Through adopting new tools and establishing a new model which disrupts traditional methods, brokers can deliver greater value and remain competitive with the latest in broker trends.
The role of brokers has quickly evolved. With the influx of newly emerging technologies, brokers have begun to shift their focus from manual administrative tasks to enrollment platforms that offer streamlined processes.
Trading in stress and hours of paperwork for systems that can improve the once paper-driven processes has taken the broker industry by storm.
According to a recent Kaiser Family Foundation survey, during the last open enrollment period:
- Nearly half of all marketplace applications last year were recorded using alternative enrollment platforms(26% insurance company website & 23% Web Broker (WBE) websites) ;
- Brokers assisted an average of 110 consumers with applications for marketplace coverage ; and
- 55% of brokers surveyed agreed that OE3 outperformed OE2 in overall results .
Most benefit administration platforms on the market today are merely front-end solutions that transfer data between brokers, employers, and employees – and this is simply not enough. What was once only achievable by joining a large brokerage is now in reach through adopting the proper tools and business models for operating in today’s market. The key is that you must insist on a benefit administration solution that allows you to build and scale your own business.
This is exactly what we do at Welltheos. We provide brokers with the necessary tools to connect with consumers, employers, and employees in an effort to enhance their enrollment numbers.
Current broker technologies have also had a momentous impact on customer experiences and satisfaction. With access to the tools needed to best assist consumers at any time or location, broker platforms have significantly improved upon the experiences delivered to clients – thus allowing brokers to deliver seamless ‘customer journeys’.
With increased access to tools, such as real time quoting engines, comparison shopping, and online account management, this technology can be leveraged to not only grow revenue, but also to help form better relationships with new and existing clients. In turn, brokers can become competitive in the market, while also simplifying the complex and often manual responsibilities that they uphold – such as benefit administration, Affordable Care Act (ACA) compliance, and addressing customer needs.
Combining the right technology with their expert knowledge of benefit offerings and the ACA in general, brokers will be well on their way for a successful Open Enrollment this November.
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The views and opinions expressed by the authors on this blog website and those providing comments are theirs alone, and do not reflect the opinions of Softheon, Inc. (dba Welltheos).