From how we order a pizza to the highest reaches of government, technology is impacting and shaping every aspect of our lives. This technology shift now includes insurance, specifically health insurance. This is an exciting change since, in 2015 the health insurance industry overall was rated at the bottom of the digitization index by McKinsey.
This technology transformation in the health insurance field is allowing for reduced costs, increased efficiency, risk mitigation, and enhanced customer satisfaction. All while increasing the industry’s ability to adapt to the ever-evolving regulations.
Those Brokers who are leading the charge in this technology shift are seeing advantages over their competitors. One of these advantages comes in the form of software solutions that meet both current and future needs. These leading Brokers have tested options and found criteria for evaluating software in the health insurance industry.
There are three specific criteria to look for as a GA or Broker in your health insurance technology:
First and foremost, technology must increase process efficiency. If software solutions decrease administrative tasks through automation, administrative costs are reduced by 20 to 40% (McKinsey, 2019). This efficiency creates a significant savings of both time and money for the Broker and GA.
Additionally, it is important the software improves efficiency for clients as well. Seventy percent of companies investing in insurance related technologies referred to improved customer experience as a “significant motivator” (Wyman, 2018). Sleek, easy-to-use solutions that decrease steps from plan selection through enrollment will increase client satisfaction, ensuring renewals and further building brand loyalty.
Personalization is necessary whether your clientele is niche and specific or broad and diverse. The ability to offer specific plan designs and options for your clients is an important aspect of any software. Ensure your software has the ability to specialize the features that encompass your distinct value offering, placing your brand in the fore front, through white labeling. These differentiators give customers the comfort of knowing what you have to offer is unique and separates your business from others.
The final, yet most important feature vital to a successful software solution, is its ability to grow and change with your needs and your clients’ needs. Health insurance is one of the most fluid industries in the United States, with laws and regulations that seem to change almost daily, so it is pivotal that software solutions adapt to the ever-changing landscape. Technology can be costly, the software you choose must help grow and scale your business while ensuring it is able to grow along with your customer base.
To thrive in today’s Healthcare Benefit market, GAs and Brokers must embrace a digital transformation of their businesses. With so much on the line, it is not enough to just pick a software solution. You have to pick the RIGHT software solution. Having a technology partner that increases efficiency, personalizes your solutions, and is agile enough to adapt and grow with your business and the industry is the golden ticket to unlimited potential in your business.
Candor USA has built a platform with these three factors in mind. Our software-as-a-service improves efficiency through automation of administrative tasks and easy-to-use online enrollment. The platform is personalized to reflect your specific needs, from white labeling to plan design and offerings. And most importantly, this solution is agile enough to scale and shift with your business. To hear more about how Candor can help bring your business into the next generation, contact us for a consultation.
About the Author: Nick Shirman is the Director of Sales at Candor USA and leads the effort to support GA and Wholesaler relationships. 508-735-6809