9 questions to ask when considering a benefits marketplace platform
October 7, 2015 11:01 AM
Overview
When considering whether or not to implement a new technology, brokers should always weigh the pros and cons of that decision. Prior to deciding to leverage a benefits marketplace platform, here are nine questions brokers should ask themselves, according to Mike Baker, senior vice president and general manager of commercial products at hCentive.
[Image: Fotolia]
[Image: Fotolia]
1) What could steer me off path?
If I choose to leverage this new platform to grow my business, who/what could possibly steer me off path?
[Image: Fotolia]
[Image: Fotolia]
2) Would a benefits marketplace be in competition with me?
Is my benefits marketplace provider also writing business directly to individual and employer clients?
[Image: Fotolia]
[Image: Fotolia]
3) Does my benefits marketplace provider take over my clients once they are enrolled?
Or, am I still their point of contact for life status changes and the purchasing of additional coverage?
[Image: Fotolia]
[Image: Fotolia]
4) Does my firm act as the broker of record?
Or, does the benefits marketplace provider?
[Image: Fotolia]
[Image: Fotolia]
5) Does the benefits marketplace provider just provide leads?
Are those same leads also going to competing brokers in my market?
[Image: Fotolia]
[Image: Fotolia]
6) Is there a manual process behind the scene?
Has the benefits marketplace assured me they arent running a manual process behind the scene?
[Image: Fotolia]
[Image: Fotolia]
7) Does the benefits marketplace support trends?
Trends such as flexibilities in funding strategies: defined contribution vs. defined benefits, self-insured vs. fully-insured, etc.
[Image: Fotolia]
[Image: Fotolia]
8) Can I capture part-time employees?
Does the benefits marketplace allow me to capture part-time employees for individual enrollments through a seamless process?
[Image: Fotolia]
[Image: Fotolia]
9) Does the marketplace offer a 'healthy' selection of health, financial and ancillary products relevant to individual and employer clients in my market?
And, are the carriers offering these products pre-integrated into the platform, ready to go?
[Image: Fotolia]
[Image: Fotolia]
