Interoperability and benefits: Time for brokers to embrace technology
It's time for benefits brokers to take control of the increasing amount of technology and data at their disposal.
Benefits administration platforms and enrollment tools have been hot topics for brokers and their clients over the last several years as employers look for new ways to streamline benefits and make them more user-friendly. These products have also been instrumental in opening the door to a whole trove of data that can be used to make better benefits decisions.
But as we all know, there can be such a thing as too much data, and too many new products and services. In an increasingly technology-driven world, benefits brokers can become overwhelmed with the amount of information they have to sift through.
Ryan Sachtjen, co-founder & CEO of ThreeFlow, a provider of Benefits Placement System software. recently shared some insights into how technology is complicating the role of a broker, and how technology can also help.
What are the biggest challenges benefits brokers face in their roles today?
Benefits brokers are over-indexed on experience but under-indexed on time. The breadth of coverage and services managed continue to expand as benefits strategy becomes increasingly complex. It’s not an easy job by any means. Time is spent tracking down missing data, spreadsheeting, copy and pasting between documents, and pulling information into emails. On top of all this, they lack visibility into important information that allows for them to truly think and work strategically and grow their book of business.
How is technology being used in new ways to help overcome these obstacles and increase efficiencies?
Interoperability has been a huge buzzword in the health care industry in the last few years, and we’re now seeing it in the employee benefits space for the first time. It’s the ability for systems to seamlessly share information with one another to make things easier, more efficient, and more accurate. Data is siloed between various systems and the next wave of technological innovation will be focused on connecting these systems. Not only does it eliminate manual tasks and reduce errors, but it can unlock the ability to make better decisions and drive better outcomes for all.
How can a benefits broker get the rest of their firm to get on board with the idea of implementing new technologies?
When something has been done the same way for decades, it can be hard to get an entire team—let alone an entire company—on board with the idea of change. It’s usually helpful if you create a business case based on compelling data. If you can show the actual amount of time that will be saved or the potential impact on growing the business, your team may be much more willing to change how they work and experiment with something new.
What should brokers and firms look for when evaluating a new technology partner?
It’s important to look for technology and software that’s created by people that know the space thoroughly. The technology should be purpose-built. The world of buying and selling benefits is a complex one filled with nuances not found in any other industry, so it’d be incredibly challenging for someone without much experience in the space to build tools that improve upon how we work. Additionally, look at who’s already using the product and what they’ve been able to accomplish with it. This can be a great indication of how it’ll work within your business.
What made you shift from your role selling employee benefits to becoming a startup founder?
Before starting ThreeFlow, I spent twelve years at Sun Life Financial as a stop loss specialist. I had a very clear job to be done, but none of the right tools to do my job efficiently or accelerate growth. I lacked a way to collaborate deeply or have dynamic interactions with my broker partners, and they were equally as frustrated.
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