5 Things to keep in mind for writing a successful RFP

RFP season is already here! If you’ve journeyed to this blog entry, you may already be facing a growing stack of RFP materials for your clients. We believe we can help you deal with the volume of RFP activity in a service-oriented manner while living up to your professional standards. With over 38 years of industry experience, EOI has designed our RFP strategy with two primary goals in mind: streamlining the process across multiple types of clients with varying needs and ensuring the delivery of a first class, informative final product.

Our RFP process positions EOI as the active liaison between the broker and the carriers, working to get the best possible offers for the client and the client’s employees on a timely basis. We recommend five key elements to focus on that will help deliver a successful RFP process to each of your clients.

1. Have a clear definition of the client’s needs.
A clear definition of your client’s specific needs is the crucial first step that sets the tone for the rest of the RFP process. It enables you to communicate to each prospective vendor what to include in their proposal to make it most meaningful to the client.

2. Have a scoring system in mind.
A scoring system allows you to rank the various elements of the proposal and to evaluate how each vendor measures up in terms of those rankings. Elements might include such things as guaranteed issue maximums for insurance products, ease of administration, pre-existing condition limits, importance of customer service, ability to meet deadlines on platform build, discounts and/or allowances, etc. Establishing a clear and concise scoring method allows you to ask the right questions to help ensure that proposed solutions meet your client’s criteria.

3. Have a thorough understanding of each vendor’s level of interest.
Do some homework on your vendors of interest to get a sense of their potential to be a good fit for your client’s goals. Having solid prospects saves time by helping to minimize the need to review proposals that are not likely to deliver the required elements and results. While this process is can be subjective in nature, EOI’s comprehensive expertise in this area has given us a great feel for the capabilities and strengths of a wide range of vendors and can save you valuable time.

4. Have a specific timeline.
It is essential to communicate the deadline for proposals to be received, the date when the project will begin and the date when the vendor selections will be announced. Having a clear outline of these details ensures that all of the parties involved in the RFP process know what is expected of them and are on the same page.

5. Make sure the structure of the response is clearly presented.
Let your vendors know how you would like to receive their response in terms of information included and format. This might include an executive summary, information about the vendor, outline of proposed services, pricing, etc. The easier you can make it for the vendor to respond, the more likely you are to receive a timely response with all the relevant information included.

Please contact John Allen at 630-272-0966 or jallen@eoiservice.com for more details.

If you would like to discuss a specific case or have questions about our services, please call (800) 229-4364 or email info@eoiservice.com.