The Masked Broker Recap (Eps. 1–4) — BenefitPitch

There’s a smash hit show taking the insurance world by storm!

Hosted by BenefitPitch Founder & CEO Dave Kerrigan, The Masked Broker by BenefitPitch features mystery broker contestants answering questions about how to best partner with their firms. The show is designed to inform vendors about the dos and don’ts when working with a brokerage firm. We’ve protected the identities of the contestants, allowing them to share their REAL thoughts about vendor practices. 

Meet the contestants from our first four episodes and what advice they have for vendors looking to expand their partnerships:

• Polar Bear on the Beach, representing a top-15 brokerage firm
• Panda in the North, representing a  top-15 brokerage firm
• Golden Gate Cow, representing a small regional brokerage firm
• Racoon in Space, representing a top-5 firm

Find all the videos on our Resources page. 

What are the best practices for a vendor who wants to work with your firm?

The contestants emphasized that any successful interaction must start with vendors doing their homework, researching the firm, and coming prepared with a clear understanding of what they do and how they can collaborate. Vendors MUST know the market space for the brokerage, including their target clients. 

“Nothing is worse than when a vendor that doesn’t play in our market space spends an hour on the phone with me only to tell me that they don’t work with groups of our size,” said Panda in the North. 

Golden Gate Cow had similar advice: “Make sure that your product or service aligns with the values that our firm takes extremely seriously.” 

Vendors should respect the tight schedules of the brokerage firm employees and do as much pre-work as possible. “One of the things that we do to use that time most efficiently is to get introductions, roles, responsibilities, things like that out of the way,” said Raccoon in Space. We send all of that information in advance and we'd love to get that information from you in advance.” Vendors should be concise and efficient in their presentations, respecting the busy schedules of the brokerage firm.

Each contestant stressed that successfully working with these brokerage firms is all about patience and persistence. “Be patient; you’re one of thousands that are trying to call on us,” said Polar Bear on the Beach. 

What are the vendor no-nos that drive you crazy?

A couple of major themes emerged when contestants shared the biggest no-nos for working with their firm: don’t be overly aggressive in communicating and don’t lie about your partnerships. 

“I appreciate the hustle, I respect it. I think it's important to do the old-school follow-up. There's a line—once a week may be too often; maybe once a month, every other week is a little bit more manageable,” advises Raccoon in Space. 

As for name-dropping, Panda in the North warns, “Don’t tell agencies that you are the preferred vendor of another agency unless you have that in writing and it is in fact true. We have a lot of vendors that will send a note out saying ‘We have an exclusive partnership,’ and then they come to me and I don’t know who they are or they aren’t an exclusive partnership.” 

Raccoon in Space agreed: “We all talk and we're gonna find out who you're talking about and what their actual level of involvement is.That rubs me the wrong way.

As Raccoon in Space put it, it’s best to avoid the S-words: slimy, sneaky, and smarmy. 

What is the best way for a vendor to initiate contact with your firm?

Vendors should be proactive, respectful, and value-driven in their interactions with the firm, following the established processes and building relationships to progress within the organization.

The process ensures that the necessary information is properly documented and accessible to the relevant teams. “If I provide you with next steps, follow them. There’s a reason for it. There’s a process we have in place,” said Polar Bear on the Beach. 

Raccoon in Space echoed that advice: “As you get into contact with the right people, if you continue to go about your other contacts, just know that we have methods in place. So you may end up always getting back to that main point of contact, and know that that's where the buck stops sometimes. So you don't have to keep trying to work around or above or to the side of that person.”

The contestants also value vendors who make an effort to show up in person, meet the account teams, and interact with key stakeholders. Building relationships through personal connections can lead to opportunities within the firm.

“Show up! We are one of the few industries still doing things in person,” said Panda in the North. “We’re in the office, we’re taking meetings, we’re traveling. The best partners we have are those who show up for us. Come to the office, say hi, meet the account teams, meet the agency presidents. Once that relationship is built, you’ll have some opportunities thrown your way.” 

Instead of directly selling to the firm, vendors can also engage in meaningful interactions, such as commenting on posts or offering unique perspectives that make the firm think differently. Demonstrating value organically can lead to private conversations and potential business opportunities.

Golden Gate Cow explained, “If you can get me to think differently about something that I put up there in a [LinkedIn] post, I'm going to reach out to you privately and be like, wow, let's talk.”

What is the best way to progress within your firm after the initial meeting?

The contestants had a few tips for the best way to progress within the firm after the initial meeting. 

Vendors should focus on demonstrating how their solution can provide value to both the firm's clients and the brokers themselves. “The best way to continue the momentum is to figure out how you can provide value to our clients and to us as brokers,” said Panda in the North. If you have intellectual capabilities in terms of white papers, infographics, LinkedIn posts, case studies at your disposal to show you’re the experts in this space, then let’s provide a little value before we get in the door with a client on their solution. Let’s win some business together.” 

Being open and clear on timing and follow-up after the initial meeting is key. “My calendar is often several weeks out. So if we have an initial meeting and there is something compelling, then the best way to continue to interact with us is to, number one, let's come up with a deliverable before the end of that meeting, and then let's set a time for a couple of weeks out for you to show me that deliverable,” said Golden Gate Cow. 

Vendors should respect the firm's timing and communication preferences. ”I’m happy to hear from you on an every-other-month basis, once we've had that initial call. I tend to say, ‘You know, it's not looking very busy right now. But please ping me in three months, if you haven't heard from me by then,’” advises Raccoon in Space. 

Vendors should also regularly send updated collateral and ensure that any information is accurate and current. How? By updating their profile on BenefitPitch. 

“It sounds like a cheesy plug but we really do use it,” said Polar Bear on the Beach. Raccoon in Space agreed, “Make sure your BenefitPitch profile is up to date; we’re referencing that profile frequently.” 

What’s the best or worst story about something a vendor has done when working with your firm?

Finally, the contestants shared some parting stories about vendor behavior. 

“Somebody texted me on a Sunday morning at 6 am Pacific to set up a meeting on a Monday. Someone I’ve never texted with before, didn’t have a relationship with. That’s a no-no,” said Polar Bear on the Beach.

Panda in the North had just experienced a vendor faux pas that morning: “A vendor decided they wanted to schedule a national meeting with my field and sent an email to about 85 producers on one email—didn’t blind copy anybody, it was just one long email chain. Not only did I have to coach on how we should be having this conversation at the national level, but also we all are now enduring the reply-all fiasco.”

Golden Gate Cow opted to confess the worst thing that he’s done to a vendor: “I was being pitched by a TPA and they said, ‘We support everything you're doing. All these no network plans, value-based plans, being self-funded, all the things that we truly believe in.’ I said, ‘Okay, I'm going to ask you a question that's going to make you uncomfortable. What's the tagline to the Capital One commercial? What's in your wallet?’ And I got to tell you, every reference-based pricing vendor, every PBM, every TPA that I've asked, with the exception of one, pulls out a Blue Cross and Blue Shield, United, or Cigna ID card. The most powerful thing is when you walk the walk.”

Racoon in Space chose to focus on the good: “I sometimes encounter vendors that have a square peg and are looking for a square hole. The fun ones are willing to make a square peg fit the needs of a round hole. I really enjoy working with vendors that can meet that middle ground and be innovative and forward-thinking.”

Stay tuned for more episodes of The Masked Broker!

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