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Follow on Google News | Insurance Brokers - Succeeding and Profiting in 2013 & BeyondPPACA and Disruptive Industry Changes Provide Challenges and Opportunities for Employee Benefit Brokers
By: BenefitPlace.com / BPTradeShow.com Health Coverage Voluntary/Worksite Plans Ancillary Plans and Services Changes in Plans, Programs and Services offered will be required. PPACA/ Most of the media and dialogues to date have focused on issues related to compliance with PPACA! It is our position at BenefitPlace.biz and BPTradeShow.com that while Brokers must understand and be diligent about assisting Employers, Employees and Individuals with compliance and PPACA, their success and profit resulting from working with Clients will be the result of other components. These include: Focus On Offering Value-Added Services - Becoming the Trusted Advisor to Employers, Employees, Individuals and the Families involved. Offer Employers, Employees, and Individuals Strategies and Solutions for dealing with PPACA. These include: Access to Private Exchanges; Creative Plan Designs including: Self-Funding; Integrate Compliant, Existing Plans, Programs, and Services with New Opportunities available under PPACA guidelines. These should include: Federals and State Exchanges, SHOP Plans for small Business, Tax Credits, Subsidies, and more. Offer a Broad Spectrum of Plans, Programs, and Services available utilizing the Best-of-Class Carriers and Providers to meet the needs of Employers, Employees, and Individuals within their price-points. Many compliant opportunities should be considered by the Broker. These include: Health Related Plans -Traditional Health Plans, Self-Funding, HDHPS/CDHPs, HRAs, Limited Benefit Plans, Concierge Services, Telemedicine/ Take Advantage of Tax-Advantaged Opportunities to assist in reducing costs while increasing the participants ability to mitigate risk. The following should be considered for utilization: Focus on Empowering the Employers; Employees and their Families; and Individuals/ Utilize Technologies to Assist in the Education, Communication, Enrollment and Data Management Processes. Affordable technology takes the burden out of the Insurance and Benefits decision-making process by structuring and implementing appropriate and efficient Enrollment Capacities. Depending on the size, industry, and desires of the client, these methods should be conidered: Paper; Face-to-Face/ Restructure Revenue Sources to include both Commissions and Fee Based Revenues. Commission from traditional Health Plans have been reduced or are disappearing. Voluntary/Worksite and Ancillary Plans are a great opportunity to for Brokers too increase revenues and better meet the needs of Employees and Individuals. A shift to Fee Based Platform will assist in paying for the value-added services required in this new marketplace. Employers, Employees, and Individuals are accustomed to paying fees for many other services, these include: Legal, Accounting, Tax Services, Financial Planning; Investments; Create Strategic Alliances with other professionals to provide Employers, Employees, and Individuals (including families), a broader spectrum of services. The following should be considered: TPA Services for Employers; PEO or ASO Services for Employers; Payroll Services; Income Tax Preparation; Focus on Delivering a Verifiable ROI (Return their Invested Benefits/Insurance Dollars) to Employers, Employees, and Individuals. In addition to the above, Brokers must streamline operations, become more efficient, and reduce wasted expenditures while at the same time becoming more effective to preserve scarce financial resources. Areas of focus should include: Utilization of Emerging Technologies! Outsourcing or Partnering to Deliver Client Services! Optimize and Revamp Websites - including Landing Pages - to attract visitor traffic. Websites should not be a Billboard in the Desert! Reducing Wasteful, Inefficient, and Unproductive Outbound Marketing, including: Printed Media Advertising; Increasing Inbound Marketing Efforts - Effectively utilize the Power of the Internet, Search Engines, Social/Business Media, and SEO. With a minimal investment of dollars - but with consistent and persistent efforts - Qualified Clients will knock on the Brokers doors if they want and need the Plans, Programs, and Services Offered! Even if the Broker can deliver all of the above 10 components and change their focus, they must be able to reach-out and let Clients and potential Clients know they have the capacities. Inbound Marketing will Deliver with a Verifiable ROI to the Broker! For more information about any of the above topics, Email max@benefitplace.biz or Call Phil - 216.577.5579 End
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