America's Health Trends
The Increasing Value of Continuing
Education in a Complex and Competitive Market
Staying on Top of Your Game

by Jennifer Walsh and Thad Roake

The business world is changing quickly across many industries and the health insurance industry is no exception. New rules and regulations are introduced almost weekly; new products and services appear and disappear in the blink of an eye; and customer needs can shift suddenly. It can be difficult for even the most seasoned industry experts to keep up in this environment. But there are ways for brokers to stay current and demonstrate their value to clients.

Staying on top of your game requires a focused and constant effort to educate and re-educate yourself about the latest insurance trends, the newest products and services, the economy and its impact on your clients, and the many moving parts of the complex transactions you facilitate. So what’s the best way for agents and brokers to stay on top of the knowledge game in our ever-evolving industry? Here are a few tips that may help.

Have a Focused Education Plan

While it can be tough to find the time, the most successful health insurance agents and brokers have an established, on-going and focused educational plan that targets a few key areas that are the most vital to their particular businesses. Just as a brain surgeon doesn’t spend time focused on heart, liver, and lung diseases, a broker selling primarily small group plans shouldn’t spend a great deal of time trying to keep up with the nuances of the large group marketplace. A targeted education plan will help brokers avoid becoming overwhelmed with new products, regulations, and information. Smart brokers implement education plans that complement the areas that will be most beneficial to their businesses.

Take Advantage of Insurance Carrier Educational Offerings

Some carriers hold free learning seminars around the state or country to help educate brokers on industry issues, emerging products, legislative updates and other important topics, such as health plan operations, network management, customer service, and underwriting. These behind-the-scenes seminars can be extremely helpful to brokers who are new to the field or to those who haven’t brushed up on the back-end operations of the health insurance industry. These workshops often provide continuing education credits that count towards regular CE requirements.

Utilize Technology

Today’s brokers can stay updated and educated using a wide range of exciting new technologies. Industry organizations, carriers, and educational vendors offer classes and programs through webinars, interactive videos, and educational micro-sites to complement more traditional educational meetings. Brokers can also sign up for RSS feeds, podcasts, and free Google news alerts about any topic or company they want. The software does the work and allows brokers to receive real-time updates about the issues that matter the most to their success. Learning about critical information, as it happens, can give one broker a powerful competitive edge over another.

Learn From Your Peers

Peers are a rich source of wisdom, creativity, and information and they can help brokers solve problems in new ways that they may not have considered. Brokers should take advantage of their peers’ experience and their proximity by forming their own network of peers who can meet regularly to discuss real world issues and solutions, lessons learned from the trenches, or ideas to bounce off each other. There is no substitute for the kind of education obtained through a close networking bond.

Make the Most of National and State Organization Resources

Brokers have some outstanding educational resources through national and state organizations, such as the National Association of Health Underwriters (NAHU) and America’s Health Insurance Plans (AHIP). These organizations not only offer a range of CE courses, but they also provide regular educational updates on some of the most significant areas of change, such as regulatory issues and healthcare reform. NAHU and AHIP are great resources for keeping agents and brokers abreast of these regulatory changes. NAHU offers a state-by-state legislative tracking database that shows a breakdown of changing regulations around the country, while AHIP offers state and federal updates. State departments of insurance, such as The California Department of Insurance, also offer state-specific regulatory updates.

Education is the Key to a Winning Strategy

Even the savviest brokers admit that it’s tough to keep up with the insurance market these days. But the moment you let your guard down and stop striving to stay ahead, someone else will reach out to your clients with just the right new solution. Don’t let your competitors outsmart you. Develop a focused education plan; know your customers and their special needs; rely on trusted partners and peers who can help you in those areas where you are not an expert; and take advantage of technology to enhance your education. By applying all of these principles, you can stay on top of the knowledge game and be prepared to provide your customers with the most relevant new strategies today and tomorrow.
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Jennifer Walsh is a partner & senior vice president, Employee Benefits Practice Leader in the San Francisco office of Woodruff-Sawyer, one of the largest independent insurance brokerage firms in the nation. For over 90 years, Woodruff-Sawyer has been partnering with clients to implement and manage cost-effective and innovative insurance, employee benefits and risk management solutions, both nationally and abroad.
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Thad Roake is Vice President of Mid/Large Sector, Northern California, Large Group Business Unit at Blue Shield of California, a not-for-profit health plan dedicated to providing Californians with access to high quality care at a reasonable price. Blue Shield of California is one of the largest provider networks in the state.
They offer a five-day course that examines key health insurance topics and gives brokers insight into the business of healthcare. For more information, visit www.blueshieldca.com.