5 tech trends to watch in 2020
The reality of today’s benefits market means brokers must embrace advancing technology to stay flexible and relevant.
As we prepare for a new year—and a new decade—technology continues to drive efficiency, facilitate growth and give brokers opportunities to improve client relationships.
Clients demand affordable and creative benefits solutions that can help attract and retain employees in this challenging hiring market. From quoting to enrollment, brokers depend on tech tools to get the job done and ensure the safety of client data.
The reality of today’s benefits market means brokers must embrace advancing technology to stay flexible and relevant. Access to the right technology is essential, but a recent national survey of 1,000 brokers indicated a disconnect between what brokers want and what really works. Three-quarters of brokers surveyed desire—and are trying out—various technology solutions and platforms, but only a small percentage are happy with what they’ve found thus far.
Related: Exceptional service key to success in benefit broker world
This research revealed five areas most important to brokers when it comes to selecting the right technology for their business:
- Operational efficiency
- Smart forms and applications
- Data security
- Customer experience
- Access to information
Operational efficiency
Identifying and comparing products, and then preparing quotes for the client, is the most time-consuming and labor-intensive task brokers manage on a daily basis. Thus, a technology-based quoting tool for medical, dental and ancillary products tops the list of broker needs.
An automated tool capable of generating comparable quotes with minimal human input can greatly improve operational efficiency over a legacy system. A task that previously may have taken two or three team members hours to perform can now be completed by a single person in a fraction of the time. A cloud-based quoting solution automates mundane tasks so brokers have more time to serve clients and focus on growing their book of business.
Smart forms and applications
Brokers report that they spend too much time dealing with paper applications, which can be a hassle to revise whenever changes are made. Updating forms is a burden, especially at the beginning of every year.
Smart forms and online applications capture data once and ensure secure and accurate data collection. The process reduces the time staff members spend reviewing each form manually. Customer segmentation software can also strategically target forms pertinent to each client, so brokers don’t have to spend time making sure each client gets only the necessary forms and applications.
Data security
As benefits administration and management align with advancements in technology, the concept of protection extends beyond health. The capture and transfer of sensitive data is a significant priority among employers and brokers. If compromised, personally identifiable information (PII) and protected health information (PHI) can cause tremendous damage to both employers and brokers, as well as put employees at risk. It is extremely important to identify a platform that offers complete 360 data encryption across multiple networks at rest and in transition.
Customer experience
All of the priorities listed so far contribute to the overall customer experience. In order for brokers to foster strong customer relationships, they need the right tools to give customers what they want. When it comes to quotes, proposals and enrollment, clients want to increase efficiency and productivity on their end. They want clear, concise and accurate information that allows them to make quick decisions. The challenge in legacy software is giving clients the information they need in a format they can easily understand; outdated tools do not work well with modern constructs. Poorly presented data can hinder a client’s ability to see the value in a broker relationship.
Access to information
The next step in the customer experience is keeping customers satisfied after they choose their benefits. Brokers can better support the needs of their clients by reviewing client data and consulting with them to make informed benefits decisions.
What’s next
As we move into 2020 and beyond, technology will continue to play a pivotal role in the growth of the broker business. Even brokers who have adopted platforms that help them streamline their businesses should stay open-minded as tools are improved and new ones developed alongside them. Embracing new technology—and seeking out the tools that fit—will make brokers better at what they do.
Michelle Sheffield is chief information officer for BenefitMall, a Dallas-based provider of payroll services, HR and employer services, and employee benefits administration.
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