Jul 17, 2018
Benefit brokers who’ve implemented successful technology solutions report increased revenue, improved client retention, and an expanded client base, according to a report by Maestro Health. The study separates brokers into Analog Consultants, Receptive Next Gen Brokers, and Automation Leaders. For the purpose of this article, we’ll call them Low, Medium, and High-Technology Adopters. High Technology Adopters
- 66% offer benefit administration tools, and 72% offer online enrollment
- 68% say that tech is tied to success in selling and advising
- 67% say that all-in-one integrated benefit management platforms are important to clients
- They are more likely to maintain ongoing client contacts throughout the year
- 90% offer voluntary benefits
- 55% say that developing workplace wellness is a top priority
Medium Technology Adopters
- The majority are Gen Xrs
- 50% offer benefits administration and online enrollment
- They look for proven results before adopting new technologies
- They’re interested in learning more about technology
- 90% offer voluntary benefits
- Less than 10% say that all-in-one integrated benefit management platforms are important to clients
- 19% say that developing workplace wellness is a top priority
Low Technology Adopters
- The majority are Baby Boomers who are cautious about new technologies
- More than half don’t offer online enrollment, and one-third are not even considering benefit administration tools
- They tend to be in medium-sized brokerages or consulting groups
- They are less likely to be involved in preparing to train HR teams, support employees, or provide educational materials about health benefit options — all things the High Technology Adopters have evolved to support.
- Less than 10% say that all-in-one integrated benefits management platforms are important to clients
- 55% offer voluntary benefits
- 32% say that developing workplace wellness is a top priority
The opportunities that come with adopting technology are far greater than the risk of failing to expand capabilities in today’s changing marketplace. Brokers who have not taken the technology leap blame it on a lack of time, resources, infrastructure, or comfort with new technologies. Fortunately, wherever you are on the technology adoption spectrum, LISI can help you leapfrog ahead.
