MGAs and Insurers are battling for the attention of brokers as they push for increased distribution. ‘Service’ and ‘Cover’ are the go-to headlines, but with everyone saying the same thing we look at 5 ways to boost B2B trade and get ahead of the competition.
Build a Target Audience
All too often business development strategies use a blanket approach to product launches which can lead to respondents you don’t want, and those you do not hearing you through all the competing noise! No two brokers are the same and taking into account location, reputation, sector specialism and advisory resources are key aspects of identifying the right partners for your products. Finding the right broker partners is a process that can be accelerated by using data. Use data to research your preferred distribution partners and then build your marketing and approach strategies before reaching out. When you are ready – reach out and enjoy excellent response rates!
Most of us have posted about a product or service on LinkedIn. In fact these days everyone is a publisher and marketeer – we all know how to search for people with the jobs and experience we are looking for. But to win attention in noisy LinkedIn feeds you need to stand out by being highly relevant, and one way to do this is with social media targeting. Company and contact targeting enables you to build audience segments based on lists of companies and organisations. You can apply LinkedIn demographic targeting, such as job function or seniority, to further refine your targeting. Social media marketing doesn’t just have to be a mass marketing exercise. With the company targeting and matched audience tools now available you can put down the net and start fishing with a spear!
It’s not great to identify a partner broker with great potential only then to need a lengthy agency application process. There is nothing fun about weeks of form filling as the excitement of the new opportunity cools, or the broker cannot get over your agency hurdles. Part of building an audience is about establishing compatibility. Why reach out to a business that you can never trade with? Regtech software allows you to pre-approve businesses based on thousands of due diligence data points that are available in seconds. Use a solution to pre-approve targets so that when the handshake happens, it’s immediately down to business.
Focus on the business case
This may seem obvious, but all too often in the creation of agency relationships the business case plays second fiddle to financial and regulatory due diligence. We all know that relationships with great commercial and cultural fit are more likely to be mutually successful business relationships, so free up your BDMs to do what they do best! Technology has allowed us to knock down communication barriers and without it the insurance industry would have fared very differently over the past year. So, let the machines do the heavy lifting of compliance and due diligence leaving the people to focus on the opportunity.
As Mark Twain put it ‘the secret of getting ahead is getting started’ and for Insurers and MGAs weeks spent on mundane processes are weeks of not getting started. In our earlier posts we saw how technology can remove time and cost barriers enabling better focus on business case and fit. So now you have chosen your distribution partners what’s stopping you? Well, nothing! – just use a software solution to automatically issue and digitally sign all your TOBAs, then track them back in realtime. What once took weeks now takes seconds, and your new product is now trading.