Billing issues present a significant and pervasive problem for the small-to-mid employee benefits market. As a result, brokers find it difficult to differentiate themselves, manage efficient operations, drive revenue and deliver unmatched customer service.
Voluntary/Ancillary Small-to-Mid-Market Challenges
The benefits ecosystem is chaotic due to inefficiencies as well as a mix of antiquated and modern systems that don’t work well together. These have led to difficulties for brokers, carriers, and employer groups alike.
Differentiation is Challenging
Many brokers are finding it difficult to set themselves apart from others. They are encountering hurdles, such as:
- Market saturation is driving highly competitive, low-margin pricing
- Displacing incumbent broker relationships requires true differentiation
- Carrier products are commoditized, leaving better services as the key differentiator
Service Teams Are Strained
Brokers’ internal services teams are stressed and overloaded. The reality of the current situation is that:
- Service issues originate from disjointed technology
- HR teams are overwhelmed and asking more of brokers’ services teams, leading to mistakes
- Margins are tight, driving the need for operational efficiency through technology
Current Tech Limits Business Opportunities
Many brokers are facing technological limitations they simply cannot overcome on their own. Innovation and automation are needed to minimize these:
- Premium and commission losses that originate from disjointed technology
- Carrier billing errors that negatively impact persistency
- Dependency on carrier service teams for billing and eligibility
Billing Chaos Significantly Impacts Your Bottom Line
These challenges are a byproduct of the chaos that exists in today’s employee benefits ecosystem. And this chaos seriously hurts your bottom line in various ways.
Ineffective carrier billing:
- Drives up service costs for client issue resolution
- Drains account team and producer resources
- Leads to lost time and lack of focus on generating new revenue
Lost time and net revenue:
- Distracts and frustrates producers tracking erroneous commissions
- Reduces commissions due to premium leakage and write-offs by carriers
- Drives higher turnover due to unnecessary carrier renewal increases
Client friction:
- Overwhelms burdened HR staff
- Damages client satisfaction
- Reduces persistency
Things to Look for in a Solution
Finding the right partner is crucial to differentiating your company, easing your client service team’s burden and maximizing revenues and producer compensation. By cutting through the chaos and overcoming recurrent industry issues, you will be able to position your brokerage to:
- Generate new services revenue
- Reduce service costs and restore your focus on new business
- Add lines of coverage with administrative peace of mind
- Maximize premium and commission payments
- Solve billing and customer satisfaction issues
The Soluta Network Can Help
Find out how the Soluta Network and consolidated billing solution can set you apart and grow your business.
- Differentiate and expand in the small-to-mid-scale market through an unparalleled customer experience.
- Increase your revenues with new billing solution services revenue streams and accurate billing with automated reconciliation.
- Receive timely and accurate commissions and simplified consolidated commission statements.
- Realize the operational efficiencies that come with a significantly reduced volume of billing service calls and instant access to answers via the Soluta broker portal.
Contact us to learn what Soluta can do for your business, pick our brains on how we are revolutionizing the employee benefits market, or set up a demo to see our platform in action.
