29 percent of brokers are concerned about remaining relevant to their clients.
62 percent named "rising health care costs impacting client decisions on benefits" as the most important issue for their insurance business right now.
Only 15 percent of brokers say they are completely confident in the future of their insurance business and the industry.
However, all the changes surrounding health care reform, is a huge opportunity for those brokers who are willing to adapt. Employers need brokers now more than ever to help understand health reform and navigate new health insurance options. Brokers who are familiar with health reform, defined contribution health plans, consumer-driven options, and wellness programs are going to have a leg up in the new markets that are developing.
The need to adapt was reflected in Zywave’s 2013 Broker Services Survey that found a widening gap between what employers expect of their broker, and what brokers are delivering. The report surveyed 5,500 employers nationwide and identified that employers look for these top five features when selecting an employee benefits broker:
1. Managing health care costs
2. Keeping in compliance and up to date on changing legislation, including health care reform
3. Benefits administration and employee benefits education
4. Keeping up to date on regulatory changes
5. Controlling workers’ compensation costs and managing exposures
One of the ways brokers nationally are adapting to the market changes, and actually profiting from the market changes, is by adding defined contribution health care to their offerings. For brokers, defined contribution health care offers a solution to increase individual health insurance policy sales and retain clients who are
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