Editor’s Note: The following article was supplied by EaseCentral, a Word & Brown partner for online enrollment and HR benefit solutions for your clients.
Shifts in the insurance industry are dramatically changing the way brokers do their job. Technology is taking over an industry that was once entirely reliant on paper. If you’re worried you can’t keep up with the change of pace, you’re not alone. What you can do to stay relevant and not fall behind is adopt technology before it’s too late?
We’ve outlined four top reasons why now is the time to harness the power of technology to stay relevant, remain competitive, and grow your book of business.
1. More Clients Are Digital Natives
In the past few years, digital natives have begun to dominate the workforce. Twenty-three percent of millennials reported they are “almost always or mostly always online and connected” – meaning brokers need to engage with these groups of customers differently in order to address the needs of this new client base. As this generation continues to rise into management positions, including HR and benefits managers, digital tools and automated processes will be required to not just grow, but also sustain, your business.
2. Your Clients are Demanding it
Sixty-five percent of employers want recommendations for new and innovative benefit solutions from their brokers, according to a study in Employee Benefit Adviser. This means you need to be flexible and adaptable when it comes to both using and offering new technology solutions to your groups. In addition, more clients want to access benefits when and where they want it. With 80 percent of employers reporting it is important to have ongoing, year-round access to a platform for administration and updates, brokers need to be ready and able to present this to clients.
3. Technology Will Grow Your Business
Using online enrollment technology can transform the way you do business. With benefits technology, it’s easier than ever before to offer a broader range of products and add lines of coverage. We see participation rates in voluntary lines of coverage climb when offered through online systems. Clients benefit from increased accessibility to new lines of coverage, like voluntary benefits, by being able to provide personalized benefits to fit the unique lifestyles of their employees. At the same time, adding new lines of coverage through technology is an easy way for you to add a revenue stream and earn commission.
4. Eliminate Paperwork & Errors
Workflow automation tools help save time, scale your communication with groups, and ensure all sections of forms have been properly filled out. This is especially important when it comes to filling out confidential benefits information, enrolling groups in health insurance plans, and reporting or tracking for the Affordable Care Act. Gone are the days when you might spend days emailing back-and-forth with a client to gather missing information or correct errors in forms that were filled out by hand. These tools can help you save hours of time each month. Automated and centralized benefits enrollment processes lead to fewer errors and an overall better customer experience – which is what will retain your clients over time.
It’s easier than you think to start using technology with your groups. HR and benefits software providers like EaseCentral offer intuitive and easy-to-use systems, highly skilled support staff, and training tips that can help you quickly become a technology pro. For more information, visit www.easecentral.com or sign up for a demo to see how you can take enrollment online. (You can also ask your Word & Brown representative about the “Try Before You Buy” offer.)