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Times are Changing

Pagers and fax machines are long gone. Email has surpassed mail and even the telephone. The Internet has even prompted Playboy magazine to put the clothes back on.

Insurance brokers are the latest target.

Giant technology companies like Zenefits are redefining the insurance business by providing administration software in return for the rights to become the Agent or Broker of Record. The sales pitch is attractive: put administration online with our free technology, but let us have your insurance client book. Many companies are listening.

And, if something isn’t done soon, brokers will soon join pagers and faxes in the history books.

HR Studio is a cloud-based administration platform that brokers can use to fight this new reality and maintain the status quo. Brokers can provide it to clients -- and keep their clients, too.

For decades, insurance brokers have provided the personal care that has made clients feel safe and protected. Broker-client relationships are based on first names and, if not exactly a handshake, then deeply established trust. The traditional broker is the expert: he customizes health insurance coverage for individual clients; she takes care of the invoices and the payments; he explains the nuances of a life insurance policy; she is the expert in employment laws. Brokers are part of the company foundation, high on the CEO’s contact list, and put a lot of the resources into the human resource department.

But business is changing.

Now small- to mid-sized companies are being asked to reconsider this relationship and technology companies are morphing into brokers. They openly admit that they will not offer the personal attention of a traditional broker. They use a wholesale approach and video conferencing. Perhaps that will work for some companies; but it won’t for many, especially those that are growing quickly and require personalized flexibility.

Competition has existed forever. A bottle of scotch or a pair of tickets to a football game was often an effective way to win and keep clients. But how do you compete with a technology company that provides a multi-level management platform for free?

The answer is HR Studio and its software.

Remember: Not long ago, travel agents were respected parts of the business community: they, too, established personal connections, used their expert knowledge to provide the best coverage, and took care of the payments. Now they are gone.

Click here for more information about HR Studio or to request a demo.

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