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Employee Benefit Professionals · 2012-03-12 · • Increase Your Client Retention • Explode...
Transcript of Employee Benefit Professionals · 2012-03-12 · • Increase Your Client Retention • Explode...
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Integrating Human Resource Outsourcing Services as Part of Your Agency Offering
Employee BenefitProfessionals . . .
WINDOW of OPPORTUNITY
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This Presentation is Brought toyou by . . .
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EXPLODE YOUREXPLODE YOUR““BOTTOM LINEBOTTOM LINE””
PROFITSPROFITSINCREASE YOURINCREASE YOUR
RETENTIONRETENTIONINCREASE YOURINCREASE YOUR
REVENUEREVENUE
TheThe
of this presentationof this presentationis about integrating is about integrating H. R. OutsourcingH. R. Outsourcingsolutions designed to . . .solutions designed to . . .
FOCUSFOCUS
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• Multiple Lines of Coverage Offered • P&C, Benefits, Financial Services, Risk Management• Commercial and Personal Lines• Trained, Licensed, Professional Staff• Extended Evening and Saturday Hours• Convenient Toll-Free Number• Emergency Number for 24 – 7 – 365 Contact• Years of Combined Experience and Expertise• Representing ALL Major Carriers• In-House Claims Department
Ask yourself . . .Ask yourself . . .
Are TheseAre These
Features & BenefitsFeatures & Benefits
of Your Agency?of Your Agency?
METOO
METOO
METOO
METOO
METOO
METOO
METOO
METOO
METOO
METOO
METOO
METOO
METOO
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Our Agency Offers HR OUTSOURCING
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to focusing on providing multiple
solutions to meet all of their client’s needs while staying within
their client’s budgets
IS HERE
in this new market dynamic the successful
agent/broker will be challenged to move away from simply
selling insurance . . .
ItIt’’s time tos time toCCEPT CHANGEAAHART A COURSECC
AKE CONTROL OFYOUR FUTURE
TTIt’s time to become the
“FEARED COMPETITOR”
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• 11.5 Million Businesses in the U.S. - 39% Outsource Payroll Processing• That Represents Approximately 5,000,000 Businesses• Outsourcing is Sought After Primarily by Small to Medium Size Businesses • (Defined as 1EE to 5,000 EE’s)
• This Demographic Represents 80%+ of the “Typical” Agency Client Profile
Prior to 2009 This Was the Payroll Processing Marketplace
In 2011 and Beyond - There Will Be an Explosive Growth in Payroll Processing and Other HR Outsourcing Tools Due to . . .• Health Care Reform
– 10 New Auditing and Reporting Functions– Manage Data to Assure Correct Information Being Reported– Recommended Solution - Payroll Processing
• The Economy – Taxes • Increases in Payroll Based Taxes and Assessments• Multiple Changes per Year to Rates, New Assessments, etc.• Need to Stabilize Cash Flow• Recommended Solutions - Payroll Processing, Tax Credit
Audits, Unemployment Insurance Audits. Cash Flow WC
• Increased ERISA Compliance and Enforcement– Provide the Employer with Credible 3rd Party
Documentation for Employer’s Affirmative Defense– Recommended Solutions - Payroll Processing,
Dependent Eligibility Audits
• Increased FLSA & FMLA Compliance & Law Suits– Provide the Employer with Credible 3rd Party
Documentation for Employer’s Affirmative Defense– Recommended Solutions - Payroll Processing,
Time & Attendance
Ask Yourself . . .
Is This Your Current Agency Client Profile?
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What Does it Mean for Payroll Processing & HRO Growth. . .
• Market Sales Growth– $6 Billion in New Additional Spending and– $4 Billion in Spending to Replace “Outdated” HR Technology
• Market Penetration Growth – Payroll Processing– From 39% to 70% Penetration - 5,000,000 to 8,000,000 Businesses
What Does it Mean for You. . .• An Opportunity for You to Capitalize on this Explosive Growth
• Develop New Revenue Streams – Grab a Piece of the $6 BILLION in Spending
• Increase Your Client Retention
• Explode Your “Bottom Line” Profits
• Re-Invent Your Self/Operation – Become Your Clients Trusted Advisor You Now
Have a New “Unique Value Proposition”
• Re-Connect With Your Clients – Tell Them About Your New Unique Value
Proposition Through Marketing Campaigns, Social Media Outlets and Through
Direct Client Contact, etc.
$$$$
$$$$
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82%
18%
We Conducted a Nationwide Survey of Agents and Brokers on the . . .
Importance of Payroll Processing for Employee Benefits And Property/Casualty (Workers’ Comp) AdministrationPoll Conducted by TSI Nationwide from 08/01/10 to 09/15/10 500 Agents & Brokers Responded
Is Payroll Processing Important to Work Comp Administration?
75%
25%
Do You Currently Offer Payroll Processing to Your Clients?
8%
92%
Do You Currently Offer Payroll Processing to Your Clients?
Is Payroll Processing Important to Benefits Administration?
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Hmmmmm . . . so if i integrateHR Outsourcing as part of my agency offering•I’ll Stand Out From the Competition
•I’ll Become the “Feared Competitor”
•I’ll Have My Own “Unique Value Proposition”
•I Can Increase My Revenue
•I Can Increase My Retention
•I Can Grow My Profits
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How HR Outsourcing can benefit Brokers & Agents…
Voluntary Benefits•Payroll provider can deduct, reconcile & remit payments to carrier•Client never sees a bill•New hire reporting makes re-works much easier•Gathering information to populate laptop enrollments much easier•Multiple deduction slots not an issue, making best in breed offering
Pay as you go Work CompEliminates large down paymentsAnnual audits are a breeze
401k adminFees are spread out over the course of 12 monthsPayroll company uploads contributions
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401k adminFees are spread out over the course of 12 monthsPayroll company uploads contributions
FSA & COBRA Administration
How HR Outsourcing can benefit Brokers & Agents (continued)…
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How HR Outsourcing can benefit insurance carriers?
•Premium reconciliation & remittance•Facilitates better census data to price products most competitively•Allows career agents to drastically increase their income from each closed account.•Carriers can develop a hire to retire relationship with employees.
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Thank You Raymond A. DiDiaThe Team Solution, Inc.888-661-7297 Ext. [email protected]
Doug SnowmanPayPlans & Benefits, Inc.508-457-0333 [email protected]
Jim McSweeneyDavinci [email protected]
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