By Kristen Chawla
Initially, Obamacare was seen as a major challenge to broker portal system, and was supposed to take away the business and lead to a drop in the number of jobs available in the insurance, and general, industry. However, the recent trends have been speaking something else altogether. Due to the innumerable problems in the Obamacare marketplaces, insurance broker portal of major players in the industry has been experiencing a surge in business. So, what are the brokers doing in this situation? Well, they are capitalizing.
Insurance broker websites understand that the average customer does not understand the PPACA much, and definitely needs all the assistance and help he can muster. Through their insurance broker software, agencies are working to break down the law for customers and help them go through the system. Since the U.S., government has allowed brokers to make use of the federal and state exchanges for helping people enroll in subsidized plans; these brokers are a legitimate, helpful way of buying insurance.
It is projected that by 2014, nearly 7 million people will purchase insurance through federal, state, and private exchanges. By the time, the employer mandate kicks into picture and employer portal opens up for various businesses around the country, these broker portals would serve as a medium for existing employees of businesses that are not offering insurance. Since brokers expect problems to increase in the future and require a constant need for assistance in a convoluted marketplace, they want to be ready to assist customers and tap the market.
Through the insurance broker portal, several top firms are running advertisement campaigns and marketing efforts to grab a chunk of this market. Broker associations, such as that of Connecticut Benefit Brokers, are holding press conferences and using the government backup as leverage to attract more customers. Since the insurance broker websites can help qualified enrollees estimate and claim subsidies, they are receiving a lot of traffic, especially of people who have repeatedly failed in making use of the healthcare.gov website.
Other than the advertisement programs, several broker firms have gone on a hiring spree. Firms are hiring more associates for helping them deal with the increased demand. For instance, GoHealth, a popular firm in Chicago, hired 650 new brokers in 2013 to meet the demand. Since the initial stage enrollment would see the most action, firms want to be ready with knowledge, manpower, and coverage. However, in this windfall of opportunities, there will be a lot of misinformation, and firms that tackle this aspect are going to benefit the most.
In the next couple of weeks, broker portals are going to push for licensing their brokers through mandatory training classes and certification exams for complying with the law before offering insurance. It is evident that the stalwarts of the industry understand that business is booming, and they want to be ready. By 2014, it will not be a surprise if insurance broker websites become one of the most popular properties on the internet.
Author is a well known authority on broker portal in the US. He is currently looking to expand his expertise in broker portal and employer portal available.
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