Do you consider yourself a broker or a consultant?
The rapidly changing health care landscape has rendered the transactional relationship between brokers and clients obsolete.
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"For many years in this industry, old ideas handed down from on high long ago were considered incontrovertible. But things are changing," says BenefitsPRO editor-in-chief Paul Wilson.
"Some of the change is coming from the outside — from tech companies and other start-ups. But there's also a shift in mindset that's occuring from within, unleashing curiosity and innovation that has been bottled up for far too long."
These changes create an opportunity for brokers to step in and provide solutions by listening, understanding, and guiding.
Today's brokers need to be prepared to answer their clients' myriad questions and provide expertise. Here are 10 tips to help you think more like a consultant:
1. "Consulting and expertise on HSAs is an intersection between health care and the investment side. Continuing growth of HSAs is requiring benefits firms to see how they can serve that marketplace and what they need to do differently to satisfy the regulatory environment." —Dave Evans, Independent Insurance Agents and Brokers of America
2. "Separate yourself from the pack by not only knowing the ins and outs of [the ACA] and its implications, but by being able to translate them so businesses truly understand what it means for them." —Marcie O'Dwyer, SyncStream
3. "A lot of brokers think they're in the products business, but they're actually in the advice and consulting business. Brokers need to understand that their fundamental value proposition is the advice they give." —Kevin S. Trokey, Q4intelligence
4. "Good sales people offer answers to a problem. Great sales people offer consultative insight that makes sense for the prospect and company." —Jon Reid, HMC HealthWorks
5. "Implementing a proactive approach to enhanced benefits can be perceived as rounding out the complete consultative picture…bring enhanced employee-funded benefits to the forefront of your client conversations." —Eric Silverman, Silverman Benefits Group
6. "Businesses are investing in benefits and perks that attract and retain top talent, strengthen culture and engage diverse employee populations. Brokers and advisors can add value by providing strategic consultation to help clients become best places to work." —Ann Clark, ACI Specialty Benefits
7. "If a broker wants to survive in the industry now, you have to have tools and resources to drive real value to your clients' bottom lines. The basic brokerage work, the blocking and tackling, should just be a client's minimum level of expectation." —Brooke Runnion, Lockton Companies
8. "Benefits consultants must access workforce data and execute a plan that drives results for employees. Without real-time hiring trends, geographical changes, performance reviews equating to salary changes, trends in turnover, etc., it will be difficult to appropriately advise on a comprehensive benefits strategy and manage the compliance around it." —Tim Cerimele, Zenefits
9. "You need to be an expert in what you do; take time outside of work hours to make sure you're talking to people and doing research. You have to really love what you're doing to be willing to take the time to do that." —Matthew Cate, Cobbs Allen
10. "The ones who are thriving are consultants. They're leveraging tools within the industry, along with emotional and behavioral management. They are able to vet what's out in the marketplace and provide tangible solutions." —Jared Smith, Interactive Health, Inc.
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