According to a 2018 Gallup study, only 34% of the American workforce feels engaged at work. Now, a new study from the University of Missouri has found that companies that attend to employee fulfillment can improve not only morale and prevent turnover, but also enhance customer satisfaction, including repurchase intentions. The relation between employee engagement and customer satisfaction is strong in any industry, but this connection is especially important in the insurance industry. Your clients rely heavily on you to help them through oftentimes overwhelming or emotionally-charged experiences. Hence, as the owner of an independent insurance agency, it’s essential for you to make sure your employees stay engaged to build and maintain successful customer relationships. In this week’s Broker Tool Belt, we share why insurance agency employee engagement is key to drive growth, and how you can stay competitive in an industry with low switching costs.
Your agency’s value isn’t based solely on open enrollment. To the contrary, much of the value you bring is in the quality of service offered throughout the year. For this reason, understanding your clients’ biggest challenges and working with them to find a solution is key to retaining and growing your book of business. Are your groups turning to you for ACA compliance answers? Due to COVID-19, a large number of businesses are in a completely different situation than they were at the same time last year. Most have shifted employees to remote work, or have been making staffing changes such as furloughs or hiring freezes. Moreover, a large part of the workforce has also been let go. Consequently, compliance has become one of the biggest HR-related challenges for 2021. In this week’s Broker Tool Belt we focus on how an ACA compliance solution for brokers will enable them to ring in the New Year with a commitment to improving the level of service to their clients and become their trusted advisor.
What does the future hold for the insurance industry? With 2020 almost behind us, the world is looking ahead to new beginnings. According to Accenture’s Technology Vision for Insurance 2020 report, 81% of insurers acknowledge that technology has become an unavoidable part of the human experience. Yet, most agencies continue to hold onto the pen and paper business model. The role of a group health insurance broker is to evaluate coverage needs and negotiate the best terms and conditions. Imagine a world where technology immediately puts these answers at your fingertips to identify the risks clients face and match them to the best policy. In this week’s Broker Tool Belt, we focus on AI for insurance brokers, how to combine the power of human and machine, and how to gain an advantage over competitors that will last for years to come.
In this era of digital ubiquity, businesses expect personalized relationships with insurance agents. Both prospects and customers require brokers to deliver a more meaningful benefits experience. Yet, many agencies are lacking in the adoption of holistic digital marketing strategies. As an insurance agency grows, the number of marketing tasks also grows. Moreover, how can you allocate efforts to marketing during the open enrollment season? Fortunately, technology has brought us marketing automation—in other words, software to automatically deliver personalized marketing messages. In this week’s Broker Tool Belt, we highlight marketing automation advantages for brokers and how this technology provides the speed, insight, and outreach required to succeed in an increasingly digital world.
Do you have a plan in place to proactively support your clients this open enrollment season amidst a global pandemic? In an instant, COVID-19 upended our sense of normalcy, including the way we live and do business. As you prepare for an open enrollment season unlike anything you’ve seen before, one thing is clear: now is the time to be prepared. Ease partnered with general agents and health insurance carriers to survey nearly 600 brokers, account managers, and agency owners and discovered several open enrollment trends for 2020.
Through the 2020 Fourth Quarter Preparedness Report, we learned how the pandemic has changed the way insurance agencies think about investing in technology, as well as how the pandemic has affected business over the course of the last several months. In this week’s Broker Tool Belt, we share the highlights to help you prepare for the upcoming open enrollment and better serve your clients.
Under normal circumstances, open enrollment is already a stressful time for insurance brokers. In 2020, amidst a pandemic, the enrollment season has become even more complex. Without the ability to meet clients in person, effective open enrollment communications will be vital. You have done the hard work to put together benefits plans that cover your clients’ needs, but if employees don’t understand their benefits and their value, how are they going to appreciate them? Great benefits deserve great communications.
Furthermore, in today’s job market, a competitive benefits package is a great tool to attract talent. It also enhances employee engagement and retention. Without the right communications plan, employees can miss out on the valuable benefits offerings, causing dissatisfaction and losses for both you and your clients. In this Broker Tool Belt post, we share tips for insurance brokers to build effective open enrollment communications, ensure employee participation, and keep moving your business forward to define the next normal.
From the ACA to level-funded plans, it can be daunting for employers to make informed selections when there are so many options available to them regarding what type of health insurance plan to offer their employees. As their trusted advisor, they will look to you to help paint a clear picture of what those options are, making it your job to put out requests for proposals or pull health insurance quotes from multiple carriers, as well as compile relevant documentation, including questionnaires, ultimately presenting all the relevant choices to your clients. In this scenario, manually entering information about each group to each carrier they are offering plans with can take a long time, becoming an arduous process. In this week’s Broker Tool Belt, we share why health insurance quoting software will help you boost efficiency, increase enrollments, and make your groups more profitable so that you can keep moving your business forward to define the next normal.
Over the course of the last few months, we have experienced the worst global pandemic in more than a century. In many ways, it feels as though we are collectively experiencing the test of a lifetime. While there might be a high number of brokers adapting to the new normal, most continue to act as if the coronavirus outbreak didn’t introduce fundamental changes in the way business is conducted and didn’t have an impact on their clients’ decision-making. Do you believe the right strategy is to continue to act like it’s “business as usual”? In this week’s Broker Tool Belt, we explain why the future of benefits administration resides on the brokers’ ability to shift their role from a product vendor to a trusted advisor.
The season leading up to open enrollment is a good time to focus on winning new business and growing your agency. However, if you concentrate on the same strategies year after year, you might not be able to see the kind of business growth you would like to. For this reason, we encourage you to revisit your strategy for winning new clients by introducing online benefits enrollment to your offering. If you are able to invest a few weeks of your summer on bringing your agency online, you’ll improve the employee benefits enrollment experience and produce amazing returns in terms of new clients before Q4 and into 2021. In this Broker Tool Belt post, we share the reasons why online benefits enrollment will help you win new BORs.
HR teams have mobilized to adjust to a virtual workplace, while helping employees stay healthy at home and advising them on what to do if they experience symptoms. But are you doing everything in your power to help them stay afloat and navigate COVID-19? The pandemic took us by surprise. Now, it’s time to be proactive and get ready for the potential second and third waves of COVID-19. In this week’s Broker Tool Belt, we share a broker’s guide to helping employers navigate COVID-19 so you can meet your clients’ needs and increase their satisfaction during these unprecedented times.