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While speaking with a Broker a few weeks back, I asked whether or not his agency was presenting ICHRA (Individual Coverage Health Reimbursement Arrangement) as a possible solution to his clients.


His answer? “I know that if I offered ICHRA, I would increase my book of business, but I am hesitant.”


I was surprised at his response. Why would he be hesitant to offer an ICHRA that is profitable, efficient, and good for his clients?


An opportunity waiting to be taken!


I shared with him that evidence shows, “Brokers that offer a full complement of products are stealing business from their competition left and right, and as of January 2020, employers of all sizes are able to offer an alternative to group plans…ICHRA.”


So, the question becomes, how do Brokers overcome the perceived stumbling blocks of an ICHRA offering in order to, not only better serve their clients, but gain a greater market foothold?


The answer is not just technology, it’s the right technology.


Brokers need:

  • Access to a self-branded marketplace with remote enrollment capabilities
  • The ability to present clients with a simple and efficient sign up process that takes the same effort for 100 individual plans as it does for one
  • Customized individual enrollments that provide P&C leads
  • More value and potential revenue


The right technology enables insurance brokers to analyze current and potential risks as well as provide viable solutions to help businesses, regardless if the company has 50 employees or 5,000. A broker needs simple, easy to use technology for plan selection, employee on-boarding, benefit administration and claims management.


As demonstrated by the pandemic of 2020, a broker should also have the ability to service remotely using state of the art technology to enable innovative healthcare solutions for their clients.


“Between 5 and 10 million of people will be covered through an ICHRA by the year 2025”…..Department of Health and Human Services.


Rather than going with a self-funded plan, an employee healthcare coverage plan that pays covered medical expenses for those insured, or a fully-insured plan, structured so the employer purchases healthcare coverage from an insurance Carrier for a per-member premium, ICHRA provides businesses complete freedom to dictate their budget while allowing employees to choose the healthcare option that best suits their personal and family needs.


Brokers offering ICHRA to their clients:

  • Give them the ability to define a benefit budget and stick with it. No more increases year after year
  • Enable employees the ability to choose their own healthcare plans based on their needs.
  • Remove the responsibility of managing employees’ health risk from the business plan
  • Provide network flexibility that gives employees the ability to choose their plans and doctors
  • Deliver plan portability to employees for them to own their health plan and be able to take it with them if they change jobs
  • Enable employees the ability to select individual plans that fit their needs regarding doctors and prescription coverage
  • Give access to Individual insurance companies to provide a superior experience for the employee


ICHRA, simply said, is a tax-advantaged health benefit used to reimburse employees for personal healthcare expenses. By charging a low per member / per month consulting fee, a model already widely used in self-funded and level-funded scenarios, Brokers can overcome the lynchpin of profitability as a reason that they have not yet presented this opportunity.


Enter, Candor USA.


Candor USA, a software-as-a-service company, has a one-of-a-kind ICHRA platform that arms Wholesalers, MGAs, and Brokers with all of the tools needed to effectively roll out an ICHRA offering.


Does an ICHRA come without its challenges?? Absolutely not.? But with the right platform, ICHRA gives Brokers the chance to grow their book of business. Brokers benefit from enhanced remote enrollment technology that neutralizes the burden of multiple plans, while increasing additional streams of revenue through cross-sale lead generation.


Like all Candor offerings, the platform is completely white labeled and tailored to the Broker’s needs.  It is your brand, your business, your brokerage, powered by Candor.


Link to make an appointment


About the Author:  About the author: Nick Shirman is the Director of Sales at Candor USA and leads the effort to support MGA and Wholesaler relationships. 508-735-6809

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