MetLife: Go Beyond by Looking Ahead
The broker role in an evolving benefits landscape
MetLife's latest U.S. Employee Benefit Trends research report shares findings and insights to help brokers tap into client needs and identify opportunities for growth with both existing and new customers.
The stakes have changed
New opportunities are opening up in the benefits environment driven by workforce change and digital disruption. Employers can enhance their brand by adapting to greater employee expectations, a growing interest in the gig economy, and an increasingly diverse workforce
This is creating an important opportunity for brokers to increase their relevance by positioning themselves as holistic workplace experts. By addressing benefits issues in a more comprehensive way brokers can enhance their strategic value by offering proactive, adaptive solutions that help clients navigate the changing workforce.
Shift from the "What" to the "Why"
Brokers' concerns line up with those of employers, with rising costs, compliance and the need to offer sufficient coverage topping the list. This shared point of view is an important starting point for brokers to advise their clients across the entire benefits experience.
In addressing these top concerns, brokers have an opportunity to go a step further, shifting the focus from the 'what' to the 'why'. Connecting benefit strategies to the client’s top objectives of retention, satisfaction, and productivity allow brokers to elevate the benefits recommendation conversation to the bigger picture of business objectives.
Drive value through benefit recommendations
Many employees want different benefits than those currently being offered by their employers. Brokers can advise employers on options that better align with employee interests by recommending forward-looking, creative solutions like non-medical and voluntary benefits. These benefits can adapt to employee's changing needs and fill the gap in medical coverage. In particular, recommendation of accident insurance, critical illness insurance, cancer insurance, and hospital indemnity insurance is on the rise in recent years.
Close coverage gaps
Broker recommendations and employee interest in non-core benefits outpace employer adoption. Why? Brokers believe 65% of employers fear the effort of implementation. Brokers have an opportunity to add value by becoming an advocate for the employee, recommending appropriate solutions, and even taking on part of the burden of implementation.
More than 60% of employers are increasingly concerned about managing benefits administration, a noticeable uptick from 55% just a year ago. As customization and variety in benefits become increasingly popular, employers' concern about managing benefits will likely continue to rise — and with it, an additional opportunity for brokers to provide value.
MetLife's latest report examines these opportunities and more. For more findings and insights related to the broker's role in the evolving workplace, download the full report here.