The new year is traditionally a time to refresh our minds, renew our resolve and set goals for the next 12 months. After the global pandemic impacted holiday celebrations across America, it’s fair to wonder whether this new year has had the same restorative effect it usually does — not only in our personal lives, but professionally, as well.
Case in point: Insurance brokers and agents might typically spend their January reviewing industry trends and determining how best to advise clients in the coming year. The stark reality is that it seems this past year has been overshadowed by industry shifts due to COVID-19.
Once the pandemic began to complicate the physical aspects of our lives like work, social gatherings and even holidays, Americans’ long-standing gradual shift to digital platforms quickly took a dramatic turn — including in the insurance industry.
Employers that recognize the positive effect that benefits satisfaction can have on employee recruitment and retention may be looking for ways to upgrade their digital capabilities in the coming year to help meet new expectations.
As brokers work to guide clients through their exploration of new Insurtech capabilities, they should start their list of New Year’s resolutions with these three areas of potential improvement.
Evaluate for Experience
The insurance industry is complex, but it may be easier to visualize as a three-legged stool. Technology makes up one leg, enrollment makes up another and products comprise the last. With the pandemic still ongoing, that first leg, technological adaptability, has quickly become more important than ever.
Unfortunately for employers, implementing new Insurtech solutions can require a significant investment of money and planning. It’s not as simple as waving a magic wand and having the perfect platform that meets their needs.
That’s why, as a broker, it is ideal to establish yourself as a trusted advisor who can help determine the best administrative platform for your client. Use your expertise to evaluate potential software based on criteria such as security, sophistication and the modern consumer’s user experience expectations.
Given the current fervor for digital tools, some platforms may try to take advantage of clients’ uncertainty and sell them an unsatisfactory product hidden by a shiny coat of paint. It’s a broker’s responsibility to ensure any new Insurtech tools are thoroughly vetted and will provide your clients with the fundamental support needed year-round.
By supporting clients through the initial implementation — an excellent project for the new year — brokers can ensure the benefits solutions they select are top of the line.
Turn Analytics into Tactics
Enrollment has always been a critical piece of the insurance formula, but the pandemic radically changed the way many people think about their benefits. According to 2020-2021 Aflac WorkForces Report, half of employees surveyed said the pandemic has been a wake-up call to invest more time researching and selecting the best coverage options for their situation.