5 trends every broker needs to know about in 2019

No matter the age of the client and type of technology being used to access, online tools to access insurance benefits will be essential to maintaining business.

Innovation in the insurance industry is no longer restricted or falls upon the carriers. In fact, there are a lot of things brokers can and are doing to optimize sales, automate their processes, and serve their clients better.

The Marketplace

Marketplace models have taken over. One can only expect to see marketplace-focused platforms to continue. This increases consumer value and choice without taking any underwriting risk. As a broker, you can do a number of things to support this trend. It could be subscribing to a monthly quoting portal or creating strategic industry partnerships that provide the best benefits with the most value for your clients.

Data analytics is important for customer-centricity

It’s no surprise to insurance brokers that customer-centricity is the key to long-term relationships with brokers. Free swag delivered to the office doorstep is a thing of the past. Instead, customers look for brokers to give them actionable insights based on customer profile and data. There are a number of platforms available to provide these insights. Nothing will compare to having a distributor with key market knowledge of the area you work in and having the relationship to consult them as your business grows.

Sales optimization is the driving force.

Brokers have been rapidly adopting and should continue to embrace ways to optimize sales. BenefitsPro provides this article: analytics tools that spotlight the highest-value clients and can invest resources more efficiently. First and foremost, these tools identify accounts that have a higher probability of closing. This will allocate your time more efficiently in the long run.

Minimize the manual effort

Technology that can automate your client’s and your day-to-day processes is the gold at the end of the rainbow. Clients need better results, faster, yesterday. Brokers can work with multiple vendors to automate these unconnected processes, therefore, minimizing the manual effort of the account management and enrollment teams. Finding a distributor that already has multiple lines and carrier quoting process in place will provide your client’s the ideal benefits pricing to compare and reducing your efforts while still providing top, quality, service. Also, ensure you are providing benefits that have platforms in place to administer benefits online and the support to operate it.

Paperwork is dead.

Too much precious time is spent tracking paperwork, searching for lost client information, re-doing tasks multiple times, and correcting errors. Look for an insurance distributor that will give you the top customer service, reducing your workload and your client’s. Increase the level of comfort and enable higher collaboration between different parties. After all, insurance brokerage is a sales business, and brokers should be spending their time focusing on being the “chief communicator” rather than doing paperwork all day long.