The role of health insurance agents and brokers over the next few years will be even more important as middle-market decision makers navigate choices in a post-health care reform era.
According to a recent survey from market research firm TNS, almost two-thirds (63 percent) of companies surveyed view their employee health insurance broker or agent as a valued partner with 33 percent describing them as a trusted advisor.
"Our results indicate a much stronger role for brokers than one might have expected," said William Bruno, Vice President at TNS, in a statement.
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"One possible explanation is they fill a vital role in helping companies control the rising employee benefit costs. This is a key area that almost all (92 percent) of the companies surveyed identified as a concern – and one that for the vast majority (77 percent), say has increased in importance over the past 12 months," said Bruno. "On top of this, many companies have reduced their staffing in the human resources or benefits areas over the past two years, and brokers are helping to fill this void."
Health care reform may make it easier for companies to find benefit plans at more competitive prices with health exchanges emerging by the end of 2013. According to the survey, most companies will be relying more heavily on their broker to help them navigate through the choices offered under reform. This is evidenced by 75 percent of companies who think their health insurance broker will play a more important role in their relationship over the next three years.
In fact, relatively few (20 percent) of decision makers describe themselves as being likely to purchase a government sponsored health insurance product without the assistance of their broker. This is perhaps due to uneasiness and lack of knowledge about health reform, according to the survey.
Almost half (45 percent) are very or somewhat unlikely to "navigate health reform waters" without a broker's guidance.
"One of the most important insights that came from our research highlights the vast opportunity for brokers and agents to stay well ahead of the curve on detailed knowledge of health reform and related employee health care options that best fit with their clients' needs. For health insurers, it will be important to recognize the significant role that brokers and agents may continue to play well into the future," said Bruno.
TNS conducted the survey in May and June 2011. Respondents were screened to ensure each had a role in the insurance benefits decision making process for their respective employer – either in an advisory capacity or as the corporate office responsible for making the final decision.
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