miEdge helps a broker agency win a new account worth $100k!
The Insurance industry seems to be under the constant pressure of change. Changes in regulations, costs and services have impacted how a Broker Agency will keep their current clients and find new ones.
Transitioning from small groups to larger or vice versa is a common topic of conversation for employee benefit producers. Acquisition of new clients was previously accomplished through word of mouth referrals, but rising costs and fewer choices have created an environment that is sensitive to price and welcoming to competitive bids and services.
We recently had the opportunity to meet a long-time miEdge customer at the Workplace Renaissance in Florida, Dan Thompson, Healthcare Consultant and Advisor/Partner, Gulfshore Insurance.
Dan has worked with business owners for 18 years and he began his career in the payroll industry. After Graduate School, he transitioned to pharmaceutical sales and then back to payroll sales before he fell into insurance. Dan told us, “It was by accident, but I love what I do. Helping the C Suite change healthcare from an expense to an asset.”
We asked Dan how he used to find new business and he told us from client referrals and by cold calling employers he researched on Google. When Gulfshore Insurance transitioned to targeting employers with 100 to 10,000+ employees, he realized he needed a better way to identify these prospects more effectively. The greatest challenges of finding the best in new opportunities was finding how many covered lives are in a company and who and how to contact the decision maker.
Dan learned about miEdge prospecting solutions from Nelson Griswold, Founder Ascend/Mastermind. He contacted miEdge and evaluated our Health & Welfare prospecting solution. We scheduled a brief, one-on-one web overview. Dan moved forward with a miEdge subscription and was successfully finding the right opportunities in less than five minutes.
Dan told us about his return on investment with miEdge, “I recently took a client from a larger house that was 200 lives. I could identify that the broker was charging an obnoxious percent of premium as commission. I met with the CEO who didn’t realize they were not getting value for the commissions they were paying. As a result, I provided more value and hence, won the account. If it weren’t for miEdge, I would not have known this information. The account was just about $100k in revenue to our agency annually.”
Dan shared with us how surprised he was at how easy miEdge is to use. “I would describe the user interface as easy to use the data quality is accurate. I have already referred a colleague to use miEdge.”