It’s no secret that the Affordable Care Act (ACA) has significantly impacted the group health market, for brokers and employers alike. Brokers found themselves facing many challenges the last couple renewal seasons. Our last two blogs discussed lessons brokers can learn from recent renewal seasons, and a few specific ACA strategies to focus on for their next renewals.
Brokers who normally pride themselves on excellent client service may have had to decrease client facetime in recent years an effort to stay afloat. But that doesn’t have to be the new reality. This blog will discuss how brokers can take advantage of technology solutions to give clients a better experience and improve benefits renewals in the future.
Accept a new healthcare paradigm
No one knows the future, but as of now, the Affordable Care Act isn’t going anywhere. In addition, health care costs continue to rise for many, and plan design options certainly aren’t getting less complex. Brokers need to accept this new health insurance paradigm, and explore strategies to adapt to this new reality to help deliver an excellent client experience.
What does this client experience look like? Clients need help managing costs and advice on how to comply with ACA and other regulations. Brokers who can deliver on these two areas will improve their benefits renewals moving forward and delight their clients.
Embrace modern plan design technology
How can brokers deliver this improved renewal approach given the new health care paradigm? Modern plan design technology offers opportunities for brokers to:
- Streamline renewals, allowing them to spend more time with each client
- Display plan options visually, helping clients explore complex options such as Community Rating
- Build creative plan options to help clients manage costs
- Dynamically compare multiple plan options and make changes in real-time, to help clients make more educated decisions
Imagine presenting several plan options to your client on a tablet or whiteboard, using a dynamic, digital presentation. When clients have questions or want to make tweaks to a plan, you can make adjustments on the spot, to show the impact of a change in real-time. This approach fosters deeper client understanding, promotes your extensive knowledge and expertise, and often cuts renewals down to just one meeting.
To learn more about how technology can help you improve benefits renewals and avoid mistakes of the past, check out our free ebook, Overcoming ACA Challenges During Your Next Renewal.