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MetLife executive says group benefits brokers must evolve
MetLife’s Tadros links broker pressure to rising healthcare costs, increased transparency scrutiny, and employer demands for benefit design and ROI guidance.
Rising healthcare costs are squeezing employer budgets and new transparency rules are sharpening scrutiny of broker compensation, putting pressure on group benefits intermediaries to prove their value, MetLife’s Tadros told Insurance Business Benefits.
Ram y Tadros, regional president of MetLife’s US business and head of MetLife Holdings in New York, said the biggest shift is not only in commission structures, but in what employers want from brokers and advisors as customer expectations change.
He said employers are moving beyond simply finding the cheapest coverage, and instead want help designing benefit programs tailored to each organization and evaluating the ROI in their specific context.
Tadros described the challenge facing group benefits brokers as spanning two pressure points, including a demand for deeper consultative expertise at the upper end of the market.