The introduction of the Affordable Care Act (ACA) has brought many challenges to the employee benefits industry. One particular challenge for brokers is profitability: as various processes become more complex and time-consuming, brokers worry about maintaining their profitability, particularly with smaller groups.
In addition, clients require more hand-holding due to the increased regulations, and commissions are decreasing across the board, contributing to the profitability issue.
What’s the best way to handle this challenge? Becoming more efficient. With increased efficiency, brokers can save time with each step in the process, adding dollars back to their bottom line. Here are a few ways to boost your efficiency related to ACA.
Create repeatable processes
You’re going through the same processes and answering many of the same questions from client to client, so don’t recreate the wheel every time. Cut down on time by creating repeatable processes and resources that you can use again and again.
For instance, create a compliance checklist and various educational ACA resources that you can use for every client. (Or, you may create a set of materials that applies to large employers and one that applies to small employers—it will still save you time.
Take advantage of technology
Along the same lines as above, you spend a lot of time generating proposals and presenting renewals. Using technology, you can streamline those often laborious processes and save yourself lots of time—and money.
Plan modeling software options of today simplify proposals and renewal meetings for brokers. What used to take hours can be streamlined down to minutes with the right tools. Plus, when using an engaging and interactive presentation tool, renewals can often be completed in just one or two meetings, rather than being stretched out over several weeks as is often the case.
Consider the efficiency strategies above, to save your agency enormous amounts of time that will ultimately add to your bottom line. If you have anything to add, we’d love to hear it! Please share in the comments below.
And if you’re interested in more efficiency strategies to benefit your agency, be sure to read our latest ebook, Maximize Efficiency at Your Agency.