Can You Survive These Challenging Benefits Broker Scenarios?
The world of benefits brokerage increasingly plays by the rules of survival of the fittest. You need to always be one step ahead of the competition; otherwise, you’ll quickly be left behind in the dust. One of the main reasons for this cut-throat business environment is that many of the traditional roles and responsibilities of a benefits broker are becoming obsolete.
According to Dave Chase, serial entrepreneur and executive producer of upcoming healthcare documentary The Big Heist, benefits brokers are destined to be succeeded by benefits advisors: those who go above and beyond any given transaction to focus on maximizing value for their clients.
But even if you’re a forward-thinking benefits broker who’s taken on advisory responsibilities, every now and then you’re bound to encounter a difficult or potentially acute situation. Here are a few example scenarios, with some tips and tricks to keep in mind so you’re never caught off guard and unprepared.
You Aren’t Sure Which Employee Benefits Programs Are Best For Your Clients
With so many new benefits products appearing every year, it can be difficult to know what’s available; let alone exactly which program would be the best fit for your clients. But if you fail to gain and use this information, you risk selling your clients on an unsuitable program that leaves their employees wanting.
One of the best ways to ensure your clients are getting the most value from your recommended benefits programs is to maintain frequent communication with them. For example, you can schedule regular catch-up meetings and be available on more than one channel.
You’re Concerned That New Technology Will Disrupt Your Services
Technological developments in recent years have disrupted practically all types of industry, so it’s natural to feel a bit concerned the same will happen to benefits brokers. The truth of the matter is that this is already taking place. For instance, many small-to-medium-sized organizations now have the tools and resources they need to manage their health care benefits on a self-insured basis.
The onus is therefore on you not only to keep yourself informed on the latest technology affecting HR and employee benefits but to go one step further and leverage that technology to improve your services. If you can position yourself as an authority on new technology, you can then increase your value by becoming a trusted advisor for your clients.
You’re At Risk of Losing Your Clients To The Competition
Client retention is an essential part of maintaining and increasing your revenue stream as a benefits broker. And the best way to ensure that your clients do not move to a competitor is to elevate your service offering and increase the visibility of the value you provide as a benefits advisor. Dave Chase articulates this point well: “As technology startups automate the commodity side of a benefits broker’s job, forward-looking benefits professionals realize they must step up their game or they’ll get left behind.”
One effective strategy is to shift your positioning to focus on providing benefits that improve employee wellness, as opposed to only their health. Always be on the lookout for new additions to your benefits portfolio that can help you achieve this, such as TrueConnect’s voluntary employee benefits program—a proven way to improve employee financial wellness at no cost to the employer. If you would like to learn more about our services, please get in touch today.
If you enjoyed this blog post and would like more detailed advice on how best to deal with potentially acute situations, check out our brand new Benefits Broker Survival Guide. It’s a great way to ensure you’re always one step ahead of the competition and ready for any challenge. After all, preparation is a key ingredient for benefits broker success.