The days of personal meetings and house calls are long gone. Things in this era operate much differently. When someone goes looking to fill a need, the first thing they grab is their mobile phone and do a web search for the answer. It’s no different with health insurance options. Small businesses are no longer meeting with insurance agents to discuss things in a traditional way. Instead, they shop for competitive rates online.
According to Matthew Josefowicz, Managing Director of Novarica, “Small business insurance is about to change from the being the kind of thing you buy with the consultation of an agent to something they buy online or through a 1-800 number.”
The truth of the matter is that survey data is optimistic for those seeking more affordable options. Early adopters to this revolution have expressed much success with online insurance options. From the data collected, it was shown that approximately 28 percent of small business owners were willing to shop for insurance online. Additional surveys by a study from Deloitte nearly double that percentage.
By cutting out the middle man, small business owners are finding that the traditional model of buying insurance may have been flawed – but the security of having a local agent explain your policy was what origionally stopped others from jumping ship right away. Previously, when no other options were available, people didn’t have much of a choice, but the ability to shop around has made rates much more competitive.
Josefowicz added later on in the interview that, “The monopoly an independent agent has in insurance market is starting to erode.” The affordable health care act has also helped smaller businesses by requiring more transparency in documentation and legal documents. By providing the masses more understandable health documents, they are now understanding what they pay for – and the coverage’s they receive. Shopping for insurance online doesn’t have to be hard. If you are still unsure whether or not online insurance shopping is for you, call one of our dedicated agents. They will be more than happy to accommodate you.