"Dealing with Employee Benefits in 2013 and Beyond! The Problem - The Times They Are A Changing! The Question - Are You?"
By Philip W. Eide, President of BenefitPlace.biz and BPTradeShow.com
The World of Insurance and Benefits is changing for all parties - the Brokers, Carriers, Service Providers, Employees, and Individuals. To stay in business and remain profitable, Agents and Brokers must position themselves as informed Trusted Advisors providing Strategies and Solutions. Most Employers, Employees, and Individuals are looking for Sound Advice combined with Value Added Services.
The Problems Agents and Brokers face include:
ñ PPACA is here to stay and Health and Human Services (HHS) continues to roll-out Regulations and Guidelines.
ñ Traditional Health Plans are being replaced by Qualified Health Plans (QHPs) including the Essential Health Benefits (EHBs).
ñ Commissions on Health Plans are disappearing.
ñ Renewals from existing accounts may be gone.
ñ Greater administration and reporting may be required with less compensation.
ñ Individual coverage for health Insurance is in greater demand and may need to be blended into the Employee Benefit Plan Design.
ñ There is a lot to learn withlittle time. Traditional expertise is becoming obsolete.
ñ Existing and potential clients are worried! They have many non-traditional questions!
ñ Employers, Employees, and Individuals are looking for Solutions and Strategies that do not fit traditional models.
Here are some of the questions you should be considering:
1) What are you doing to prepare your organization for the changes created by
the PPACA/Obamacare driven markets?
2) How are you going to help your clients prepare their organizations for
the required changes under PPACA/Obamacare?
3) How are you going to replace lost revenues?
4) What are you doing to Build Trust and Add Value with current and potential clients
when marketing your organization?
5) Are you discussing the Problems and providing Solutions?
6) What internal Organizational Changes will you need to make to meet new
7) Are there Strategic Alliances that would strengthen your marketing efforts?
Here's a Short List of Actions that may improve your position in 2013 and Beyond:
A) Learn as much as possible about PPACA and the HHS Guidelines.
B) Become aware of the PPACA Timelines and their Changes.
C) Thoroughly understand the set-up and role of Federal, State, and Private Exchanges
(now referred to as Marketplaces by HHS).
D) Prepare to discuss and offer Private Exchange (Marketplace) options.
E) Gain an understanding about Defined Contribution Models for Benefit Plan Design.
F) Prepare to discuss and offer Defined Contribution Plan Designs.
G) Shift from being sales oriented to becoming a "Trusted Advisor".
H) Consider a shift to a Fee Based compensation model.
I) Gain a greater understanding of the Voluntary and Ancillary Benefit markets to better
serve Clients and replace lost revenues.
J) Partner with professionals or gain the capacity to offer: Employee Education,
Communication, Enrollment, and Data Management.
K) Begin a shift to Inbound Marketing taking advantage of the Power of the Internet,
Search Engines, Social/Business Media, and SEO.
For more Tips and Ideas - Visit www.benefitplace.biz
or Call 216.577.5579