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During the COVID-19 pandemic, insurance brokers have been on the frontlines of constant policy changes, never-ending open enrollment periods, and more. Matt Donaldson, head of channel at Rippling, recently shared his thoughts on the challenges brokers are facing and how they can prepare for the changing benefits environment.
|What challenges are insurance brokers facing during COVID-19?
Social distancing has taken away one of the big advantages brokers have over digital competitors — the personal connection of doing business in-person. We work with more than 100 brokers across the country, and they tell us they're having to find new ways to prove the value of the relationship model without live events and client meetings.
At the same time, brokers have been in the trenches with their clients, fielding questions on everything from new federally mandated sick-leave to whether their health care plan covers employees and dependents who need treatment for COVID-19. It's put a lot of strain on their systems and staff.
|Digital brokers have threatened the traditional model over the last several years. Have brokers been able to keep up?
Right now it's not a fair fight. Digital players have much less overhead because they can automate core processes. Meanwhile, brokers are stuck doing time-consuming paperwork that cuts into their margins, especially for small-group insurance.
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Emily Payne
Emily Payne is director, content analytics for ALM's Business & Finance Markets and former managing editor for BenefitsPRO. A Wisconsin native, she has spent the past decade writing and editing for various athletic and fitness publications. She holds an English degree and Business certificate from the University of Wisconsin.
