Presented By: Robert M. Heffernan, MBA, CFP ® President, Benefits Technologies Partnering With...
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Transcript of Presented By: Robert M. Heffernan, MBA, CFP ® President, Benefits Technologies Partnering With...
Presented By: Robert M. Heffernan, MBA, CFP®
President, Benefits Technologies
Partnering With
Benefits Technologies
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• Introduce Benefits Technologies.• Why supplemental benefits?
– For your client– For you
• Explain our business philosophy & process.• Next steps.
– Pilot program - Success breeds success.– Two pronged approach to your clients.
Agenda
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• Enrollment Solutions Specialists • Over 80 full-time insurance professionals – 22+ years experience• Over 300 contracted Benefit Specialist across the country• 2,000 active client groups across the nation
• Employing over 1.5 million people nationwide• Group sizes ranging from 50 to 130,000 employees• Tools and resources to help employees make informed decisions
Who We Are
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• Our Services– Wide Variety– Partnership with professionals
• Power of Options– No “cookie cutter” approach– Unique circumstances– Specific needs
• Enrollments– What fits best (Business Activities;
Demographics; etc.)– Goal: Educated employees making
informed Decisions• We listen closely to the needs• We assess the whole picture • We offer solutions
• Service and Administration
What We Offer
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By the Numbers:
44% Employer may reduce benefits65% Having enough money to cover
increasing out of pocket costs
Only 25% have 3 month savings cushion
59% Premature death52% Premature death of a spouse
Why Supplemental Benefits?
Reduced benefits Out of pocket costs Premature death Premature death of spouse
44.00%
65.00%59.00%
52.00%
Benefit Concerns
Employee Concerns
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68% Important in managing health care costs
66% Feel they are more financially secure
40% Broader selection of voluntary benefits
43% Interested in working with a benefits specialist
Market Trends & Industry Statistics
Employees Agree Solution – Offer Supplemental Life & Health Protection
68.00% 66.00%
40.00% 43.00%
Employees Agree Supplemental Benefits Offer Protection
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Percentage of employees responding favorably to their benefit package:
Perception is Reality
Those with above average healthcare
benefits
Those with below average healthcare
benefits
With effective benefit communication
83.6% 76.2%
Without effective benefit
communication
25.7% 22.1%
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• Stronger relationship with your client– Protects you from someone else bringing
this to the table– Demonstrates “Full Service” feature of
the BOK
• Referral Revenue*– 250 employee group = $500 - $1,200 in
compensation– 1000 employee group = $1,000 - $5,000*Depends upon participation, products & conditions
What Can This Partnership Do For You?
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• Broker/Consultant Mentality - Objections• Historically core benefit focused
• Belief – many consultants don’t buy into it. Don’t want us diluting the value of benefits
• Healthcare Reform threatens Brokers livelihood
• Health Insurance covers everything medically but not everything financially
• Spreadsheets can be helpful
• Decisions are made based on contractual provisions
• VB products are not mirrors of each other
• Pricing models - voluntary benefits are a poor value – for right or wrong
• Don’t like heaped commissions
• Many consultants like levelized commissions. Need predictable revenue. The way they are compensated doesn’t fit into the traditional VB model.
• Voluntary benefit counselors push too much product on employees
• Billing and administration not worth the headaches – it jeopardizes my client
Brokers and Consultants Barriers to Voluntary??
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The Challenge!
Get past the prejudice, get past the pricing, get past the spreadsheet – and let’s find a solution for your client!
There are millions of ¼ inch “drill bits” sold each year, but nobody wants a “drill bit”; what they really want is a ¼ inch hole!
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unum
• Benefits Technologies• Leading Producer with every major
supplemental benefit carrier• Preferred Underwriting Concessions
• Most Popular Supplemental Benefits• Permanent Life Insurance• Accident• Critical Illness/Cancer• Disability
• Types of Coverage• Voluntary Group – Identical product for all
employees• Individual – State approved product
Carriers & Voluntary Benefits
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Product Mix Analysis
The right product for the right situation• Product Due Diligence• Comparative Analysis • Make use of the total Benefit Marketplace
• Compensate for Increased Employee Cost Sharing
• Reduce Risk Exposure• Provide assistance through it all
Benefit Options
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The Process
System goes offlineReports generated
Reports are audited to safeguard against
inaccuraciesReports are distributed
Benefits Technologies
provides service after the enrollment
for the employer and employees for the Voluntary Benefit
plans(Billing, general
customer service, claims, perpetual enrollments, etc.)
