The traditional benefits renewal process consists of a broker creating a proposal (usually spreadsheet-based), the broker presenting the plan options to the client, the client asking many questions and taking time to sort through all the data, the broker and client having multiple additional meetings as changes are needed, and finally the client settling on a plan or plans for their group.
There are two major problems with this process:
This is extremely time-consuming for the broker. The process is laborious, each renewal is stretched out over several meetings, and the majority of renewals are grouped together seasonally. This is inefficient and taxing on the insurance agency.
Employers generally hate this process. Choosing the best benefits plan(s) for their group is a tough task, made more complicated as they sort through all the data and spreadsheets to find the best option.
A better approach for everyone
There is a better approach to annual renewals, one that benefits both the broker and the client. Replacing this time-intensive paper-based process with a digital one not only saves significant time for the broker, but is also a much better experience for the client.
For example, rather than spending hours creating spreadsheets, brokers can take advantage of plan modeling technology to create proposals in just minutes. Clients love this approach because they can view an interactive presentation of their options, compared side-by-side, to easily digest all the necessary data.
Plus, it’s easy to manipulate the plan models and make changes in real-time, eliminating the need for multiple meetings and re-drafted proposals. Brokers who use this approach often wrap up renewals in just one meeting. This saves time for both the client and the broker, and makes the entire renewal season much more efficient for the agency as a whole.
As ACA adds complexity to the benefits world and makes processes more time-consuming, efficiency is more important for insurance agencies than ever. To read more tips for maximizing your efficiency to maintain profitability and drive growth, don’t miss our recent e-book, Maximize Efficiency at Your Agency.