While it is no secret that technology makes us more efficient in almost every facet of our lives, many high-touch industries struggle to embrace it as an asset instead of a threat. For benefits advisors who have traditionally relied on manual processes and face-to-face interactions, technology can drive new business, improve current operations, and delight clients. This is all the more palpable with emerging benefits trends like individual coverage health reimbursement arrangements (ICHRA), where quoting, onboarding, and administration can be particularly complex. However, by leaning into technology, advisors can use it not only as an asset, but as a true differentiator as well.
Here are three key components of ICHRAs where technology can be the difference between offering a product and delivering a solution.
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1. Plan quoting and design
As premium increases continue to handicap U.S. businesses, one of the most fundamental tasks of a benefits advisor is to understand pricing across the landscape and make recommendations that meet the budgets and expectations of their clients. With ICHRAs, in particular, developing a quote can be quite complex because they allow for 11 different classes and pricing differs by age and geography. Fortunately, with the right technology in place, data can be easily ingested and disseminated instantaneously. This means advisors no longer have to build complicated spreadsheets or make manual tweaks every time a client asks for alterations. Instead, advisors can gain trust by quickly and efficiently showcasing the value of an ICHRA and the many ways to leverage it.
2. Plan selection
Consumers are used to customization in almost all aspects of their lives, from curated movie recommendations and Amazon lists to build-your-own cars, meals, and sneakers. Why should benefits be any different? One-size-fits-all solutions no longer suffice, as employees expect personalized benefits that address their unique needs and objectives. However, helping employees make the best decisions can be complicated, especially at scale. Fortunately, modern technology can help process a person’s wants and needs, analyze the data, and generate tailored recommendations that align perfectly with an individual’s budget, preferences, and demographics. By delivering personalized solutions, brokers can enhance client satisfaction and build long-lasting relationships.
3. Plan enrollments
Change management is difficult in every industry, especially health insurance, and getting employees comfortable with a new way of selecting and enrolling in coverage is at the very core of ICHRAs. While carriers like Oscar and Ambetter are investing heavily in this new model, not all carrier systems are built to withstand the kinds of automation that will ultimately make ICHRA simple to onboard. Instead, advisors need to find the right partner who can help deliver a more group-like offering despite the clear differences with ICHRA.
To start, it’s important to have a system that allows advisors to engage directly with their clients. While not all brokers will want to be the agent of record, for those who do, they need full visibility into what plans employees consider, giving them the ability to help individuals through the process.
Additionally, when ICHRA first came out, payments were often the sticking point. Concern quickly arose around asking employees to shell out significant payments and wait on a reimbursement. Now, however, most ICHRA providers have integrated payment solutions, although not all are created equal. This is one way to ensure that there is no delay between employee plan selection and carrier application submission. Having the right technology in place will support an instantaneous and seamless set-up.
Lastly, once enrollments begin, it’s important advisors can access details on everything from enrollment status, to payments, to life changes, and more. While this sounds simple, having the back-end technology to support advisors in helping their clients can truly be the biggest differentiator.
The right ICHRA platform is about empowering advisors with the tools needed to succeed in an increasingly digital world. By leveraging technology to automate routine tasks, deliver personalized recommendations, and expose necessary information, brokers can position themselves as trusted advisors who provide real value to their clients. As the industry continues to evolve, brokers who embrace technology will be most differentiated and best positioned to thrive in the years to come.
Ben Light is the VP of Partnerships at Zorro.
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