At the 2024 BenefitsPRO Broker Expo in Denver, CO Wellfleet Workplace had the opportunity to gather valuable benefits brokers insights at their ‘Broker’s Imperative’ session.
As a modern voluntary benefits insurance carrier, Wellfleet is hyper-focused on enhancing the value chain for brokers and our mutual clients and understands the necessity for improved processes and technology.
The session involved engaging with the audience and discussing common pain points for clients, as well as how brokers can collaborate with carriers to improve these processes.
The feedback received through live surveys and word clouds echoed the persistent challenges faced by brokers and their clients when interacting with benefits carriers. Of note, the top 3 pain points noted by the crowd were billing, installation and enrollment, and quoting, rating, and underwriting.
Real-time survey results for top broker and client carrier pain points:
Survey response to the following question: What are the most significant pain areas for you and your clients when dealing with Benefits Carriers?
Key broker feedback: billing still isn’t going well
Diving into their feelings on billing, the benefits broker audience was asked to provide one or two problematic areas that come to mind. Here is a word cloud that shows their responses:
Survey response to the following question: Thinking about billing, please indicate one or two problematic areas that come to mind.
When revisiting the feedback on billing from the attendees, it can be summarized as follows:
- Incorrect: Frustration with encountering incorrect information in the billing process, leading to subsequent challenges in rectifying these inaccuracies.
- Missing detail: Important details omitted from billing cause confusion and additional work to reconcile.
- Inaccurate: Inaccuracies in the billing process create a substantial burden for brokers and their clients.
- Reconciliation process: This helped convey the overall sentiment of dissatisfaction with the proficiency demonstrated by some carriers in managing the billing procedures.
Addressing the persistent pain points
The feedback from the BenefitsPRO Broker Expo serves as a reminder that billing remains a top pain point for brokers and their clients. Despite advancements in the industry, the challenges of incorrect, incomplete, and inaccurate billing persist, affecting the efficiency and satisfaction of all involved parties.
At Wellfleet Workplace, we understand the significance of these challenges and are committed to addressing them head-on. Our focus on accuracy, timeliness, and client-centric billing options reflects our dedication to providing a seamless and reliable billing experience for our partners.
As we continue to innovate and improve, we remain attentive to the feedback from industry professionals and are helping to elevate the billing experience for brokers and their clients.
Learn more about the current state of voluntary benefits billing and how Wellfleet Workplace is taking steps to improve the billing process for benefits brokers and clients.
WB-CI-MAY-2024-7
