Selling group health insurance is extremely competitive. It’s very profitable, but the barriers to entry for brokers are low. Prices are fixed by the carriers, so there is no obvious price differentiation. So in many cases, sales are based on relationships.
The owners of a small health insurance brokerage that had been handed down from father to sons wanted to grow, and believed that they could differentiate themselves on the basis of service. Despite investing heavily in a service operation, though, they were faced with an indifferent market that had been trained to focus on relationship. If they couldn’t unhook the incumbent broker, they would have an uphill battle gaining market share.
Professional salespeople can make a world of difference when you’re trying to articulate a value proposition, so the company called in LeadGen.com to recruit and train a new sales force, and develop arguments as to why a company should buy from them. To maximize the efficiency of the sales team, LeadGen.com also recommended that the company hire a professional telemarketer to set appointments, and keep the salespeople out on the road.
Articulating the value proposition, however, took a little extra work, but focusing on customer needs guided the way. They were easily able to advance the sales process, while quantifying the benefits, resulting in a high close rate.
The sales strategy was so strong that the company was able to unhook competitive brokers in mid-year, instead of at the traditional renewal time. Sales efficiency soared because of the telemarketing support. And the company became the leading broker in the region.