The Affordable Care Act (ACA) has changed the rules in the health insurance field, which means the roles of health insurance professionals are changing, too.
In response to decreasing commission structures, brokers are making hard decisions about the direction of their business, including what products to sell and what services they'll offer.
In a recent broker survey, 49% of health insurance professionals say they are thinking about leaving the industry. But, those brokers who adapt to the new health insurance reality are determining the best ways to successfully navigate the changing landscape, and taking advantage of new opportunities. For example, another broker survey found that nearly half (46%) of brokers say they are focusing less on health insurance as their core offering in 2014.
Three Ways Brokers Can Adapt
The best way to adapt to change is to embrace change. This, however, can be easier said then done. Here are three ways brokers and agents can adapt to the ACA.
Expand Your Product Line: Add diversity and flexibility to your product offerings. Look for unique products, such as supplemental, voluntary, private exchange, and defined contribution solutions. Use them to open doors with new clients, and to retain current clients.See also: 10 Ways for Brokers to Increase Health Insurance Policy Sales in 2014
Become an Educator: Even though the ACA has been around for a few years now, many business owners and health benefit decision makers are still unsure about how the law impacts their business. Between new rules and regulations, and new product opportunities, clients appreciate a broker who educates them and helps them find the best solution to their problem.
Try New Approaches: In the new landscape, brokers need try new sales and product strategies to get the same results.
What are you doing to adapt to the Affordable Care Act? Leave a tip or question in the comments below.