As the U.S. economy tries to regain its footing, healthcare reform initiatives are heating up. Both pose interesting challenges for insurance agents and brokers.
Clearly, the effects of the economic downturn are broad. Clients feel pressure to reduce expenses, and they often cut staff. Some merge or close shop altogether. Many barely hang on. At this critical time, agents and brokers must focus on what will help client businesses and their people.
Bill Jeatran, Assurex Global chair and CEO of Minneapolis-based RJF Agencies, is doing just that. Bill’s agency, an Assurex Global firm known for innovation since its formation more than 20 years ago, continues new ideas, but with a twist. This year, RJF redoubled its efforts to bolster in-force offerings. New program development continues, but the context has been refined.
Greater planning uncovers what is most effective for clients. This, plus a "less is more" awareness, lets the agency take on certain initiatives and forego others, directing investments to where returns will be greatest.
Agents and brokers are concerned with returns on investment throughout their operations. Assurex brokers are acting on this. They tap technology to cut expenses and use collaboration software for Assurex-related interactions and client communication. Their global businesses are up, driven by market needs and facilitated by technology. There’s also more interaction between our North American brokers and those in other regions.
Assurex Global partners are doing well. Not bound by quarterly Wall Street expectations, some are experiencing up to 15 percent organic annual growth. They’re still hiring, but at a somewhat slower pace than before.
Agents also focus on the uncertainty surrounding healthcare reform. While they expect change, they’re confident that Americans won’t stand for anything too dramatic. These brokers are staying informed, exploring options—from building out wellness capabilities to mapping out strategies around captives—and lobbying.
First and foremost, though, they’re doing what every independent agent and broker should be doing: delivering superior service and counsel to businesses and advocating on the behalf of clients.
History tells us economies rebound, with or without reform. Through it all, customers look to independent agents and brokers to protect their lives and businesses. Responding is our overriding concern; it serves clients well today and positions us as partners tomorrow.