Post Processing & Servicing
Educate employees on the benefits
made available to them
Assist all employees in selecting or
waiving their benefit options
Those choosing to select benefits, will
receive assistance in choosing coverage
levels, adding/changing
dependents, beneficiaries and
personal data
Enrollment
Beta releaseIn-house testing and
validationBenefit Specialists
account trainingBenefit Specialist
software and equipment readiness
checkLive version
launched
Testing & Training
Communication campaign is
developed and executed
Data validation begins
Configuration of the customized
scheduling & enrollment system
Post enrollment files are defined and file
specifications and delivery are outlined
Communication & Construction
Plan activities and required resources
needed for the project
Data requests are executed
Case Profile is developed along
with roles, responsibilities and
project timelineDefinition Document
is developed
Collaboration & Fact Finding
Agreement to offer our services
Initial set-up meeting
Identify client’s specific goals
Review business
driversDefine the
scope of the project
Inception
With our focused experience, we are proficient in executing enrollment projects successfully using our proven 6 step implementation process
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Pre-CommunicationiSelect Enrollment SchedulerScheduling Efficiency Ensures A Successful Enrollment
iSelect Scheduler
• iSelect Online employee scheduling tool• Used with Call Center and Face-to-Face • Ensures efficient scheduling• Minimizes wait/down times• Enrollment date and time sensitive based on
available Benefit Specialists
• Simple login and user interface• Employee freedom, flexibility & convenience• Time zone flexibility• Customizable with logo and scrolling text
communication
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iSelect Scheduler
Scheduling Efficiency
Easy 3 Step Scheduling Process For Your
Employees
Instant Email Confirmation and
Scheduled Reminder 1 Day Prior
Proactive Approach With Live Monitoring & Report Capabilities
Personal Educational ConsultationsThe professional benefit enrollment specialist provides the “missing link”
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The Benefit Specialists
Professionals with high regard to security and confidentiality Benefit education focused Non-commissioned
Making informed benefits decisions without inappropriate “pressure” Technology savvy on the enrollment systems, call queues, communication messaging and various
other tools necessary to complete their job of educating employees
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Privacy and Security
Multi-Layered Approach to Privacy and Security Taking proactive control over the security of sensitive information following HIPAA
Guidelines and beyond
Physical:• Controlled access to facilities• Protected infrastructure and
equipment• Physically separated networks
as appropriate• Use of headsets for
telephonic enrollments
Administrative:•Only licensed Insurance Professionals
• Background checks by state and Insurance Carriers
• HIPAA Compliance and Confidentiality Agreement
•Strict security training• Best practices for data
transmission and storage•Periodic security protocol review
Technical:• Enterprise-class anti-virus and
firewall software• Multiple security zones• Enrollment systems use SSLv3
and 128-bit encryption• Secured software-based VoIP• Encrypted data transmission
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The Power of OPTIONS
Professionalism Our consultative approach ensures that your employees are getting “best-in-breed” benefit programs and that you understand how the programs help your employees
Education Our experienced non-commissioned
benefit enrollment specialists ensure that your employees make educated
benefit decisions for themselves and their families
Customization Our entrepreneurial approach result in unique solutions and custom branding for each client
Proven ProcessOur state-of-the-art-
enrollment/communication strategies ensure that all
aspects of your enrollment are successful from the pre-
communication campaign through post-enrollment wrap
up
Cutting Edge From our front end state-of-the-art enrollment system to our back end technology/data management systems, we use customized software to make sure that we are providing the most efficient and best enrollment process available
Why Benefits Technologies?
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• Pilot Program– Identify suitable clients– Initial Contact
• Use Enrollment Questionnaire• Setup Questionnaire
– Set follow-up appointment with BENTEC representative
• Success breeds success
Moving ForwardNext Steps
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Employee Enrollment• Do your clients have….• a geographically challenging population?
• outdated or missing employee data?
• a self service enrollment system with low utilization?
• Do your clients still…• enroll their benefits on paper?
• manually key in employee elections?
• pay for communication services?
Administration• Are your clients….• paying for ineligible dependents on the benefit plans?
• bogged down with ongoing plan administration?
• having difficulty with new hire processing?
Get into their HeadsTalk Their Language
Feel Their Pain
Advantages Of Offering Voluntary Benefits
Prudential 2011
2008 vs. 2011
2008* 2011** Change
Voluntary benefits often cost less than if you purchase the same benefits outside the workplace 39% 49% +10
Voluntary benefits offered by your company give you access to a wider range of useful benefits than you might otherwise have available
33% 47% +14
I don’t know enough to say 27% 13% -14
*2008 base: Percentage of all plan participants**2011 base: Percentage of plan participants whose employer currently offers one or more voluntary benefit