Understanding Benefits Technology and Best Practices Presented By: Tim Purkis VP, Sales & Marketing...

Understanding Benefits Technology and Best Practices

Presented By:

Tim PurkisVP, Sales & Marketing

© 2013, National Association of Health Underwriters • www.nahu.org


Agenda

• Industry Climate

• Benefit Administration vs. Other Platforms

• Your Clients’ Current Environment – The Opportunity

• How it Works – Technology and Terminology

• Which Clients are a Good Fit?

• How to Select the Right Partner – Questions to Ask

• Success Stories

• Q&A


Industry Climate

“TIMES THEY ARE A-CHANGIN’”

• Increased competition in an uncertain economy

• Increased pressure on brokers to add more value

• Payroll providers as benefits brokers


Industry Climate

PAYROLL INVASION

• Paychex has been the most aggressive; building its own benefits brokerage practice with 95 licensed agents throughout the US.

• Ranked #30 in the list of largest brokers

• Paychex recorded $1 Billion in insurance premiums and $42 Million in Health & Benefits Insurance Revenue in its 2011 Annual Report.


Benefits TechnologyWHAT’S THE DIFFERENCE?

Enrollment Only Carrier Portal Ben Admin

Initial Enrollment

EE Benefit Portal

Ongoing Reporting

Qualifying Events

EE Status Update

Billing Reconciliation

New Hires

Terminations


How it works…

Export FilesPre-Filled

EnrollmentForms

Any 3rd Party SystemCarriers3rd Party

AdministratorsPayroll VendorsHRIS Systems

Corp Accounting Systems

Other

Company Data

Employee Data

BenefitsData

HR Admins

Employees and

Dependents

Broker or TPA


HR People Need Your Help!

Recruiting

Training

Retention

Benefits Management

Employment Law Compliance

Conflict Resolution

PPACA

Organization Development

Team Building

Compensation

Leadership

Vendor Management Payroll

Insurance


Reducing HR Overhead

• Employers must manage:

• Ongoing benefits changes throughout the year

• Life events that effect coverage status

• Rate changes based on age

• And much more!

• Employers are required to understand these events and complete the necessary changes in a timely manner

• Manually administering these tasks range from $12-$45 per task

Source: CFO.com


Which Clients are a Good Fit?

PRE-QUALIFY WITH SOLID FACT-FINDING

• Group Characteristics

• 100+ Employees• Tech Savvy• Number of Locations• Multi-Lingual• Turnover Rate

• Current Benefits Administration Practices• Manual or Automated HR Processes• Time Spent on Annual Enrollment • Voluntary Participation Rates


Selecting the Right Partner

DO YOUR HOMEWORK!

• Easy to work with – broker-friendly

• Accommodates all group sizes (e.g., sub-1000)

• Offers a variety of carrier connections

• Technology & Industry experts with in-house developers

• Quick and reliable Implementation time-frame

• Implementation provided or self-implemented?

• Flexible and customizable – able to handle complex groups


DO YOUR HOMEWORK!

• Secure Environment (e.g., vendor has completed an SSAE 16 Audit)

• Transparent

• Improves Participation

• Health Care Reform Compliant

Selecting the Right Partner


Enhanced Communication

DECISION MAKING TOOLS TO DRIVE SALES

• Case Study - Allstate Critical Illness

• Avatars spoke French and Spanish to describe Critical Illness

• Avatars were played 525 times

• Results:

• 30% enrollee increase

• 38% premium increase


Enhanced Communication

Hello! Hola! Nǐ Hǎo! Ciao!


Benefits TechnologyBENEFITS ADMINISTRATION AS A COMPETITIVE STRATEGIC ADVANTAGE

As enrollment technology continues to become the norm, affording employers reduced overhead and efficiency, brokers can solidify their relationship with their clients by offering enrollment as a competitive and strategic advantage.


Best Practices SummarySET YOURSELF UP FOR SUCCESS!

• Know your benefits technology options

• Ask the right questions

• Pre-qualify clients

• Pre-qualify vendors

• Choose the right option for your client

• Partner with an expert – let them handle the technology


Benefits Technology Best Practices

QUESTION & ANSWER

For additional questions, please contact:

Tim Purkis

VP, Sales & Marketing

(916) 421-4000 x1020

[email protected]

Understanding Benefits Technology and Best Practices Presented By: Tim Purkis VP, Sales & Marketing...

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