Today’s employers are demanding more and more from their benefits brokers. As a result, brokers must constantly reinvent themselves and come up with innovative strategies and solutions. Instead of merely selling products and packages, they must provide value and service to their clients. Here are some ways brokers can deliver.
First, it is important to think outside the box. Brokers solely focused on sales will simply serve as a middleman between insurance companies and their clients. A broker interested in providing value to his or her client will serve as a one-stop shop for benefits and human resources. He or she should help the employer secure the best benefit rates and the best plans, and become more of a consultant rather than simply a broker. Benefits design, wellness programs, payroll, absence management, and onboarding services can all fall under this brokerage umbrella.
Second, the broker must be aware of the latest changes in compliance and regulatory issues. Under the Trump Administration, the healthcare industry is undergoing rapid changes, and employers need help navigating the ins and outs. Ongoing communication with clients is becoming a must to address questions and concerns. A savvy broker will build his or her brand with a website and/or social media platform, such as LinkedIn, Facebook, or Instagram to deliver timely information to clients.
A broker can go one step further, and partner with an employer to show how invested he or she is in the employer’s success. It is up to the broker to pave the way for the employer to keep on top of the latest benefit and HR trends, and advise the employer on the best path to take. There is a vast array of packages and services available, and it is not a one-size-fits-all solution.
An effective way for brokers to stay relevant while being able to fully address clients’ needs is to stay on top of technology. He or she should be using an online enrollment platform to eliminate time-consuming paperwork and streamline operations. Brokers who do not embrace technology will simply fall behind.