Technology has transformed how insurance brokers sell employee benefits to employers. But are all the tools that insurance carriers provide valued by the broker?
New LIMRA research finds while 83 percent of brokers have access to and use online employer forms, only 49 percent of those brokers say they are in the top three of the most effective web-based tools. More than three-quarters of brokers with access to online quoting tools consider these among the three most effective web-based tool offered by carriers. However, only 55 percent of brokers have online quoting tools available for them to use.
Additional research shows online sales lead generation tools have the least availability and usage. More than seven in 10 brokers who don’t have access to the online feature want this capability.
Technology also impacts what brokers can offer their clients. Eighty-one percent of brokers say it is important for insurance carriers to offer their employer clients web portals. Online claims submissions for employees and web portals for employees are also of importance according to 75 percent and 70 percent of the brokers, respectively.
While brokers indicate technology and web-based tools will be the wave of the future in connecting with clients, the majority (76 percent) believe it is the responsibility of the insurance carriers to absorb the majority of costs associated with employee benefits technology. Seventy-nine percent of brokers agree employer demand for mobile enrollment technology will increase over the next three years, as only six percent of employers were using them in 2016. More than three-quarters also believe employer demand for personalized enrollment—enrollment materials that are customized for each employee—will increase by 2020.
For more information on brokers, carriers, and clients LIMRA members can read, Partnering with Carriers to Connect with Clients.