In today’s highly competitive business landscape, brokers and consultants face numerous challenges when it comes to building and maintaining strong client relationships. To succeed, they must go beyond offering superior service and find innovative ways to deliver true value.
Zelis Senior VP of Strategy and Business Development, Rob Graybill, recently sat down with Future Healthcare Today to explore how brokers are leveraging advanced analytics and technology to address the evolving needs of their clients. Listen to the podcast here.
Challenges in the broker landscape
The broker landscape is characterized by intense competition.
Brokers and consultants are constantly vying to grow their book of business. Meaning: clients are frequently pitched by competitors and presented with alternative offerings.
Merely relying on superior service is no longer sufficient.
Today, brokers need to demonstrate additional sources of value to stand out from the competition. This has led to the integration of technological advancements and data analytics into brokerage firms.
Brokers are now taking on more responsibilities than ever before. Think: managing enrollments and harnessing data insights to guide and promote additional programs and benefits.
By leveraging these capabilities, brokers are becoming indispensable advisors to HR staff, making it challenging for competitors to disrupt their relationships with clients.
Taking strain off employer groups
As employee benefits become increasingly complex, HR staff face challenges in staying up-to-date with the ever-changing regulations and new tools and capabilities.
Brokers have stepped in to bridge this knowledge gap and provide guidance to employer groups. In other words, they have become extensions of the HR team.
Successful brokers are now combining services and technologies into packages or suites of tools. These offerings are carefully vetted and selected based on their ability to deliver measurable ROI and cost savings.
Striving to become “benefit heroes”, many now bring forward solutions that provide tangible value to employer groups, alleviating the strain of time management and cost considerations.
Strategic partnerships
But to remain effective strategic partners for employer groups, brokers must stay abreast of rapidly advancing technology and digital health solutions.
With new solutions emerging daily, brokers play a crucial role in vetting and recommending the most suitable tools and offerings. By curating a suite of proven solutions, brokers position themselves as trusted advisors who have already done the legwork.
Moving forward, those who focus on addressing escalating healthcare costs and controlling the total cost of care will gain a large competitive edge.
The wrap up
Brokers in today’s competitive business environment face the challenge of building strong client relationships while still driving business growth. But by embracing innovative solutions and leveraging advanced analytics, brokers are evolving into strategic partners for employer groups.
Their ability to provide superior service, offer valuable insights through data analytics, and curate comprehensive benefit packages will position them as trusted advisors who can deliver measurable ROI and cost savings. As brokers continue to adapt to the changing needs of their clients, they solidify their role as indispensable partners in the ever-evolving benefits space.
To gain more insights, check out our latest whitepaper.
