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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.

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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?

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2) Would a benefits marketplace be in competition with me?

Is my benefits marketplace provider also writing business directly to individual and employer clients?

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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?

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4) Does my firm act as the broker of record?

Or, does the benefits marketplace provider?

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5) Does the benefits marketplace provider just provide leads?

Are those same leads also going to competing brokers in my market?

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6) Is there a manual process behind the scene?

Has the benefits marketplace assured me they aren’t running a manual process behind the scene?

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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.

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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?

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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?

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