Technology Innovation Hits Insurance Brokers Hard: Pain or Gain?

While other facets of doing business have been going through the growing pains of adopting innovation, insurance brokers have been able to dodge that bullet. That is, until recently. With the exception of keeping up with changing regulations, insurance brokers have been challenged to maintain pace with just industry-specific challenges. Things are different now.

The insurance market place is undergoing major changes. In the last couple of years, technological innovation has slammed the insurance industry, hard. Brokers are being challenged to keep up or give up their livelihood. The truth is, once that door is opened, it will never close. While brokers are desperately seeking ways of limiting the damage that free/low cost innovation from the competition is costing them, the way of doing business going forward is changing forever.

Keeping up is essential to staying relevant and competitive. With companies introducing automation, market demand is driving the need to innovate.

“Parker Conrad, Zenefits’ 35-year-old founder and CEO, has colorfully defended his company’s right to disrupt. Insurance brokers? “[explicit content],” he told Fortune last year.”

It’s no longer enough to be an expert on insurance. Consumers are expecting brokers to be a ‘one size fits all’ solution with multiple services that are customizable to a growing business’s needs.

The opportunity involves something not entirely new: outsourcing through a business partner.

Employers don’t like talking to a lot of different companies about the cost of administration; they see it as a chore and an expense. Working with a business solution partner gives brokers the option of meeting a variety of needs all in one conversation with the client.

Partnering gives brokers:

  • Additional Revenue Stream
  • Multiple business administration services to offer
  • Flexibility and Convenience
  • Technological Innovation and Customization
  • Expert Administration in Safety, HR, and Payroll

Thus, allowing brokers to have a very different conversation with consumers over what expectations they serviced as little as two years ago.

By aligning with companies that provide a variety of business administration options, insurance brokers can present themselves as a resource for businesses to submit ALL of their needs and receive custom services. The more robust the options, the more viable the broker’s offerings to potential clients; thus staying competitive with the marketplace.

Note about us:

ninja At OmegaComp HR, where others have seen a gap, we’ve seen an opportunity. We offer all of these services with customizable options for every budget. For our partners, we offer the On-site Advisor Program. Your OmegaComp On-site Advisor will visit your location regularly and meet with clients to provide vital information on all of our service solutions. Allowing our broker partners to talk about what they know best, insurance.