With the landscape of the benefits world constantly shifting,brokers need a competitive advantage to secure a solid financialfuture. There are many new challenges faced by brokers, which canbe addressed by employing innovative strategies that will enablethem to remain competitive, to differentiate themselves, and tothrive.

The first step in overcoming barriers is identifying the mostpressing challenges facing brokers today. Traditional brokersexperience increased competition on multiple fronts. Theimplementation of the Patient Protection and Affordable Care Acthas presented challenges and new companies such as Zenefits, whoare redefining what it means to broker benefits, are also athreat.

Brokers face time constraints. It's difficult to balanceenrollment support for existing clients with attracting additionalclients. However, in order to become broker of record, clientsexpect a high level of support. In fact, according to a 2014 BrokerServices Survey, the top factor leading an employer to switchbrokers is failure to “provide prompt and effective service oranswer questions in a timely fashion.” Nearly all employers (95percent) expect brokers to provide communication to help employeesmake benefit decisions and understand the benefits provided, yet 40percent of employers are unsatisfied with their broker when itcomes to meeting this expectation.

It also can be tough for brokers to prove value beyond selectingbenefits and helping clients through enrollment. However, one ofthe top expectations employers have for their benefit broker is to“offer benefit statements to help employees understand the value oftheir benefits.” The bottom line is employers want to see real ROIon their benefits and expect their broker to help them achievethis.

Finally, many employers choose their broker based purely onprice, which can place firms and independent brokers at a seriousdisadvantage. To combat this and maximize both client recruitmentand retention, brokers need a differentiator—something that provesvalue beyond a mere price point.

One extremely valuable tool in attracting and retaining clientsis providing “wow” customer service. According to a 2014 brokerservices survey, “To succeed in today's market, brokers need to gobeyond making the client satisfied with their insurance coverage.To secure client loyalty, obtain referrals and differentiateyourself in the marketplace, growth-minded brokers use exceptionalpeople and service as a starting point, adding in regularcommunication and valuable services that turn customer satisfactioninto customer evangelism.”

Providing excellent enrollment support is also key to provingvalue. In order to fully provide this level of service, it'scritical to have in-depth benefit knowledge with multiple points ofbenefit access, including software and call center support.High-quality enrollment support with specialists and software thatcan offer personalized benefit recommendations also leads toincreased exposure to voluntary benefits. In fact, a 2015 MetLifestudy revealed that enrollment rates are the most importantcriteria for 62 percent of employers in evaluating the success oftheir voluntary benefit program.

Another way to truly stand out from other brokers is byproviding post-enrollment support and assistance with benefitnavigation. Connecting and engaging employees with their benefitsis a major pain point for many employers. MetLife reports that morethan half of employees (53 percent) indicate that they “need morehelp understanding how their benefits work or how benefits meettheir needs.” Meanwhile, nearly 42 percent of employers alsoindicate that they “did not believe they used their benefitseffectively.”

Can you imagine if you could provide your clients with all ofthis? By providing this extreme level of customer service andbenefit support, your clients maximize the ROI on their costlybenefit package, and you prove your value, while remainingcompetitive. Obviously, it's extremely difficult for brokers toprovide this level of service while focusing on recruiting newclients.

The key is to work with a benefits call center service provider,backed by human resource information software, who seamlesslysupports your clients as an extension of your firm. Software whichdocuments the increased use of benefits, substantial support ofemployees, and overall employee benefits satisfaction proves yourvalue. By embedding this service as a standard piece of youroffering, you attract new clients and solidify your book ofbusiness. Partnering with a third party gives you more time, whilesimultaneously providing your clients with excellent customersupport. Unlike other brokers, you will also be able to offerexcellent post enrollment support, differentiating your firm andensuring broker of record status.