The current system of “set and forget” with client relationships and consulting is broken. The status quo isn’t cutting it anymore. With millions of options just a keystroke away, brokerage firms need to do more if they want to drive world-class organic growth.
Whether or not the changes in carrier commission structures has impacted your business, the fact is over the next five to ten years, it certainly will. And whether or not you have seriously considered a move to a fee-based compensation model, the reality is you will likely have to at some point in the future. Many brokers are relying on additional revenue streams, such as voluntary benefits, to help offset the effects of the ACA, the MLR’s, and reductions in group health insurance commissions, but does that solve the problem long-term?
Our experience has confirmed that the most competitive benefits broker and insurance producers are often in a critical position of influence, helping employers generate new value in their business through benefits strategies. Remaining abreast of emerging industry trends is critical to being able to provide smart, forward-thinking recommendations for employers.