How to Help Clients Fulfill Insurtech Resolutions in the New Year

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.

Digital enrollment is now nearly the standard instead of the exception. Some platforms even come with useful perks such as decision-support tools for consumers, which rely on employee data such as past claims information to advise employees where to start.

For clients, some platforms now include enrollment analytics tools that help employers derive useful information like which programs are most popular, the status on enrollment and where gaps might exist in their benefits strategy. These data points can and should be leveraged by advisors during strategic planning sessions.

To help ensure employers are providing workers with sufficient enrollment tools — and benefiting fully from their data — brokers should schedule a meeting with clients each year to plan out the road ahead. Enrollment was chaotic for many in 2020, but there's still time to implement a new mutually beneficial plan ahead of this fall.

Build Stronger Bonds

Filing a claim is often a confusing or even a stressful experience for the average American. Improving on this process is challenging, as it requires either increased speed, improved accuracy or a more fluid user experience. Some insurers, like Aflac, are working to mitigate this stress through creative solutions such as using artificial intelligence to process claims.

Many consumer industries are also trending toward a device-agnostic approach for the customer experience. For insurers, that means helping policyholders access their claims anywhere, anytime and on any platform.

This kind of customer experience innovation could be the difference between an employee who's happy with their insurance and one who feels shortchanged by its complexity.

As a broker, you can't always guarantee that your clients offer the best policies. However, that doesn't mean you can't make a positive impact on their workers' benefits satisfaction.

It may be wise to use the new year as motivation to research how insurance companies deliver their products and which ones may have the most significant impact on policyholder happiness. This information could be essential for clients hoping to provide strong benefits support in light of the pandemic.

You're only as strong as your weakest link; an uncaring insurance partner could indirectly cost you and your clients by disappointing enrolled employees. Instead, by aligning yourself with insurance carriers willing to go the extra mile for policyholders, brokers can help bolster clients' employee satisfaction and enjoy strengthened relationships as a result.

Put it All Together

As we all work to keep up with the rapidly changing world, brokers can provide comfort to clients by recommending a three-pronged plan of attack for 2021: Upgrade benefits platforms, embrace enrollment solutions and maximize insurance partnerships.

Encourage them to evaluate whether their platforms and carriers are truly equipped to manage customers' ever-growing expectations for convenience and simplicity. If not, consider offering them advice based on your experiences with various platforms and insurers.

— Connect with ThinkAdvisor Life/Health on Facebook, LinkedIn and Twitter.

Stephanie Shields is senior vice president of broker sales at Aflac.