We always live in a connected world. We have a computer in our pocket and information and news can be shared worldwide within minutes. According to Pew Research, more than 85% of Americans have a smartphone.
The world is changing rapidly, and frankly, the insurance industry is not always catching up. Products, services and business models that have worked for decades are no longer the most efficient options. It can feel like the entire industry is 10 or 2 years behind.
Consumers want more control over their investment options, a seamless digital experience, and transparency when it comes to insurance coverage. The era of blindly accepting what’s available and choosing between two or three insurance policies no longer works for many employees. They expect options that suit their unique circumstances and want to present where they already live, digitally.
Ventech is a new term in the benefits industry that captures the crossroads of technology and benefits and is an important factor in evolving the industry to better meet the needs of those who provide services.
Employer groups who constantly offer their employees traditional health insurance benefit plans and are accustomed to traditional methods of comparing career rates, plans and making purchase decisions may hesitate to make changes. But now is the time to introduce something new, something that was considered non-traditional until a year ago. A product that helps manage the cost increase in endless health benefits facing businesses. Today, brokers can show innovative thinking and knowledge about where the industry is heading. So where is the industry heading?
The answer is the Employer-funded and tax-friendly health benefit, the Personal Insurance Health Compensation Agreement (ICHRA), which is used to reimburse employees for personal insurance premiums and other eligible medical expenses. .. They entered the market on January 1, 2020, so many may not be familiar with them, but they are already revolutionizing the industry.
Some brokers are hesitant to introduce ICHRA because they may not immediately know where ICHRA fits in the equation. But the good news is that brokers can use ICHRA to establish themselves as an innovative, solution-oriented partner for companies looking to bring insurance options into the future. With seemingly endless choices, employers are looking for a partner who truly understands how to best serve their business and employees. By providing ICHRA, brokers can do just that. In addition, the hiring environment is highly competitive and employers are looking for more ways to hire talented people. Large insurance benefits are a powerful driving force.
From quoting to planning comparison tools, planning options and purchases, you can see the future of the benefits of living digitally. As a true partner of our clients, brokers build trust, build strong advisory relationships and move away from mere trading.
The world is changing and we need a broker who can keep up. Here are three ways brokers can use technology to establish themselves as true partners in industry leaders, innovators, and clients.
Raise what you bring to the table
Clients want to know that their work is with the best people. By presenting innovative options, brokers can offer better client services, be agile when regulatory changes are announced, deliver everything electronically, and move faster than ever before. , Increase client cost efficiency. Brokers are ready to adopt Ventec solutions and are helping to rebuild the insurance industry.
Create more time for clients
Technology is a major driving force for improving efficiency. A stack of paper, an overflowing filing cabinet, and a manual process can slow down your workflow. Technology significantly reduces all of this, saving clients time and money.
Share information and increase transparency
By adopting technology, brokers can view all insurance options available to their clients. By presenting a broader view of available career plans and pricing, clients can make more informed decisions, which can lead to cost savings. Ultimately, brokers provide better service and build trust with their clients.
Brokers can stand out from the competition and win the competition by accepting future profits. We believe that this includes ICHRA as the basis. As a society, we are no longer working as we used to. Brokers who need to maintain profits and adopt technology are better positioned with their clients. Brokers can become true partners by providing clients with the opportunity to save time, money, paperwork and ultimately provide benefits that better suit their employees’ needs.
Scib Ebel is Nexben’s Chief Technology Officer. He is responsible for Nexben’s technical vision and implements technology strategies to support Nexben’s growing business.
