Brokers are continuing to adapt and expand theiroverall knowledge base to remain relevant with theiremployer clients. A strong command of a growingnumber of products and an understanding of howthese products meet the needs of a diverse workforceis an important element of maintaining credibility.
Brokers also understand the importance of administration and service to their employer clients.
While most voluntary carriers are investing inupgrading and enhancing their administrative andservice capabilities, some may be quicker in bringingthese enhancements to market than others. Therefore,developing strong carrier relationships to collaboratein building and delivering best-in-class service andadministration to employers will be a critical differentiator for brokers in the voluntary market.
Billing accuracy and timely claims
payments are top priority.
Both benefit brokers and voluntarybrokers agree billing accuracy and timely claimpayments are the most important components ofadministration when selecting carrier partners.
Enrollment integration is important to about a quarterof brokers, while the availability of a customer portalis significantly more important to benefit brokers ( 24percent) than voluntary brokers ( 4 percent).
Administrationand serviceProduct features/benefitsRelationship withcarrier’s sales repand/or staffProduct priceCarrier that handlesthe entire case (forvoluntary products)
Integration withenrollment/administrativeneeds of the clientUnderwritingProduct availabilityCarrier providesemployer-paid and/ormedical productsCarrier thatprovides enrollersCompensationBrand
Both brokers’ and employers’
expectations for excellent service and
administration continue to rise.
Administration and service top the list of carrierselection criteria for both benefit brokers and voluntarybrokers, with product features/benefits followingclosely behind. Interestingly, both types of brokers rankcompensation near the bottom of their priority lists.
Benefit brokers Voluntary brokers