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Broker Evolution: Are You Ready?

By LIMRA on May 2, 2022 1:15:00 PM

Employee benefits brokers have served as a long-standing bridge between carriers and their clients. Many employers value working with a trusted benefits professional to help navigate a daunting array of oftentimes similar options. While well established, the broker-employer relationship is evolving at a rapid pace.

LIMRA recently partnered with EY to better understand the future direction of the workplace benefits industry. The research explored the perspectives of key stakeholders in this segment (i.e., employers, employees, brokers, and technology providers) and found that while brokers are still highly regarded, their role is rapidly shifting from a sales-focused, transactional business model toward one that is more consultative in nature. We expect this shift to accelerate over the next five years as several environmental trends driving this change continue to unfold.

Topics: Benefits Group & Employee Benefits Voluntary Benefits Research/Trends Potential Partners for Advisors