A progressive approach
From ERISA to Section 89, managed care, ACA, private exchanges, and now repeal and replace, the health and benefits industry is one with a history of constant yet unpredictable legislative and product innovation.
An ability to provide clients with a long-term strategic vision while executing on their very real short-term business priorities is critical in earning the right to act as their trusted advisor.
Work to differentiate yourself and your firm with a passion for creativity and reinventing the traditional approach of the insurance industry. A progressive approach to designing, communicating and delivering benefit programs will allow you to deliver next generation products, services, and technology to your clients and their employees.
Hire highly experienced employee benefits consultants and subject matter experts in both core health and welfare and voluntary employee benefits. Provide a holistic, value-based approach to your delivery of voluntary benefit programs. The results are programs that are value-based and truly complementary to a client's core program.
And it always comes down to service. Build an environment that brings an uncompromising level of commitment to your clients and their employees. By doing so you will earn the privilege of serving them today and tomorrow.
Peter Marcia, CEO, YouDecide
|Curiosity wins business
I think today's brokers need to be curious. Regulations aside, new vendors are entering the industry every day, and it's a broker's job to make sure he or she knows the key players to position with clients. This is especially important when considering a benefits administration vendor, which I would argue is one of the most important areas for a broker to understand in order to stay relevant.
The benefits administration space is vast and getting more competitive. This is why it's important for brokers to stay curious and analyze benefits administration vendors to find partners that best align with customers' needs.
To do this, I recommend brokers get a sense of clients' administrative pain points. That way, when analyzing vendors to work with, brokers can ask the hard questions to see what a vendor is capable of. While many systems appear similar on the surface, there are usually bigger differences in account management, billing capabilities, decision support tools and a la carte services available. More and more, this curiosity in benefits administration is translating to brokers providing a new consulting service for clients.
Kevin McNamara, senior enrollment specialist, The Standard
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