BROKERS AND CARRIERS - PROFITING FROM THE PPACA/OBAMACARE DISRUPTIVE CHANGES!
Posted on Dec 14 2012 at 09:20:36 PM in B2B
5 Profitable Strategies For Employers, Brokers, Wholesalers, Carriers, Service Providers For Dealing With PPACA/Obamacare! Profitable Solutions For The PPACA/Obamacare Disruptive Changes! Opportunities for 2013 and Beyond!
PPACA/Obamacare has brought many disruptive changes to the Insurance and Benefits Industries as well as to Employers! While these changes are viewed by many as foreboding Doom and Gloom, there are 5 Integrated, Profitable Strategies turning the changes into Opportunities!
The Question - With the Benefits Marketplace ready and waiting for solutions, are Plan Provider/Carriers and Trusted/Advisor/Brokers prepared to deliver solutions?
When J.D. Powers & Associates analyzed the Benefits Market in 2012, the study found that "47 percent of employers say they 'definitely will' or 'probably will' switch to a defined contribution model within a private exchange". Are Brokers informed and capable of delivering the models and private exchanges? Have the Carriers configured their plans and distribution channels to meet the demand?
Solutions and Strategies to assist Brokers and Carriers - The 5 Strategies described below will assist the Brokers while creating new Distribution Channels for Carriers and Solutions for Employers. These strategies allow Employees to select the coverage that best fits their needs and creates savings for the Employers.
A group of Affiliated Partners has been formed - and is expanding - to deliver the following 5 Valuable Strategies to Brokers and the Employer-Based Benefits Marketplace:
> Private Exchanges - For Delivering the Entire Benefit Plan Package.
> Defined Contribution Design - For the entire Benefits Plan Design.
> Integrated Benefit Plans- Core & Voluntary Plan Choices.
> Integrated Support Technologies - Back Office, Communication, Enrollment, etc.
> Inbound Marketing StrategiesÂ - For Shortening Selling Cycles
Recent BenefitPlace.biz Blogs provide in depth information about the strategies.
Here's How They Work - The Strategies are delivered by Brokers using a unique set of tools offered to Employers - Large and Small - to better address the ramifications of PPACA/Obamacare in 2013 and Beyond.
Delivery of the 5 Strategies can be either as an integrated platform or severably. Each of the Affiliated Partners delivering their part of the strategies will profit both through their participation in the affiliated partnership and as Broker/Employer Clients utilize their specific area of expertise. While Affiliated Partners will continue their traditional business models, opportunities will be delivered to them through BenefitPlace.biz. BenefitPlace.biz is the Coordinator and Inbound Marketing Conduit. See a Chart describing this process!
The First Question generally asked by Brokers is "What's the Cost?". The Answer - While flexible, the following model was most accepted in Beta Testing and affordable for Brokers:
1. A start-up fee of ($2880) that includes the Inbound Marketing - and the set-up for the Private Exchange and Defined Contribution Strategies.
2. A Fee for the select supporting technology(s) for the Private Exchanges; Defined Contribution Strategies; and the Employee Education, Communication, Enrollment, and Data Distribution on a case-by-case basis. When implementing Defined Contribution strategies with Brokers in the past, the cost of the supporting technology was passed through to the Employers on a case-by-case basis. In some cases BP was able to negotiate with the selected Carriers to pick-up the cost of Supporting Technology!
3. A small percentage of the Fees and Commissions generated from the Employer Groups. This percentage generally ranging from 5%-12% keeps the start-up fees low and assures that the Affiliated Partners are partnering with the Brokers and Employers for the long-haul!
In conclusion - Given the challenges created by PPACA/Obamacare and other factors, these Strategies are both effective and affordable! In the face of disruptive changes, Brokers, Carriers, and Service Companies are presented great challenges and opportunities to meet the needs of Employers, Employees, and Individuals.
BenefitPlace is a research and information center serving the Insurance and Benefits Industries! For more information - Email http://www.BenefitPlace.biz or Call 216.577.5579.