Establishing Your Agency’s Unique Value Proposition

Establishing Your Agency Value Prop

When you’re first starting out as a new health insurance broker or agency, it’s sometimes a challenge to stand out from the crowd. Whatever market you’re in, you are not alone. In California and Nevada, there are tens of thousands of licensed insurance professionals. If you want to succeed – as an individual broker or as an agency – it’s important to establish your Unique Value Proposition (UVP) or Unique Selling Proposition (USP).

So, let’s start by answering the question, “What is a UVP or USP?”

It’s a brief explanation of what sets you apart from your competition. What value you bring to the table. A statement of why you’re a better fit for your prospects and clients than others.

Your UVP or USP needs to demonstrate your professional skills, strengths, and aptitude. You can use it in a variety of situations. It can be a great “elevator pitch” or something for that unexpected chance encounter. Maybe you’ve been trading calls with a business owner for a few days when you run into that person in a coffee shop or restaurant.

One UVP/USP example is, “I help employers shop for and compare employee benefits for their businesses.” It’s succinct, although not particularly unique or descriptive. A better example might be, “I work with business owners and employers to help them define their employee benefits budget, and then identify available programs to help them maximize their benefits dollars and offer employees a broad array of coverage options.”

When you meet with your prospects or clients, ask open-ended questions (that cannot be answered with “yes” or “no”). One you might consider is, “How often do you review your employee benefits to ensure you’re getting the most value for what you’re spending?” A natural discussion is likely to follow.

In your conversations, how you say it is just as important as what you say. Smile, be positive, try not to ramble, and be ready to share a business card – and, maybe, a handshake – at the end of your pitch. COVID-19 did not kill the handshake, despite what some articles might suggest. (Read Don’t Fear the Handshake, as published in January in The Atlantic.) Practice does make perfect, so consider rehearsing with a friend of relative – or recording your planned message.

Partnering with the right general agent can help you better serve the needs of your prospects and clients. Word & Brown has been working with brokers for more than 38 years. We’re known for our insurance sales and back-office support – as well as Service of Unequalled Excellence. We offer a combination of resources to help you stay up to date on changing legislative, carrier, underwriting, products, technology, and more. Talk with your Word & Brown representative about everything we have to offer – including value-adds like employee onboarding, online enrollment and benefits management tech, an in-house compliance team, and much more.

If you’re not already doing business with Word & Brown, it’s easy to get started. Fill out our online registration form, or call us today at 800-869-6989.


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