When your clients are looking for a potential new carrier for their employee benefits or adding new lines to existing business, the Request for Proposal (RFP) process should be as painless as possible. By leveraging our partnership and working together proactively on the front-end of the RFP, we can be more successful in providing a detailed, tailored solution for our mutual clients.
“As a sales representative with more than 16 years of experience, I understand how important it is to accurately assess risk when selling new business and how it impacts our ability to retain our clients. When I ask my partners for additional information for the RFP, my intent is to help provide a proposal that will meet the long-term goals of both our client and The Hartford,” says Jared Cohen, regional account executive for Group Benefits at The Hartford.
Recommended Best Practices
Each client has unique needs. Understanding those needs and the individual traits of their business enhances our ability to deliver a complete and meaningful proposal.
- Align questionnaire with client goals: Ensure the questions directly address the client’s pain points or requirements, because solutions differ between carriers. This helps get a more direct, insightful response.
- Use supporting documentation: Include in-depth details on current rates, rate and plan change history, and claims experience data with your submission. A complete and accurate census should also be enclosed.
- Provide clear guidelines and stay timely: Include deadlines, milestones, sample documents and other parameters defined by the client’s needs. Submitting a detailed RFP sooner rather than later allows us enough time to prepare a comprehensive, strategic and accurate response.
- Give details on client technology vendors: Tell us which platform the client is using for their benefits administration experience along with the products being quoted. This information helps carriers better position available services at the time of sale and also review enrollment results for each platform.