Five Takeaways to Be an Innovative Broker
Brokers – when it comes to constantly evaluating your services to maximize client satisfaction, are you an innovator or a laggard?
Don’t let your competition get ahead of you. In order to be an innovator, you must be able to understand the constantly-changing needs of the market, and offer new services to fit that need.
To help you out, we surveyed more than 120 health insurance brokers to get their thoughts on their job, and what they’re seeing in terms of demand from their clients.
If you want to be an innovative broker, you should check out these five statistics and their takeaways:
1. 83 percent of brokers say their job is more challenging than three years ago.
Takeaway: Employers rely on brokers to navigate a rapidly changing regulatory landscape and developing a benefits strategy that will be cost effective, compliant and aligned with employee needs. They require brokers to be a strategic adviser.
2. Besides cost control, 73 percent of brokers said employers rely on them for compliance and reporting, 63 percent for communication materials, and 53 percent for managing open enrollment.
Takeaway: The days of the broker purely being a sales representative is over. Now, a broker must become a master of service, or risk losing the trust (and possibly business) of their clients!
3. In adding new products and services to their offerings, 57 percent of brokers said doing so is “very important” in helping their firms stay competitive in today’s market.
Takeaway: Many brokers are making investments in new products and services, and they’re not just doing it to “look innovative.” They’re taking these investments seriously because it’s necessary to be a leader in the market. If you don’t put in the same effort, you risk being left behind.
4. In terms of services, 83 percent of brokers are seeing demand for employee engagement services, 69 percent see demand for advocacy services, and 56 percent see demand for transparency services.
Takeaway: Employers are looking to their brokers to help with the entire benefits lifecycle. They want personalized engagement with their employees during open enrollment, and an easy way to solve benefits questions and price compare for elective care procedures after open enrollment is completed. It’s a multi-step lifecycle, and once again, service is key.
5. 88 percent of brokers see value in strategic engagement services, 81 percent see value in advocacy, and 77 percent see value in transparency.
Takeaway: Brokers are not simply “checking the box” when it comes to offering these services to clients. It’s a great deal of business value for employers, and as a result, for the broker too. Brokers have an unprecedented opportunity to add real business value to the organizations they serve.
If you consider these five takeaways and act on them, you’re on your way to becoming a leader in the industry.
If you’re interested in viewing the full report, Strategies & Service Innovations Shaping Brokers’ Transformation from Sales Representatives to Strategic Benefits Consultants, it’s available here.