TRENDS IMPACTING BROKERS

Consider the following trends affecting benefit brokers today:

Spiraling health care costs - as costs continue to increase, employers more than ever are evaluating their broker's ability to bring creative cost saving, and efficiency to health care delivery in their organizations.

Consolidation of the health care industry - this has made it very difficult for benefit brokers to differentiate themselves in the eyes of employers. In most geographic markets, employers receive identical quotations from all brokers for the same two to four health care plans.

Commission restructuring - carriers are reducing commissions to lower costs and brokers are looking for ways to keep their current income while creating new sources of revenue.

Increased competition - PEOs, payroll companies, P&C operations, and others see the lucrative employee benefits arena as a place to grow. Employee benefits brokers need to respond to the increased threat or they risk losing their business to new competition offering more services and capabilities.

Information overload - with more demands on their time, brokers need quick and efficient access to credible, accurate information and tools to better serve clients faster.

Downsizing HR staff - your clients are struggling with increased workload and reduced resources. They're looking to you for help, providing a tremendous opportunity for forward-thinking brokers.

Proliferation of web services and self-service tools - employers and their employees are beginning to expect information to be available online, anytime, anywhere. Instant access and 24/7 availability is fast becoming the norm.

Increased need for outsourcing - outsourcing business processes from payroll to benefits administration is increasing at 15% annually. Brokers need alternatives to help their clients with outsourcing options. Without them, they risk losing out to competitors that are aggressively bringing such solutions to employers.

BrokerSuite helps brokers:

• Differentiate themselves from other brokers
• Improve customer retention
• Win new business
• Serve clients better
• Market other products and services