August 10, 2019 – Shane Wingo, LanierUpshaw
“You can’t do it that way.” – Doubters
“Nope, that’s not going to happen.” – Cynics
“That’s not the way this industry works.” – Naysayers
Yesterday, we renewed the first account I partnered with when entering the Employee Benefits industry. This was a troubled account from day one. Even though they have over 100 employees, only a small number had participated in the medical insurance. For those outside our industry, that means brokers and insurance carriers alike sprinted the opposite direction. They needed help. They needed new ideas. Mostly, they needed a partner who would roll up their sleeves and get to work for them.
Previously, they had to settle for an out-of-state broker who gave minimal communication and was providing double digit increases year over year. At the beginning of our partnership, we implemented major changes. We added new, low-cost solutions to assist employees. We negotiated their double-digit increase to single-digit. We met 1-on-1 with each employee to ensure they understood the intricacies of the benefits being offered. Most importantly, we have worked with them throughout this past year to continually educate employees on proper plan usage.
This year, our initial renewal was an increase of 17% from their current carrier. In previous years, that carrier had little to no competition as other providers declined to quote due to lack of employee participation. Because of the yearlong efforts of both our team and our client, yesterday’s finalized proposal was a decrease of 8% from their current spend. In addition to the budgetary savings, we were able to provide their employees with lower copays, lower deductibles and lower max out of pocket spend. A 25% decrease from the initial renewal quoted and a room of astonished client partners who had seen nothing but increases each year for their medical insurance spend.
I knew it would be arduous, but from our initial meeting I was convinced we could have a positive impact for them. We evaluated their current solution, identified the missing pieces and knew our changes would yield positive results. My job at that point was to instill in them that same confidence.
“Sales” becomes a much more fulfilling profession when you stop selling. When you shift into the role of problem solver, now you are meeting a need. And when you have the knowledge and the team to properly implement the necessary changes, your confidence should be exuberant.
Simply stated, sales is the transfer of confidence. I hope you have gained the knowledge and are part of a team that has you brimming with confidence. If not, your prospective clients will identify your insecurities immediately.
At Lanier Upshaw, we partner with you to accomplish 3 things surrounding your employee benefits:
- We explore your current situation and learn your unique challenges.
- We embrace these uncovered needs and determine specific solutions.
- We elevate your expectations for the future of your benefits offering.
To learn more, contact me by email at Shane.Wingo@LanierUpshaw.com or call me at 863/284-3176.