The Future of Health Insurance Brokerages:Embrace Technology and Deliver ROI

Wednesday, March 15, 2023

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By Guy Benjamin, Co-CEO and Co-Founder of Healthee

As the Co-CEO and Co-Founder of Healthee, a digital health benefits platform, I've worked with hundreds of brokers across the United States, gaining valuable insights into the changing landscape of the health insurance brokerage industry. 

This experience has given me a unique perspective on the challenges that brokers face and the solutions they need to stay ahead of new trends.

One thing is clear: the health insurance brokerage industry is evolving at a rapid pace, and brokers must adapt to remain relevant. 

Consumers consume information and shop online, and they expect to use their health benefits in the same way. As a health insurance broker, it's essential to provide clients with a similar online shopping experience to stay ahead of the curve.

Here are three critical things to consider as you navigate the ever-changing healthcare brokerage landscape:

1. Provide a Technology-First Experience

To stay competitive, brokers should leverage technology to help clients and their employees get the most out of their healthcare benefits. 

A digital plan selection tool, telehealth services, and easy-to-access digital plan information are just some examples of delivering the experience that employees expect. For example: Healthee’s digital Plan Selection Tool, which makes the options and their associated costs salient, has made employees more satisfied with their open enrollment experience and has also saved our customers on health insurance costs in the long run.

2. Focus on ROI, Not Relationships

While maintaining relationships is still important, clients are prioritizing solutions that deliver clear ROI. Health insurance is a top employer expense, and clients are expecting brokers to drive down costs.

While driving down costs seems like an impossible feat, we’ve found that in-network steerage, cost transparency, and free telehealth offerings have reduced our customers’ healthcare expenses by 4 percent-14 percent.

3. Increase Bandwidth via AI, Not Headcount

Finally, brokers should leverage technology to provide the support and help clients need without needing to increase headcount. Artificial intelligence (AI) can help brokers automate repetitive tasks and enable them to provide faster service to clients. Offering a benefits platform that does so is proven to save brokers time, freeing them to focus on other priorities.

As I wrap up, I want to end with this. Brokers must embrace technology to stay competitive in the health insurance industry. By offering a better user experience, providing real solutions that deliver an ROI, and leveraging technology, brokers will have a competitive edge that keeps them ahead of the curve, rather than falling behind.

Wednesday, March 15, 2023