At a weekly meeting with several affiliates that included: BenefitPlace, Vesta p&c, and Vesta h&l, we covered a number of important topics.  One of these was "The value and ROI from attending Trade Shows".  For a review of that discussion please visit the BenefitPlace Blog!

We also discussed the change in "The Role of Worksite/Voluntary Benefits Over the Years!".  When Vesta first became involved in the then called "Payroll Deducted" market in 1986, the marketplace was very different:

• There were very few carriers to chose from.  I remember Aflac, Colonial, & Capital America.
• Licensed individuals could enter the market with limited knowledge and a short "learning curve".
• Agencies and Brokerage Firms had no interest in the market! 
• There was no integration of the Core Benefit Plans with the "Payroll Deducted Plans". 
• Carriers stated that the small business market was the target  - groups of 5 to 50. 
• The plans available were very limited: Accident, STD & Cancer.
• Plans were filed on an Individual Chassis and offered  on a Group Basis.
• Commissions were paid on the basis of "annualized" monthly premiums -  rather than "as earned".
• Enrollments were completed on paper while meeting one-on-one with the employees. 
• Submitting an average of 10 applications per week was considered outstanding! 
• While "Producers" were independent contractors, they were treated as Captives". 

Wow - Have the things changed!   Our meeting generated the following thoughts! 

Unfortunately the positioning of Worksite/Voluntrary plans remains the same in the minds of many Agents, Brokers, and Employers!  While most core benefits are now offered to Employees on a voluntary and contributory basis, they remain segregated from the Voluntary/Worksite. While Traditional Core Benefits - Health, Dental, AD&D & Term Life - now require the same education, communication, and enrollment as Worksite/Voluntary Plans, they are often offered separately.  Worksite/Voluntary plans are generally treated as the "stepchild" to the Core Benefits.  Even with the entry of many Traditional Carriers and Brokers into the marketplace, the Worksite/Voluntary plans are seldom integrated with the Core Plans.  A different field force, and sets of brokers within firms, generally represent and sell the two types of plans!  We believe that many of the Worksite/Voluntary plans now being offered should be integrated.  These include:

• GAP Plans
• Mid-Meds
• Limited Benefit Plans (Mini-Meds)
• Critical Illness (CI)
• Short Term (STD) and Long term Disability (LTD)
• Long Term Care Insurance (LTCI)
• Life Insurance Plans - UL, Whole Life, & Term
• Annuities

In addition to integrating the above, a greater focus should be placed on the Employee Education, Communication, Enrollment and the Data Management Processes.  Well conceived and implemented "Group Meetings" can replace the necessity of having expensive and time consuming one-on-one enrollments.  Embracing technology and "Social Media" can shorten the "buying and selling cycles" while informing and empowering Employees.  Increased participation and persistency will result!  Wellness Plans and Consumer Driven Benefit Plans (CDHPs) can be positioned to generate the anticipated cost-savings required to sustain Employer Based Benefits. 

We firmly believe that those experienced in the Worksite/Voluntary market are uniquely positioned to take a Leadership Position in moving the Benefits Marketplace forward!  

NOTE:  We, with BenefitPlace, have created the "Insurance Forum" on Linkedin.  Join on the Linkedin site or contact us for information  216.921.1583 or email max@benefitplace.biz! 

We, and our community, would appreciate your thoughts on the above!  Have a Great Week!