'The rules of the game are changing:' EBA's top quotes of 2014
December 8, 2014 10:01 AM
The rules of the game are changing.
My message to brokers on this is to start thinking differently. Those who dont will get left behind. The rules of the game are changing and you dont get to make all the rules.
tJoe Markland, president of HR Technology Advisors, LLC., in his Nov. 3, 2014 blog Aetna buys bswift: Why benefit brokers must pay attention.
[Image: Fotolia]
tJoe Markland, president of HR Technology Advisors, LLC., in his Nov. 3, 2014 blog Aetna buys bswift: Why benefit brokers must pay attention.
[Image: Fotolia]
This may forever change health care
I believe what Apple is doing is one of three main drivers that will move health insurance from being employer based to consumer based. This may forever change the way health care is financed and delivered.
tJoe Markland, president of HR Technology Advisors, LLC., in his Sept. 10, 2014 blog, Does Apple's HealthKit signal the end of employer-based health insurance?
[Image: Fotolia]
tJoe Markland, president of HR Technology Advisors, LLC., in his Sept. 10, 2014 blog, Does Apple's HealthKit signal the end of employer-based health insurance?
[Image: Fotolia]
Todays customer wants to tell their story and expects salespeople to listen
Insurance salespeople are knowledgeable about analyzing and managing risk. This is their job; its what salespeople know. Its ironic that the strength of knowledge shifts to weakness when they blindly approach solutions from their perspective. But todays customers want their issues and their interests addressed by salespeople. They want to tell their story and expect salespeople to listen.
tJohn Graham of GrahamComm, marketing and sales consultant and business writer, in his Jan. 15, 2014 blog, 6 steps to becoming a more effective salesperson.
[Image: Fotolia]
tJohn Graham of GrahamComm, marketing and sales consultant and business writer, in his Jan. 15, 2014 blog, 6 steps to becoming a more effective salesperson.
[Image: Fotolia]
Since the beginning of 2014, defined contribution health plans have been strictly prohibited.
Prior to Dec. 31, 2013, some employers were able to provide health insurance by reimbursing their employees for their own individual (non-group) health insurance on a pre-tax or tax-free basis. This approach (also known as a defined contribution health plan) was a popular alternative and permissible prior to 2014 under a few different tactics. But since the beginning of 2014, these plans have been strictly prohibited.
tDavid C. Smith, vice president at Ebenconcepts in Fayatteville, N.C. in his June 26, 2014 legal alert, Can employers reimburse employees for coverage purchased on the ACA exchanges?
[Image: Fotolia]
tDavid C. Smith, vice president at Ebenconcepts in Fayatteville, N.C. in his June 26, 2014 legal alert, Can employers reimburse employees for coverage purchased on the ACA exchanges?
[Image: Fotolia]
Theres no one-size-fits-all solution
"Just like we have different tastes in food and different senses of humor, theres no one-size-fits-all and thats where people pigeonhole themselves with wellness."
tAdam Cox, director of wellness for Heffernan Insurance Brokerage, in the Aug. 28, 2014 article, Employer sued over wellness program.
[Image: Fotolia]
tAdam Cox, director of wellness for Heffernan Insurance Brokerage, in the Aug. 28, 2014 article, Employer sued over wellness program.
[Image: Fotolia]
That flaw ripped a hole in the ACAs conceptual framework
Unfortunately, an apparent glitch in the data underlying the calculations allowed health plans to attain a 60% (or better) actuarial value reading without offering inpatient hospitalization benefits. That apparent flaw in the calculators methodology ripped a hole in the ACAs conceptual framework that some insurers were quick to exploit.
tEdward Fensholt, director of compliance services for Lockton Benefits Group, in the Nov. 5, 2014 article, IRS closes ACA minimum value health plan loophole.
[Image: Fotolia]
tEdward Fensholt, director of compliance services for Lockton Benefits Group, in the Nov. 5, 2014 article, IRS closes ACA minimum value health plan loophole.
[Image: Fotolia]
Gone will be the brokers that only talk to their clients once a year.
The [brokers] left standing will be more complex than what we see today. They will be the ones that truly incorporated technology into their solutions and they will play a significant role in helping clients understand and meet their compliance requirements. Gone will be the advisers and brokers that only talk to their clients once a year.
tErin Devine, 33, benefits specialist at CBG Benefits in the March 24, 2014 slideshow, 10 star advisers under age 35.
[Image: Fotolia]
tErin Devine, 33, benefits specialist at CBG Benefits in the March 24, 2014 slideshow, 10 star advisers under age 35.
[Image: Fotolia]
Each store should be generating close to $1 million in revenue.
The modeling Im using presumes we write 20 individual lives in each location a week, week after week. Weve then been able to cross-sell about 20% of those people on something else like life insurance, long-term care, homeowner, auto, pet insurance. So presuming that we do $20 per person and the cross-selling, after two years each store should be generating close to $1 million in revenue.
tJon Rauser, owner of The Rauser Agency, in the Jan. 15, 2014 article, Traditional group insurance brokers open walk-in retail locations."
[Image: Fotolia]
tJon Rauser, owner of The Rauser Agency, in the Jan. 15, 2014 article, Traditional group insurance brokers open walk-in retail locations."
[Image: Fotolia]
We will survive.
"I have said from the beginning, not everyone will survive. We will look different, work harder, get paid less, but we will survive. This law is a very complicated law and employers and consumers need us."
tRonnell Nolan, president and CEO, Health Agents for America, in the June 27, 2014 article, Half of benefit advisers considering leaving the industry.
[Image: Fotolia]
tRonnell Nolan, president and CEO, Health Agents for America, in the June 27, 2014 article, Half of benefit advisers considering leaving the industry.
[Image: Fotolia]
Are private exchanges just a flex benefits reboot?
So are private exchanges just a flex benefits reboot?
I dont think so. Their success and adoption will be dependent on positive implementations as well as bringing forward the experience of flex benefits from years ago.
tMike Smith, director of exchange solutions at Lockton, in the Nov. 17, 2014 blog, A 'cynical' look at private exchanges.
[Image: Fotolia]
tMike Smith, director of exchange solutions at Lockton, in the Nov. 17, 2014 blog, A 'cynical' look at private exchanges.
[Image: Fotolia]
The voluntary benefits market greatly underperforms its potential.
Despite its roughly $6 billion in new annual premium, steady year-over-year growth and all the industry buzz, the voluntary benefits market greatly underperforms its potential.
The primary obstacle to explosive growth
remains the continued resistance to worksite voluntary from employee benefit producers who keep a huge portion of the commercial market walled off to WVB.
tNelson Griswold of Bottom Line Solutions in the January 2014 column, 3 ways to kill voluntary sales.
[Image: Fotolia]
tNelson Griswold of Bottom Line Solutions in the January 2014 column, 3 ways to kill voluntary sales.
[Image: Fotolia]
We want to acquire talent that is capable of meeting the standards of how we want to approach our clients.
We want to be sure that were acquiring the talent also that is capable of meeting the standards of how we want our consultants to approach clients. One that is very grounded in being a trusted adviser.
tJulio Portalatin, president and CEO, Mercer, in the December 2014 cover story, The country's top brokers: Poised for growth.
[Image: Fotolia]
tJulio Portalatin, president and CEO, Mercer, in the December 2014 cover story, The country's top brokers: Poised for growth.
[Image: Fotolia]
