The Masked Broker Recap: How to Win Business with Brokers

Who knew animals had such amazing insights for insurance vendors? We’ve learned a ton in the latest episodes of The Masked Broker!

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 and informs vendors about the dos and don’ts when working with a brokerage firm. We’ve protected the contestants' identities, allowing them to share their REAL, unfiltered thoughts about vendor practices. 

Meet the contestants from episodes 5 through 7 and what advice they have for vendors looking to expand their partnerships:

• X Foxy, VP of Consulting at a firm specializing in public sector employers
• Wolf in a Woods, a broker specializing in voluntary benefits
• Pink Rabbit in the Garden, an award-winning broker from a small firm

Find all the videos on our Resources page. 

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

A common theme throughout all Masked Broker episodes is that vendors MUST come prepared. When working with vendors, it's essential to respect consultants' time and understand who you are talking to. Knowing your audience, their title, and the type of clients they work with is crucial for effective communication.

“The vendor needs to come in and really have a pretty good idea of what our organization does… If you come in the door and don't know what we do and don't have a general idea of how our organization is set up, that's really a negative,” said Wolf in the Woods.  

Pink Rabbit in the Garden had similar advice: “Well, the first thing is they should know something about me. What kind of clients do I have? Are your products even available in my state? Before you schedule time with me and waste both of our time.”

Or, as X Foxy put it, “Being thoughtful with your communications, I think, goes a long way with our consultants and their clients.”

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

• Apply virtual meeting best practices. Pink Rabbit in the Garden reminds vendors to keep their cameras on and to spend the meeting focusing on how the products can help her clients—not just reading from a lengthy PowerPoint. Wolf in the Woods also asks vendors to be on time. 
• Don’t attack your competitors. "You want to leave the room with the client remembering everything about you and not asking us questions about the competitor—that's something that happens a lot,” explained X Foxy.
• Avoid industry cliches. X Foxy suggests you don’t bash competitors directly, but you do need to differentiate yourself. Don’t use terminology like “whole person care” or “meet people where they are” so often that clients don’t remember who you are. 
• Don't be overly pushy. “If somebody just keeps hounding me via email, voicemail, phone calls, I've even had a couple of vendors that have showed up at my office unannounced, that's a huge turnoff,” said Wolf in the Woods. 

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

• Know the regional players. X Foxy notes that while her firm has a national office, it’s the regional teams that are client-facing. It's important to know who those leaders are locally and what type of clients those individuals work with.
• Secure referrals where possible. “Referrals are the best way in the door because somebody that I know and trust referred them to me,” advised Wolf in the Woods.
• Be friendly and approachable. Pink Rabbit in the Garden would be happy to receive an email or LinkedIn message introducing yourself and suggesting why we might want to get to know each other—not a sales pitch. 

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

For X Foxy’s firm, successful relationships happen at the national and regional levels. Regional meetings can be helpful for mutual clients, and account managers can discuss successes and offer advice on implementation and contracting. Bonus tip: sharing results from client meetings goes a long way in fostering good relationships and building success.

To help make those connections throughout the organization, Wolf in the Woods says it's okay for the vendor to ask if their solution or product might fit elsewhere in the firm. “That's a really great way to do it because that way, you're kind of checking with the firm. You're seeing if there's a good match.”

Pink Rabbit in the Garden suggests vendors follow the Ps: be personal, be pleasantly persistent, but not pushy. “No one likes those emails that say, ‘I guess you just don’t care about your clients.’ Those are offensive, and I will probably never respond to you.”

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

Wolf in the Woods told a story about a vendor he had previously worked with who stood him up for a meeting—at 3pm on a Friday, no less. After following up to learn that the vendor was okay, he ended the relationship. “To this day, I will not take a call from him.”

As a consultant, X Foxy says the worst thing vendors do is blame the consultant when they lose business. “All too often, what I'll hear behind the scenes is, ‘Oh, the consultant totally messed up’ or ‘The consultant got in the way,’ and that's not really what we do. Our role is not there to place your business; we're there to match that solution to the client. And the client makes that choice.” Instead of blaming the consultant, X Foxy advises the best thing would be to talk with that consultant and ask what they lost on and how they can improve. 

“When a vendor shows concern for not only us, our agency, but for our clients and goes that extra step to make sure that everybody is satisfied. I’m going to continue to want to do business with them,” said Pink Rabbit in the Garden. 

Stay tuned for more episodes of The Masked Broker!

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