Slideshow 5 reasons why a benefits marketplace is crucial for brokers’ success

  • August 05 2015, 12:02pm EDT
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Benefit marketplaces continue to gain popularity, and brokers need to understand and embrace how technology-enabled shopping and enrollment platforms can fit into their current and future business strategies. Here are five reasons a benefits marketplace can enhance brokers’ business, according to technology solutions provider hCentive.

1) A total solution

You will have one tool that will allow you to service multiple markets such as individual and group, carriers, and products. This includes built in decision support, educational tools, tax calculators and more.

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2) More choice

You can deliver to clients a complete menu of services that reaches far beyond traditional health care benefits. You can empower clients with choices that are customized based on your relationship, balancing quality over quantity.

3) Simplify complex benefits administration

Whether you’re working with a prospect or current client, creating multi-product proposals, inputting life events or completing a renewal, a benefits marketplace will simplify multiple processes with built-in workflow efficiencies.

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4) Gives brokers a branded online portal

A role-based portal streamlines tech-enabled shopping, enrollment, and the benefits management process for individuals and employer groups, by giving your clients the ability to shop, compare and enroll in one centralized location. Smart-technology also allows your sales portal to auto populate the broker of record for better tracking, reporting, and timeliness of commission payouts.

5) Allows brokers to stay on top

You can track specific business by carrier (on- and off-exchange) or by premium, see when clients view proposals, track your client’s application process and engage clients with automated status notifications and communications.