Three industry insiders give their views on this contentious issue.
Rebecca Rolfe, Senior bene ts advisor, Zenefits
“The broker in 2030 will be far more reliant on technology than they are today. Once carriers realize the cost savings of fully automating the installation process, paper enrollments will be a thing of the past. ACA was the beginning of the regulations, and by 2030, employers and brokers will be mired in additional reporting and red tape. Plans will be more expensive and cover less, which will open the door for providers to o er additional concierge services to supplement the basic plans available. No matter how much the benefi ts landscape changes, there will still be a need for brokers, as long as brokers are willing to adapt to meet the need of their clients.”
Michael Howe, SVP of product management, Applied Systems
“Connectivity among businesses and individuals will bring fundamental change and new opportunities to our industry – both from a consumer and a business perspective – and usher in a range of new products and services. To thrive in this hyper-connected environment, agents must prepare digital transformation plans now. Agents should establish a clear strategy on the transformation needed in their own business and carefully evaluate the technology investments and operational changes required. The agencies that undertake this transformation now will establish competitive advantage in the future and ensure their ongoing viability in a changing market.”
Ken A. Crerar, President and CEO, The Council of Insurance Agents & Brokers
“The industry has changed more in the last fi ve years than the prior 30 years. As to where we’re going, examining the employee benefi ts brokerage business is instructive. As healthcare market reforms have taken hold, that business has seen an evolving design-build consultancy approach to the employee benefits business model to meet the expanded needs and expectations of clients. The key for brokers is to use data to lower the cost of risk, engage with clients in different ways and enable new ways of acquiring clients at a lower cost. Scaling technical capabilities is key, along with a strong brand for outreach and a collaborative IQ embedded into the firm’s culture.”