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Corporate clients - whether large, medium or small businesses - are a valuable addition to your book! Although it takes a little time and effort to get them on board, corporates offer financial advisers access to a stable client base and a sustainable, reliable income stream. Kobus Wentzel, Executive Head of Sales and Distribution at 1Life Insurance, together with 1Life Insurance and Clientèle Emerging Market teams, share what it takes to make a successful pitch to employers and onboard them as clients.
You want corporate clients on your books!
Corporate clients offer financial advisers working in the emerging market a partnership opportunity where everyone benefits.
Financial advisers: Premium collections in this sector are more reliable, especially when premiums are paid via salary deductions such as stop orders, which is good for an adviser’s persistency, commission options and income.
Employers: Employers can ensure that employees have access to financial support, such as money for funerals, when needed. This reduces the requests for loans, as well as the financial stress often felt by employees when a loved one passes away, which can result in lower productivity.
Employers who offer benefits improve their company image and can attract and retain talent.
The 2024 Global Benefits Attitude Survey found a 14% increase* since 2017 in employees citing benefits as a key reason for choosing and remaining with their employer.
Building a successful employer pitch
Follow these steps and take the time to build a pitch with a value proposition that is appropriate for the business and the employer is more likely to become a loyal, long-standing client.
Do your research
Harvard Business Review identifies lack of preparation as one of the top three reasons pitches fail. “Spend some time focusing on how you can pair your client’s needs with your best offering,” the review says.
Don’t be put off if there are already benefits in place such as funeral plans. The 2024 Global Benefits Attitude Survey found that only 54% of employees are satisfied with their benefits, leaving plenty of opportunity to offer more appropriate benefits.
Key things to find out:
- What benefits employees have, need and want
- Which decision makers in the business you should be pitching to, such as a CEO or financial director, human resources and payroll executives, as well as any represented unions
- What the company does and the age range of employees
Where to find your facts: Research the business online, call the company, visit their premises and talk to union reps and employees!
Decide on your product offering
Based on your research, tailor a benefits package with the relevant products. Keep in mind that employers want effective benefits and wellness solutions that increase employees’ financial well-being while establishing them as an employer of choice.
Include your broker consultant and product provider team in your decision making. They can help you determine which products are relevant, provide industry insights and learnings from other corporate clients, and offer assistance with the pitch and marketing material, such as brochures. Perhaps most importantly, your product provider can help you with the logistics, including setting up stop order facilities and having a dedicated contact person for employee and employer queries, including claims.
Prepare your pitch and presentation
You need to ensure your pitch and presentation includes the relevant details, but doesn’t overwhelm with facts! This is called data dumping, and it is a major reason pitches aren’t successful, say the Harvard Business Review.
Include in your pitch presentation:
- What you are offering and why
- How it will work, for example how employees will apply, how premiums will be paid, how policies can be serviced and how claims will work.
- Marketing material such as brochures
- How employers will benefit
- What value adds you can offer, for example you could sponsor a monthly productivity award, where you could also be on site to address queries
Value adds also include anything that reduces the time employees need to spend on policy admin, so online and telephonic service centres are something employers respond positively to.
Be proactive and follow up with the business after your pitch.
Formalise the agreement
When you have agreement from the decision makers, get confirmation in writing in a memorandum of understanding. Your product provider can help you with the contracts, and ensure you are offering services that can be delivered as promised. Your broker consultant will have forms you can use to ensure all the basics are covered as well as the specifics of the contract for the business.
Remember to keep engaging with employers when you have set up the agreement to ensure their and employees’ needs are being met. This could also highlight additional sales opportunities.
You can pitch it perfect
Make sure you offer an employer a best-in-class benefits package and you have a loyal client. Stick to the basics and spend time preparing your pitch to boost your chances of success. Always remember that while not every pitch will be successful, each one is a valuable learning opportunity!
*Figures are for EMEA region