Many insurance brokers have a dismal view of their industry's future viability, as economic trends and health reform appear to reduce their demand, a survey by Aflac has found.
About 45 percent of the 300 brokers polled in the Aflac WorkForces Report said they are considering leaving the health insurance business entirely, and about 50 percent said they are only "somewhat confident" about their firm and industry's future.
The survey, conducted by Research Now on behalf of the supplemental and life insurance giant Aflac, also found that about 30 percent of brokers are concerned about remaining relevant to their clients and that only 15 percent have full confidence in the future of their business and industry.
To some extent, though, those feelings may be odds with the desires of some employers and employees seeking help navigating complex health benefits and regulations, Michael Zuna, Aflac's EVP and chief marketing officer, said in a media release.
The survey also polled about 1,880 human resources leaders making benefits decisions and some 5,300 employees. About 75 percent of the employees said they would "at least somewhat agree" that brokers can help them better understand the details of health insurance policies, and about 35 percent "strongly" agreed with that sentiment.
The "smartest agents and brokers will seize upon healthcare reform as an opportunity to even further demonstrate their value and encourage employers to satisfy workers' expectations and needs when it comes to benefits education," said Zuna, who worked at the global advertising firms Saatchi & Saatchi and Ogilvy & Mather before coming to Aflac in 2009.
Aflac itself works with some 70,000 insurance brokers and agents. The workforce report and survey, looking for other opportunities that brokers might capitalize on, also found that 55 percent of employers have done little or nothing to prepare for Affordable Care Act-driven changes in insurance and healthcare. And about the same percentage rated their HR staff as "very knowledgeable" about their benefits programs, but just 27 percent brokers agree that that's case.
Meanwhile, about 80 percent of brokers are recommending tailored benefits packages -- something 92 percent of employees polled would be interested in, but only 38 percent of employers are offering.