85% Brokers are not using using a Benefits Marketplace

We conducted a broker survey reaching out to half a million licensed insurance professionals to understand their viewpoints on how they are using or not using technology.

We received responses from over 10,000 brokers.  85% of the brokers surveyed are not yet using a marketplace.

broker-benfit-marketplace

Broker Benefit Marketplace Survey Report

Although the adoption of this concept has been slower than expected for a multitude of reasons, we are now at the tipping point and adoption of the private marketplace concept is ramping up.

A marketplace by our definition offers an “exchange-like” shopping experience but operates as a benefit administration platform.  The business rules around carrier options are still applicable, typically one medical carrier with several plan options.  The marketplace can offer multiple ancillary voluntary and specialty benefit options such as voluntary life, critical illness, hospital indemnity and the like.  A marketplace provides the broker and their clients a streamlined shopping, enrollment and administrative process.

Although the adoption of this concept has been slower than expected for a multitude of reasons, we are now at the tipping point and adoption of the private marketplace concept is ramping up.

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