s time for you to join your clients and prospects on their side of the table. Stop talking about meaningless features, commodity results and competitor shortcomings. Prove your worth and attract clients using your actual results.
Best Regards to Analytic Brokers™
Rob Ekern, CAB (Certified Analytic Broker™)
With over 30 years in the insurance industry, Rob was considered to be one of the nation's top performing brokers when he started his own consulting company in 1993. Since then, his guidance has helped many organizations across North America increase their profitability, growth, and develop their sales teams.
Rob is considered the industry expert on Total Cost of Risk quantification and franchise account attraction and retention strategies.