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  • Writer's pictureAnthony Fioretti

It's Broker RFP Season...Do it Right or Don't Do it at All!

Updated: Feb 13, 2019

It’s that time of year again…when employers say they are going to RFP for insurance broker services. If you’ve been calling on one of these groups, you’re excited and dreading it all at the same time. Why is that you say?

Well - having been a party to this type of process for over 20 years - we know what’s likely to come if other priorities don't delay it for another year. A veeerrrrryyy looooonnnnnggg questionnaire that will turn everything special about your unique services into a big vat of vanilla pudding! You’d better have some great marketing people or have just the right contacts or you’re likely wasting your time.

And for employers who choose this path, it sounds like a prudent businesslike move, but machining the RFP process usually ends with a less than satisfactory conclusion. Sure, you feel like you’ve checked all the boxes, but you end up focusing on “price” or a “feels right” conclusion that probably isn’t deep enough to warrant the selection. But there is a better way!

Remember, you’re selecting a SERVICE provider, so personalizing how you make the selection will work much better than a machined RFP process. Insurance brokers help employers manage (or protect) millions of dollars every year! That's a pretty important service provider, so an approach that helps you assess the long-term potential of the relationship and the cultural fit is critical.

Ironically, most RFP processes actually limit interaction among the key people until the “finalist” meetings. And then you might only see “the show” and the bright stars who may never actually appear during the lifetime of your working relationship. We get it – you’re trying to save everybody time - but this approach usually wastes even more!

So, if you’re thinking of doing a Broker RFP this year, think about selecting a partner instead! Reallocate some time from laborious questionnaires to actual relationship building and you’re on your way to a more successful outcome. For more information, review this short video or contact us to see if we can add some expertise to your process. Because doing it right will pay big dividends; doing it wrong may be a big waste of time!

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