Healthcare brokers are essential for small businesses and overworked benefits administration teams, providing valuable insight and compliant healthcare coverage for companies.
But standing out as a healthcare broker in a crowded market can be a challenge. The number of brokers in the U.S. is rising, according to the Bureau of Labor Statistics. The industry is expected to grow at a rate of 6% faster than the average over the next decade.
So, how can you stand out as a broker in a growing market? Read on for strategies, insights, and more.
Focus on client relationships
It can be exciting to chase new contracts and opportunities, but there’s plenty of value in keeping existing and long-term clients happy. While keeping an active pipeline can mean new business down the line, there’s plenty of value in keeping existing customers happy.
When you take a customer-centric approach, you focus on engaging with existing clients. According to Gallup, companies that increase customer engagement see a 25% increase in customer loyalty.
Action steps:
Personalized interactions. Take notes on clients, remembering important dates and topics of conversations so you can pick up where you left off with each meeting.
Regular check-ins. Schedule regular client check-ins on predictable dates (e.g., quarterly or biannually).
Proactive outreach. Don’t wait for clients to contact you with issues or questions. Keep lines of communication open so you can identify problems before they happen.
Problem-solving. In addition to being proactive, make sure you’re solving problems for clients instead of them seeking out answers on their own.
Offer personalized and value-driven services
Customers want to feel seen. They all have unique goals, employees, and priorities that distinguish them from other accounts.
Tailor benefits solutions to meet unique employer needs. For example, the health insurance needs of an in-office startup may differ from those of a remote-only employer with teammates across the country.
To best suit each client’s needs, take time to educate them on the many different healthcare plans they can enroll in, including ICHRAs, QSEHRAs, and other alternative benefits models.
Action steps:
Perfect an onboarding process. Take the time to get to know the needs of each client through informational meetings, intake documentation, and even a client wishlist for coverage.
Utilizing this time early in the process can help to ensure clients feel seen and acknowledged.
Understand their best-fit options. Brush up on alternative benefits models, like ICHRA and QSEHRA.
Stay informed on industry trends and new regulations
Staying on top of trends will give you a better sense of the industry overall but will also empower you to speak to clients about regulation changes that could impact their plans or coverage.
Continuous education enhances your credibility and shows clients your expertise and trustworthiness. Make it a goal to stay on top of ACA updates, compliance requirements, and general trends in the healthcare space.
Action steps:
Follow industry associations, including the National Association of Health Underwriters (NAHU) or the Society for Human Resource Management (SHRM) to stay up to date on trends, news, and events.
Stay on top of legislation that could impact healthcare coverage for clients.
Identify conferences to attend where you can network with experts in the field.
Connect with leaders in your space on LinkedIn, through connection requests or groups where you can learn from the best.
Specialize in a niche market
General knowledge can help sign a client, but a depth of knowledge in a specific industry or market can help keep them.
Developing a reputation as an expert in a niche industry can make you stand out as a healthcare broker in a competitive landscape. Consider catering your services to specific workplaces or niches, such as small businesses, tech startups, or even healthcare benefits for healthcare professionals.
Action steps:
Audit your existing client base and identify specialties. Note trends, including industries you commonly work with or the average size of a company. For example, a broker with experience working with a company with remote employees might choose to focus on ICHRA for remote workforces.
Gain industry knowledge. Utilize industry publications, networking groups, or conferences to gain insight into your target market. By staying on top of trends in a specialty market, you can better anticipate client needs and pull in new accounts.
Provide memorable customer service
Standing out as a broker isn’t just about being proactive but also about providing memorable customer service for existing clients. Being responsive and communicating clearly can help build client loyalty.
If you’re not sure where to start or improve, when it comes to customer service, consider asking existing clients for anonymous feedback on your services. A survey may uncover blind spots in your services, such as the need for support during enrollment periods or more frequent check-ins.
Action steps:
Survey. Send an anonymous feedback survey to an existing client base.
One-on-ones. Set up one-on-one feedback meetings with your most engaged clients to learn what services they find most valuable.
Educate and empower customers
Educating customers and empowering them to make informed decisions about their coverage is part of being a standout broker. Provide additional value to clients with regularly updated blogs, newsletters, or social media content that shares information about the benefits of the space. Host webinars, workshops, or downloadable educational content to ensure clients are getting the most out of their partnership with you.
Action steps:
Create educational assets, including downloadable guides, pre-recorded webinars, and tools for open enrollment.
Develop an online presence on LinkedIn, sharing news in the healthcare space and expert insights.
Network and collaborate with industry professionals
Standing out as a broker is as much about keeping your clients happy as connecting with other experts in the industry. Joining associations and networking groups can help you learn about the latest trends, troubleshoot with experts, and grow your contacts.
This collaboration shouldn’t be limited to just other healthcare brokers. Consider connecting with third-party administrators and HR consultants.
Action steps:
Consider professional groups like the National Association of Benefits and Insurance Professionals (NABIP), Health Agents for America, Inc. (HAFA), and America’s Health Insurance Plans (AHIP).
Find valuable partners, like Thatch, who are innovating in the benefits space and helping to arm brokers with the latest key insights and updates on ICHRA.
Leverage tech effectively
The best healthcare business brokers know to work smarter, not harder, leveraging tools and technology where they can.
Benefits administration platforms can help simplify processes. Automate steps where possible with AI or other administrative tools. Customer relationship management (CRM) systems can help brokers track leads, manage current client interactions, and automate follow-ups where appropriate. Some CRMs even have AI-powered chatbots that can provide instant answers to common client questions.
By integrating these tools, healthcare brokers can enhance efficiency, alleviate administrative burdens, and concentrate on delivering better experiences for their clients, thereby gaining a competitive edge.
Action steps:
Use a CRM to track leads and automate follow-ups.
Partner with a platform like Thatch to simplify enrollment for clients seeking ICHRA coverage.
Make offering ICHRA easier with Thatch
The healthcare industry is constantly evolving, and being able to offer personalized healthcare to your customers is essential.
If you’re offering ICHRAs to clients, consider partnering with Thatch, an all-in-one ICHRA software built with brokers in mind. With this simple-to-use software, you can set up your clients’ ICHRA in minutes. It brings flexible and affordable health benefits to companies of all sizes.
