Employee Benefit Adviser: Who are brokers’ chief competition?

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PlanSource EVP Bradley Taylor was featured in an article by Employee Benefit Adviser. An excerpt from the article is below and the entire article can be found here.

Who are brokers’ chief competition?
Brian M. Kalish
September 20, 2017
© 2017 SourceMedia. All rights reserved.

There is a big concern in the broker community that within the next three years they may be competing with an entity that might not call itself a broker on the surface, a panel of experts said Monday at EBA’s Workplace Benefits Summit.

Sixty percent of brokers think they will be competing with a ben admin platform and 56% an outsourcing platform, Adam Feltes, distribution channel manager, specialty markets at Guardian, said during a pre-conference workshop in Boca Raton, Fla., citing his company’s data.

Although brokers fear such a reality, they also know they need help with technology. Sixty-four percent said they need support or help with a ben admin platform, 53% said they need help with payroll integration, 53% with enrollment and 51% with Affordable Care Act compliance.

To find that help, 85% of brokers said they would be looking to a third-party provider for that support, with 38% looking to a ben admin provider, 32% an enrollment provider, 21% a general agent and 17% a private benefit exchange.

But what matters most is being able to meet client needs, said Bradley Taylor, executive vice president of business development at HR tech company PlanSource.


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