ConnectYourCare’s 2020 Benefits Broker Guide
The role of the benefits broker is more dynamic than ever, and it’s no secret that brokers have a lot on their minds. Today’s broker is challenged with navigating the ever-changing health care benefits landscape, recommending integrated technology and third-party administrators, and enhancing the employee experience—all while keeping cost top of mind.
In ConnectYourCare’s debut benefits broker report, “The Broker Guide to Refining Benefits Strategies for 2020 and Beyond,” we went straight to the source to find out how the modern-day broker is keeping up in an evolving industry and demonstrating value to their clients along the way.
This report polled benefits brokers across the country—from industry veterans to those new to the field. The report is two-fold, offering insights from current brokers and recommendations to bring value to clients in 2020 and into the new decade. From the poll, it became clear that rising costs and employee experience were likely keeping brokers up at night.
For instance, when asked to rank the importance of certain topics to their position, 68 percent of benefits brokers reported that “ways to maximize client cost savings” was considered of utmost importance. But when brokers were later asked the most likely reason they would consider changing their clients’ third-party administrator, “service and support for participants” won out at 56 percent, while “better pricing in the current market” came in far behind at 15 percent.
A Clear View of 2020
Based on the snapshot of broker data, this report also offers considerations for a future-focused benefits strategy, including:
Tips for recommending integrated technology (and tips for making the most of “freeware” options)
Making the most of partnerships
How to help clients maximize their budget with tax-advantaged options