As you start a new year, you’re likely looking back on 2017 and looking for ways to optimize your business in 2018. As you reflect, how do you grade your recent benefits renewal season? Were clients satisfied with the process and the outcomes?
Unfortunately, most employers today hate their annual benefits renewal process—even if they love their broker. Despite the evolving healthcare industry and advancing technology, the majority of brokers still present renewals using antiquated spreadsheets. This approach to renewals is frustrating for employers and makes the renewal process unnecessarily complex and confusing.
Forward-thinking brokers understand that their clients want more from their benefits renewal process, and have implemented visual, dynamic software solutions to greatly improve client service and satisfaction. In this blog, we’ll look at a few brokers who have revolutionized their renewal process, to deliver exceptional client service and lock in retention.
Diversified Insurance Solutions
Diversified Insurance Solutions has realized many benefits since implementing plan design software throughout their agency. Renewals are streamlined, clients love the transparency, internal operations are more efficient, and they’re closing more business.
David Stark of Diversified Insurance shares: “The reduction in time has been significant; it’s especially cut down time reworking proposals. The CFO is ecstatic because he can look at contribution strategies immediately and manage the bottom line. The HR folks are also very excited because they can see the plan differentials and potential employee impact immediately.”
At M3 Insurance, the Dynamic Plan Designer tool has revolutionized the way the entire agency does business. One of their favorite benefits is that the tool is unique to every client, with the ability to explore contribution strategies, tweak plan options in real time to see the impact, and incorporate everything from self-funding to HSA contributions.
Says Matt Boray of M3 Insurance: “Our clients are really excited about Dynamis. It’s become a part of how we do business, and it’s what they expect of us now, because it is efficient and allows us to be more strategic, and really see more of a global look at the overall benefits plans.”
EBS of Maryland
Employee Benefit Services of Maryland initially adopted a visual plan modeling tool to help with ACA intricacies, but found the benefits extended far beyond that. Building even the most complex benefits plans, clients immediately shared that the new process felt effortless.
Leo Gallagher of EBS Maryland shares: “It was so effortless to put that [renewal] presentation up on a screen and talk through it. You just can’t do the same thing with a spreadsheet. After seeing it, I don’t know how brokers do it any other way.”
Wondering how your agency can upgrade its renewal process to provide the best possible client service and experience? Check out this ebook to learn more about why employers hate renewals and how to fix it.