Clearly, brokers are valuable partners to many small businesses, but with such a competitive marketplace they need to be able to deliver above and beyond their competition. Employers look for flexibility, responsiveness and the ability to handle a variety of concerns and questions for their employees.
These potential clients are looking for value beyond the simple purchase and management of their accounts -- they want flexibility and responsiveness, to name just two. Typically, business owners and other consumers research different brokers based on advice from trade publications, or even the mainstream press. And with an abundance of information and opinions offered online today -- especially with the nation focused intently on health care benefits -- brokers also need to able to anticipate customers' needs and questions.
That said, it's crucial for brokers to look inside their own businesses, gain insights on the competitive landscape and make their operations as efficient as possible so that their employees can focus attention and effort on the customer.
For example, one simple, yet persistent issue for brokers has been policy renewals. Employers, especially small business owners, rely on their brokers to keep track of these. But, too often, employers are surprised and then feel rushed to renew a package - even after the expiry date. The best process for renewing insurance plans has brokers contacting their clients three to six months before the expiration to discuss their goals for the next year.
Business customers will always look for and insist on personal service. To them, this means being able to call their broker at any time to inquire about a new service or issue for one of their own employees. To the broker, that means having representatives with enough time to deliver that personal service.
These customer demands boil down to a need for operational efficiency and insight into a broker's own processes and services. In today's communications and information world, it also requires a computer management system, which marries a secure client network that meets all aspects of HIPAA compliance with the flexibility of managing and communicating online.
It's a tall order, but thankfully one that many management systems can tender.
But before any business can develop a plan to improve, it has to identify what it needs. A comprehensive central management system can analyze product offerings to help brokers perform better. Benefits brokers would themselves benefit by selling more and offering better and more competitive products, providing better customer service and increasing productivity and efficiency.
Ideally, brokers would use a program that, among other advantages:
- Eliminates duplicate entry across multiple systems;
- Provides a complete overview of the business in one system;
- Supports cross-selling between a benefits and property and casualty business;
- Accesses real-time reporting across all lines of business;
- Integrates with valuable, customer-facing solutions, such as websites for enrollment and account management or wellness programs;
- Integrates with internal systems; and
- Connects sales and prospecting tools.
Using a standard management system to administer benefits plans can help brokerages monitor and grow their businesses, as well as offer added services to their customers, such as online enrollment or wellness and productivity solutions. A main integrated platform would also reduce errors and omissions.
Kelly Hall, assistant vice president at Keenan & Associates in Oakland, Calif., has this to offer: "Having centralized data and standardized templates provides us consistency across plans. We are better able to monitor workflow and progress, not only for existing staff, but also for new staff."
In addition, she adds, "With the robust reporting, all employees and management can get--with a click of a button--reports that help with benchmarking, prospecting and renewals."
In the end, using the right tools for the right job ultimately leads to better customer service and retention, effective revenue tracking and recovery, and winning more business.
