Industry snapshot: Q&A with Aflac's Stephanie Shields

We talked to Stephanie Shields,  senior vice president of Broker Sales at Aflac, about the pandemic’s impact on the industry, trends to watch for in the next few years, the role of brokers in our new environment, and ways to make the industry more diverse. 

1. In your opinion, what are the top areas of focus for our industry in 2021 and beyond?

One area the pandemic has emphasized and accelerated is the need for a strong digital experience for businesses and employees. That makes finding the right technology partners vital for benefits administration, including enrollment, policy management, payroll deductions, customer support and claims processing. Brokers want to work with carriers that will help provide clients with a seamless online experience, as well as help alleviate adding even more to the full plates HR managers already have.

Another area of focus is on benefits education: The 2020-2021 Aflac WorkForces Report shows that almost half of employees (49%) said the pandemic has been a wake-up call to invest more time researching and selecting the best coverage options for their situation. In the past, employees have typically spent very little time researching their benefits options during open enrollment. As a result, many find they do not feel confident in their selections. Employees need ongoing benefits education, and brokers can help connect clients with the right carrier that can provide engagement and communications tools for a digital workforce, such as landing pages, videos, digital flyers, decision-support tools and more.

2. At the one-year milestone of the pandemic in America, how have you seen insurers, employers and brokers adjust their strategies in light of the changes to the insurance industry brought on by COVID-19?

2020 brought a new awareness for employees about what they want and need from benefits in relation to the challenges they face working digitally and remotely. The demand for life insurance has increased, especially among younger workers, as has the desire for disability insurance and an absence management solution for handling employee leave due to FMLA or other reasons. As emotional health has been brought front and center due to COVID-19, telecounseling, telepsychiatry, employee assistance programs, wellness programs and health advocacy solutions are all relevant offerings.

The 2020-2021 Aflac WorkForces Report revealed that 45% of employees expressed high interest in pandemic insurance to help protect their income. While “pandemic insurance” may mean different things to different people, there is a desire for a benefits solution to help address things like financial help with unexpected health care costs due to a pandemic sickness, final expenses in the tragic event of a death, or income replacement for a leave of absence from work due to sickness or being a caregiver. However, existing supplemental products like critical illness or hospital plans or mixed-benefit products can help address these types of financial concerns.

Nearly 90% of employers have expressed interest in offering supplemental insurance plans that cover costs associated with COVID-19 or a future pandemic, according to the survey. Supplemental insurance is growing in popularity because it helps with expenses health insurance doesn’t cover. This is important, considering our research also shows that 48% of U.S. employees said they couldn’t pay $1,000 or more for out-of-pocket expenses without relying on debt or credit if a serious illness or accident occurred today. When employees are offered a fuller benefits package that includes supplemental insurance, we find they are more confident that their benefits will protect them in the event of a serious illness.

3. How can brokers operate successfully in the changed pandemic landscape?

Brokers have to show clients they’re listening to them and reinforce the notion that they are a trusted resource. This starts by reaching out to clients to ask about their needs and challenges and helping provide a realistic solution tailored to their needs. It is also helpful for clients to have access to a carrier with a full suite of benefits solutions and technology tools, which helps simplify offering benefits solutions without needing to work with multiple vendors.

The role of brokers is more vital than ever. Findings from the 2020-2021 Aflac WorkForces Report reinforce the importance of a broker relationship, as employers said they find value in using a broker to help determine their benefits options: 76% say they get more for their money by working with a broker; 70% say their broker helps their company offer a better benefits package; and 53% say hiring a broker made their benefits package less expensive. 

Benefits brokers are in a prime position to help with benefits education and counseling, developing a yearlong communication strategy, navigating benefits administration tools, operating in a virtual/digital enrollment while maintaining the human touch, and working with a carrier partner with a superior brand reputation and customer experience.

4. Research shows that there are fewer women in leadership positions in the insurance industry as a whole. How have you found success in an environment that is largely male?

Building authentic relationships is a key component for any leader, because people are the most important thing. This translates to my management style, which is to connect with my teams and look for ways to invest in them for their good and that of the business. 

When I first accepted a leadership role at Aflac, I noticed existing communications challenges between our sales professionals and our brokers. While traditionally skewing older and male, the industry is seeing a surge in younger, female brokers. With this diversity comes an opportunity to learn and develop ways to better personally connect with people who differ in age, gender or life experience. I used that situation to develop workshops designed to help market-facing employees better relate to their customers, be their authentic selves and form strong relationships.

The need continues for women’s voices to have a growing part in the industry as a whole. Research from Million Women Mentors finds that the insurance industry relies heavily on female workers but primarily at lower levels. While women make up 85% of claims and processing clerks, only 11% hold executive officer positions and 19% of board seats at insurance companies in the U.S. 

However, at Aflac there are fantastic female leaders and role models, including President of Aflac U.S. Teresa White, Aflac Incorporated General Counsel Audrey Boone Tillman, Senior Vice President and Chief Service Officer Jamie Lee, and Senior Vice President of Brand and Creative Services Shannon Watkins. In fact, women comprise 66% of the overall workforce at Aflac U.S. and hold 55% of leadership positions (supervisor and above), driving innovation and growth as well as creating opportunities to train and mentor more women in the organization. The company is very supportive of women and diverse employees, including enabling a more diverse employee population in distribution, which for the insurance industry is less common.

5. How have you helped mentor and develop broker professionals in your career?

I am passionate about creating mentorship and professional development opportunities for everyone on my team. I’ve been lucky to have several key male and female mentors throughout my career who have helped me get where I am today. One current mentor is Teresa White, president of Aflac U.S. She has been one of my biggest supporters, backing some of the organizational and strategic changes I have pushed forward, including paving the way for a development program to help fuel diversity within our future pool of candidates in distribution.

Because others have invested so much in me in my own career, I wanted to provide an opportunity for female broker industry professionals. That led me to create an annual Aflac Women in Leadership event focused on helping female broker professionals build relationships with other women and encourage one another. By bringing these women together, I am able to provide them with an opportunity to hear from female leaders outside of Aflac — and often outside the industry — and share personal experiences. Past guests include Shellye Archambeau, one of the first female CEOs in Silicon Valley, and Arianna Huffington, the CEO of Thrive Global. Personal development session have included investment and financial acumen as well as communications improvement and confidence building. In 2020, the event, which was held virtually amid pandemic conditions, was made available to every female professional on my team, and each woman invited a broker partner. This year’s event will be the fourth annual meeting, and my team is already looking forward to networking, collaborating and growing in their careers.

Stephanie Shields is the senior vice president of Broker Sales at Aflac.