Brokers are about to meet the game changer for their business. There are hundreds of thousands of brokers in the U.S. today and the vast majority of small businesses rely on these brokers to guide their benefit decisions. As the leading enrollment contractors for health insurance, brokers no longer settle for the status quo to serve the needs of small businesses and their employees. With the implementation of the Affordable Care Act, the health insurance landscape has experienced a transition to a retail-based model. Health insurance exchanges have emerged as the leading marketplaces for small businesses to shop, compare and choose their health plans. In an industry with antiquated tools and an outdated business model, how can brokers not only help the very business owners they are currently serving more efficiently and effectively, but also expand their business?
Sally Poblete, CEO of Wellthie, a health care technology company offering comprehensive software and an analytics platform that helps consumers and small businesses better understand their health insurance options, offers five ways brokers can up their game in a competitive market and expand their business now:
Modernize the tools of the trade.
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Innovative technology solutions are disrupting the market at warp speed and brokers need to adapt in order to stay competitive. Throw away those antiquated fax machines and matrix printers. There are technology platforms available that can help brokers sell both small group and individual products to a business, including sophisticated decision-support and scenario planning tools with side-by-side cost comparisons covering any insurance plan the broker represents. With this new technology, brokers will be able to conduct their business faster and offer their clients the best and most affordable health plan choices available. Be a small business hero.
With the recent expansion of the employer mandate, more businesses are offering coverage then ever before. But for the market segment of businesses with 50 employees or less not included in the mandate, the rate of adopting health insurance has not changed dramatically over this time period. These small businesses refrain from offering coverage in the past and today, they remain concerned about the rising costs of health care to their business. Despite this fact, most of these small businesses want to offer coverage, they just need help finding an affordable option. By adopting innovative technology, brokers can help educate these small business owners on finding affordable health care options for their employees, while at the same time helping them to attract and retain top talent seeking jobs that offer health care coverage.
Sell to the untapped uninsured market.
Most uninsured Americans are employed but are not getting the health coverage they need through their place of work. The working uninsured are primarily found across all blue-collar jobs, most concentrated in small businesses with under 50 employees. Although some of these employees may qualify for Medicaid or other government backed programs, 79 percent are eligible for subsidies on the individual marketplace. For brokers, this is an untapped market that is wide open and in need of health insurance. Now that there are affordable health care options for this market where none existed before, brokers can expand their business by targeting the working uninsured. Attract top talent.
By adopting the most innovative technology available in the industry, agencies can set themselves apart from others while doubling their business and attracting top talent. Younger brokers are trying to get the industry moving in the right direction and are using technology to work more efficiently. But, in order to attract top talent, the health insurance industry needs to embrace technology. Younger brokers are not going to be interested in an industry where they can't streamline their work processes and have the ability to go after new business in an efficient way. And if you're an early adopter of some of the most innovative tools in the industry, you can brand and market your business in more distinct ways than others to not only attract top talent, but to also build and maintain the relationships necessary to expand your business.
Develop a technology partnership.
The broker business is no longer what it used to be, especially in the new health insurance landscape. As new laws come into effect that have significant impact on the industry on a compliance level, business owners want more and more contact with their broker in order to understand the implications for their business and employees. Brokers are needed more than ever before to help educate small businesses on the nuances of the law that directly affect them in their pursuit of the most affordable health insurance options available. This need for constant communication drives the broker's value even higher. Therefore, adopting the latest technology tools is essential in providing businesses what they need. Brokers need to stay ahead of the technology curve in order to compete and choose the best and most effective technology partner that helps them to achieve this goal.
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