Working Together (Continued) - Establishing Relationships!

During recent meetings with our affiliates BenefitPlace and Vesta Worksite, as well as several Brokers, we at Vesta p&c further discussed the concept of P&C Brokers working more closely with Traditional Employee Benefit and Worksite/Voluntary Benefit Specialists.  Six specific ideas are worth passing along:

• Talk to client(s) with whom you have a good relationship and find out who they work with in the complementary insurance/benefits industries, explain your reason for asking, and ask permission to contact the broker.
• Contact the referred broker(s) and determine if there is a potential for working together without a conflict of interest and that they are not a competitor.
• Once a preliminary relationship is established with a complementary broker, select a specific number of client's, or potential clients, that you and they will contact for meetings.
• Discuss the division of revenues generated when business is generated, "Splits", based on time and effort required to close and maintain the accounts.  It was suggested that these discussions should lead to guidelines.  Formal agreements should be set on a case-by-case basis. 
• Meet with the client, or potential client, together.  Pre-determine and practice how the meetings will be conducted; the questions to be asked; and the specific programs, products and/or services you intend to discuss.  Prior to meetings, you should have discussed the specific carriers that will be recommended.
• Following the meetings, review the results and formalize the responsibilities for follow-up!

Please share your ideas on working together and "Cross-Selling"!  Have a Great Week!