What will it take to be successful in the changing benefits world?
Our Broker of the Year finalists share their thoughts on the keys to success in the changing benefits landscape.
The benefits industry is at a crossroads. A long-broken health care system coupled with the stress of a pandemic has made the need for guidance and new solutions even more imperative. What may have worked in the past won’t cut it in the years ahead, and brokers who want to stay in the industry will need to adapt. Many are already doing this–take, for example, the five finalists for this year’s Broker of the Year.
Related: 2020 Broker of the Year: Derek Winn
These five individuals are shining examples of the skills and strategies it will take to be successful in the future, and, like so many in the industry, they were more than happy to share their insights and keys to success with others at the recent virtual BenefitsPRO Broker Expo. Over an hour-long panel hosted by BenefitsPRO editor-in-chief Paul Wilson, a few key themes became apparent.
Mentorship
When asked about the keys to success, our panelists were in agreement on one thing: mentorship. “Find a mentor or a coach that can help guide you and help you save time and mistakes,” said Donny Woo, founder of Combined. “It can also help you get where you want to be much quicker.”
“The only reason that we can achieve success is because of people who invested in us,” agreed Ben Conner of Conner Insurance. “Mentorship has been something that has been critical, not only throughout my lifetime, but specifically in this industry.”
For those new to the industry who don’t know where to start, Terri Weber of Spring Consulting Group, LLC, an Alera Group Company, offered some advice. “Find a conference, find something in your area, some regional organization or education institution,” she said. “Those are really great ways to get involved and learn and become mentored, and then mentor others, as well.”
And, as a last point, Conner reminded listeners to take their role as mentees seriously. “When I talk to anyone about the idea of mentorship, it’s the job of the mentor to be available,” he said. “It’s the job of the mentee to get stuff done. If you’re showing up empty-handed, you’ve failed. The mentor’s job is to prepare the agenda for learning.”
Disruption
Disruption has become something of a buzzword in the benefits industry, but what sets our panelists apart is the thoughtful approach they take. “I struggle with the word ‘disruptive,’” Broker of the Year Derek Winn of Business Benefits Group said. “None of us go into a group meeting and say, ’Let me tell you how disruptive I am.’ It’s important to balance that with, ‘What are the things we’re seeing that are leading to positive change?’ You can be 55, 60 years old and have been taking prescription drugs all your life but have no idea what a PBM is or does. The more we help people to understand that and help employers understand that we’re not disrupting employees but we’re helping them, the better off we’re going to be.”
Adam Berkowitz, founder of SimparaHR, agreed that disruption is doing great things for the industry, but that it’s a result of a bigger idea. ”I love what Walmart’s doing,” he says. “The president of their health and wellness center recently said, ‘We didn’t set out to disrupt health care, we set out to meet the needs of our customers.’ It’s not about disruption, it’s about meeting people where they are.”
And for Conner, part of the fun of disruption is customizing it to the client. ”What’s cool about disruption in general is whatever Donny or Adam or Terri is working on, I can’t just replicate that and plug it in. Our clients are different. What I find really enjoyable is finding the right temperature, the right ingredients to make it come out the way it should.”
And while many would caution that now is not the time to encourage massive change and disruption given the current chaos and uncertainty of today’s world, these brokers would argue just the opposite. “The most progress happens in those uncomfortable times,” Weber said.
“A lot of those problems we’re trying to solve are the result of complacency,” Winn added. ”If you’re willing to be uncomfortable and try to get a little bit further down the road, the better off you’re going to be.”
Work ethic
The benefits industry is often represented as one that offers a healthy work/life balance, but achieving that doesn’t come without paying your dues. “When you start, you work very hard,” Woo said. “I’m a workaholic. Over the years, I have learned how to let go of things–delegate, trust my staff to do the job.”
“One of the things I accepted early on is you can’t look at work-life balance on a day-to-day basis, or even a week-to-week basis,” Winn agreed. “It comes back to having a good working relationship, having that support system at home, at work, in the community.”
Berkowitz reminded attendees that his business is only four years old. “I founded this business with my newborn son strapped to my chest,” he said, and despite the hard work required to get it off the ground, he continues to make work/life balance a priority and makes sure to make time to spend with his kids. “Get work in during your work hours. It’s really about putting in the balance, the sweat, getting your work done.”
Still, top benefits brokers aren’t resting on the sweat equity they built during their younger days. It’s a continuous process of growth. “We need to keep evolving and expanding our knowledge, not just in insurance but non-insurance,” Woo said. “HR compliance, employee training, tech support–our clients are looking for a company that can provide all of these services.”
Concern for others
No doubt, the one characteristic that really sets the cream of the broker crop apart is that they truly put their hearts into what they do. “What worries me the most isn’t necessarily the benefits business,” Weber said when asked about the impact of COVID on the future of the industry. “I’m concerned about what it means for some vulnerable employees or our young folks, those who struggle with mental health. I’m worried about that just in terms of when we come out of this.”
Beyond mental health, panelists raised concerns about nearly every aspect of employee well-being. “I saw early on that there’s going to be great potential for domestic violence,” Winn said. “When people are cooped up at home, people can’t see those issues. It’s our job as advisors to help those employers really see those blind spots that they need to be thinking about in terms of how to support employees.”
“The hardest part about the situation is that we work with people in the hardest-hit industries,” Berkowitz added. “We care deeply for these people. COVID has exposed deep cracks in the health care system.”
Helping people address those pain points is also what drew Weber to the industry. “What resonated with me, I’m not really selling,” she said. “I’m listening to them and finding out their problems and doing my best to find a solution. There’s no silver bullet, but helping to educate and then to move to the point of we’ve got the problem down, now let’s work to solve it.”
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