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Benefits-as-a-Service: Who Wants to Go BAAS Fishing?
Michael McClenahan, GBAManaging PartnerBenefits by Design, Inc.Port Coquitlam, British Columbia
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Agenda
Benefits as a Service (BaaS)A little history trip and current stateHow will BaaS transform the employee benefits industry?What are the threats and opportunities?Taking advantage of the BaaS transformation
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So, what does BaaS look like?
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28 Years Ago
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What was happening in 1991?
• | The end of the Cold War• | Operation Desert Storm
• | Terminator 2 was released
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DEMUTUALIZATION
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1
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What about today?
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What about today?
Technology is transforming benefits as a service. This encompasses programs like:
● Great West Life’s Flexbox● League Inc.
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Meanwhile . . .
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Meanwhile...
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ROBOTS
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Will robots take my job?Insurance Underwriters 1
Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
99%Automation Risk Level
YOU ARE DOOMED
1 www.willrobotstakemyjob.com
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Will robots take my job?Insurance Sales Agents 1
Sell life, property, casualty, health, automotive or other types of insurance. May offer clients to independent broker, or be employed by an insurance company.
92%Automation Risk Level
YOU ARE DOOMED
1 www.willrobotstakemyjob.com
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Will robots take my job?Personal Financial Advisors 1
Advise clients on financial claims using knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate.
58%Automation Risk Level
ROBOTS ARE WATCHING
1 www.willrobotstakemyjob.com
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What do customers want?
1 Swiss Re: Digital Distribution in Insurance: a quiet revolution
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Maybe we should look at this
differently . . .
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HALOSPORT
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So, that’s all great Mike . . .
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I’m too young to retire . . . . . . and I love my job!
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Be curious!
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Read
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Read
A short and interesting weekly blog that gets you thinking about what’s possible:
https://www.diamandis.com/
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Listen
● Akimbo● Exponential Wisdom● Masters of Scale● The Tim Ferriss Show● Green Shield Canada—
And Now for Something Completely Indifferent
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What makes you stand out . . .
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FrameworkLet’s go back to the first principles and ask:
01 | Who do we serve?02 | What do they need?03 | What do we own?04 | What do we know?
1 The Blockbuster store in Bend, Ore. (Photo Credit: Sandi Harding). Retrieved on April 23, 2019 from https://www.washingtonpost.com/news/business/wp/2018/07/14/why-are-you-still-here-inside-the-last-blockbuster-left-in-america/
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What makes you stand out?
Unbundle from the Supplier
Price is Only One Factor
Provide Value to Your Clients
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Checklist ✔✔✔✔
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How Should Advisors Approach Technology?
Nice to have Nice to haveShould have Should haveMust have (Core)
Digital enrolment
E-CommunicationCarrier Uploads (APIs)
PayrollManagement
Total RewardsStatements
Online HR Records
Benefits Marketplace (Voluntary)
Flexible Benefits
PerformanceReviews
HR Advice
Time Tracking
ShiftManagement
HourBank
1
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Advantages of an Unbundled TPA Model
01 | Best-in-class
02 | Separation of admin from risk
03 | Access to data for you and your client
04 | Removes insurer handcuff
05 | Facilitates greater transparency
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Technology and Processes
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Technology and Processes
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Telehealth
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Can you find a niche?
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Can you find a niche?
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What did we catch with our BaaS fishing?01 | Robots are watching but independent advice is valued02 | Revisit your first principles to define your value03 | Be curious and never stop learning04 | Develop your tool belt05 | Partner strategically06 | Find a niche
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What did we catch with our BaaS fishing?01 | Robots are watching but independent advice is valued02 | Revisit your first principles to define your value03 | Be curious and never stop learning04 | Develop your tool belt05 | Partner strategically06 | Find a PASSIONATE niche
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