8 features a private exchange should have
July 15, 2015 11:37 AM
Overview
As small employers shift from group to individual coverage, private exchanges can be a useful tool to keep brokers competitive and maximize profits during the transition. Here are eight features a broker should look for in a private exchange, says David Holton, vice president of consumer sales at HealthPlan Services.
[Image: Fotolia]
[Image: Fotolia]
1) Keep the brand in front of your customers
The exchange should retain the goals of the broker and highlight why the business is unique, Holton says.
[Image: Fotolia]
[Image: Fotolia]
2) Include free education and marketing support
This is the leading reason why private exchanges fail, Holton says, exchange owners much be educated. Exchange owners should be well-versed with how the technology functions, he adds.
On the marketing side, the exchange should include webinars, customized sales slicks and pre-approved ads promoting under-65 and over-65 products, Holton says. Youve got to become a marketing machine.
[Image: Fotolia]
On the marketing side, the exchange should include webinars, customized sales slicks and pre-approved ads promoting under-65 and over-65 products, Holton says. Youve got to become a marketing machine.
[Image: Fotolia]
3) Incorporate consumer-friendly and efficient technology
Unified quoting and simplified enrollment are key, Holton says, and the exchange must be a one-stop shop that includes a variety of products. A real-time dashboard is crucial to gauge performance and create organic leads, he says. Too often, private exchange owners wait until enrollment is over to look at the data, Holton says.
[Image: Fotolia]
[Image: Fotolia]
4) Offers a broad geographic footprint
The owner needs the option of determining whether the exchange is local or national, Holton says. You set the boundaries for this, he says. Whether products are purchased on or off the exchange, the process should feel the same for consumers, Holton says, and owners should have the ability to quickly add or drop carriers.
[Image: Fotolia]
[Image: Fotolia]
5) Has a support team of consultants in all 50 states
A staff of licensed and ACA-certified agents should be providing advice to consumers, Holton says.
[Image: Fotolia]
[Image: Fotolia]
6) Offers Medicare products
The exchange should provide sales and support for over-65 Medicare products, Holton says.
[Image: Fotolia]
[Image: Fotolia]
7) An array of ancillary products
Supplementary products allow for cross-selling, Holton says. Just because open enrollment is closed, doesnt mean business is closed, too, he says.
[Image: Fotolia]
[Image: Fotolia]
8) Provides retention support
The renewal process can be confusing, Holton says, thats why an exchange should have a team of agents to guide clients.
[Image: Fotolia]
[Image: Fotolia]
