As an employee benefits broker, the last few renewal seasons were likely some of your toughest. With the introduction of the Affordable Care Act (ACA) and all the requirements that go with it, the market has gotten tougher on brokers. Timelines were compressed, forcing brokers to spend less time with each client while contending with more complexity than ever.
This blog will discuss how brokers can take lessons from these tough renewal seasons, to overcome ACA challenges in the future and deliver a better experience for clients.
The impact on clients
Of course, the compressed renewal season and increased regulations weren’t the fault of the broker or the client, but both suffered. The impact on the clients was often that they got less face time with their broker—at a time when they needed it most.
Brokers were understandably pushed into survival mode, being reactive instead of proactive. Many brokers didn’t have time to perform their typical comprehensive plan design analysis, or were forced to hand-pick only select clients for their in-depth services. Unfortunately, clients often left meetings confused about their plan options and/or their obligations under ACA.
How to overcome ACA challenges next renewal
The silver lining to take from these recent tough renewal seasons is that they offer significant opportunities for brokers who up their game this year. Naturally, when clients are frustrated, it is the perfect time to challenge the incumbent—and this coming renewal season will be a prime prospecting occasion.
The most important thing is to learn from the last couple renewal seasons and focus on being proactive this year. Clients are overwhelmed with plan design options as they try to manage ever-increasing healthcare costs. Most are also still unsure of ACA compliance, and want to rely on a broker’s expertise to guide them. This creates a perfect opportunity for brokers to set themselves apart and rise to clients’ expectations.
Want to read more on how to overcome ACA challenges during your next renewal? Be sure to read this ebook now.