Did you know that most employers hate their annual benefits renewal? It has nothing to do with the broker—they may even love their broker—but rather with the renewal process itself. While most insurance agencies pride themselves on excellent client service, they’re actually doing their clients a serious disservice using the traditional spreadsheet approach for benefits renewals.
This blog will share why your clients likely hated their last renewal and what you can do to upgrade the process—enhancing your client service in the process.
Why employers hate their annual renewal
Choosing a benefits plan each year is a critical task for companies of all sizes, as they try to provide competitive benefits to employees while managing their bottom line. Imagine an employer’s frustration as they try to make this crucial decision but are bogged down by a confusing, laborious process.
20 years ago, there was nothing wrong with using spreadsheets for your annual renewals; in fact, it was the best method at the time given the industry and technology. However, as benefits have become more costly and complex, paired with rapid technology advances, employers now expect more from their annual renewal.
Here are a few reasons why employers hate spreadsheet-based renewals:
- Data is tough to navigate and interpret
- It’s difficult to compare plans side-by-side
- Budgetary and employee impact of a plan is not always apparent
- The process stretches over several meetings as the broker updates spreadsheets based on employer requests
- Employers often leave unsure if they made the best decision for their company and employees
Enhance client service by upgrading your renewal process
Luckily, technology-based solutions exist today that address those challenges—and forward-thinking brokers are already taking advantage of these solutions to revolutionize their renewal process. Replacing spreadsheets with software makes the renewal process easier to understand, more efficient for all parties, and supports confident decision-making.
The best renewal software provides the following benefits for clients:
- It’s easy to compare plan alternatives side-by-side
- A visual presentation presents an easy-to-understand high level picture, with the ability to dive deeper into plan details if desired
- Changes can be made in real-time, allowing brokers and clients to explore countless plan options in one meeting and immediately see the impact of plan design tweaks
- As plans are explored and changed, it’s easy to see how the budget and employees are impacted with each option
Want to take your client service to the next level in 2018? Learn more about upgrading your renewal process in this free ebook.