The Insurance Industry is Passing the Torch to ICHRA

Reminiscing of where it all started. How did I get into the benefits industry? I was a broke professional snowboarder, with a college degree. My dad was eager for me to get a job and use my college degree. The life of a snowboarder was epic, but that day, I had $6 in my bank account. A close friend had a job for me, "answering the phone" and I took it. $18K a year, A few days later, my dad noticed I was looking at jobs. He asked me why. I said, "I never want to work in the insurance industry, it's boring," and he said, "They are not hiring Presidents today, so keep with it, son."

For those of you just joining the insurance industry, I can tell you today, it was worth every minute. Many days, I would be snowboarding or golfing with clients or attending fancy insurance carrier events, and think of the day I started and, somehow now, 20+ years of experience and the fun I have had. I even met my wife, Nicole, my business partner and the smartest person in ICHRA.

Recalling the first "enrollment meeting" I conducted, I was reprimanded for wearing flip-flops, but oh well as its funny today. I was working for a health insurance co-op, where I met many people who became lifelong friends. It was a cool, culture, mission-driven about health insurance, out to solve the injustice of health insurance cost. If I look at the success of those individuals today, my heart is so proud to have worked alongside these amazing people. The success of a few special ladies who were my account executives are now leaders at IMA, WTW, Brown & Brown. I was lucky as a producer to have the most fantastic team. Thankful!

In 2010, I worked with a growing insurance agency. We could not hire the people with the skills we needed. It was an industry problem. It was apparent that the younger generation was not looking to the insurance business as a career. The image of a guy sitting at the kitchen table selling life insurance did not appeal to anyone.

Many insurance professionals found themselves in insurance by "accident", like me. Others planned all this for a career. Regardless, it's been a good gig!

A few years ago, I learned about the Health Rosetta team. I was proud to see the curiousness of these folks. They stoked the industry to think about self-insurance and the hidden cost that has been embedded in the system for years. Credit to your Rosetta folks who gave a new energy to insurance!

This year, I noticed a monumental change. The ICHRA industry is young and full of energy! They see that their work today sets the framework for the next generation of health insurance. It is a bipartisan crowd, in fact, the type of energy of making things better for the next generation.

If you are in the insurance industry or have been for a while, take note of the ICHRA generation. These are leaders with vision who came from something other than the staunch insurance industry. They are a new generation from technology, payroll, and many other industries. The convergence is here. The insurance industry just got turbocharged by the ICHRA crowd. The swagger is different and fun, too! Maybe we stoked it all back in 2020 with our Dancing Yeti, as Insurance has some great mascots.

Kudos to the new industry of leaders! I can feel the energy of ICHRA stoking the industry.

Since 2020, I have been 100% focused in the ICHRA industry. As www.ichra.shop is NOT an ICHRA administrator but a broker's broker, a GA for ICHRA, and consultants to large employers. We have had a good view of each vendor in the new industry. We have witnessed the technology changes over the past few years, which are generated by bright minds who think things can be better. They are curious and eager to move the bar of health insurance. Wow! This is a cool time to be in the industry!

Will the energy of ICHRA impact "The Other Side of the House," the Property and Casualty market? This is a parallel universe to the employee benefits industry. We believe the answer is YES. We will see a convergence of the markets due to ICHRA. Even 401k advisors are now talking about ICHRA, as it is the 401k of health insurance. Why, ICHRA is fun for everyone as we all love choices versus a one-size-fits-all health care system.

One day, perhaps soon, I will be sitting on a beach in Hawaii, not thinking about insurance anymore. On that day, I will feel a smile as I think that the next generation has taken the torch from me. My mission to solve health insurance and change the system is in good hands with this crew. I will feel okay passing the torch to the next generation.

I will raise my glass now and say cheers to all of you who have stoked the fire in the insurance industry. You know who you are! You create my energy every day - Thank you!

But I still have work to do. The game is still on, and my passion is ignited by working alongside the smartest minds—people with a focus on changing the status quo. We are getting close to fixing health insurance with ICHRA folks. A solution we can all agree does not suck!

Open enrollment time is cresting like a wave. A bigger wave than the past four years. ICHRA is the wave we ride, and we encourage employers and brokers who to lean into ICHRA to Catch the Wave of ICHRA. I hope to see more brokers and employers paddle out to ride the new wave of ICHRA with me this year.

Brad O'Neill is the co-founder of The ICHRA Shop. If you want to learn more about ICHRA or gain a better understanding of the choices of ICHRA administrators, please reach out to www.ichra.shop Email: [email protected] or call 303-903-2054