Practice management

The U.S. IDI market saw a significant drop in premiums between 2008 and 2009, and while that drop continued between 2009 and 2010, it was far less severe, according to global consulting and actuarial firm Milliman Inc. Even with the premium drop, there is an underlying strength in claim experience and overall profitability, Milliman concludes in its annual IDI market survey.

What does being a benefits adviser mean to you? EBA wants to spark your creative thinking — and recognize you for your effort.

Default retirement options can be a good thing; they give employees a chance to gain benefits without having to stress over choices. But, they can also be a bad thing; not all default options fit individual employees’ long-term goals or plans.

Applied Systems, an insurance technology company, is providing a forum where insurance professionals can engage in conversation about insurance, technology and related topics through its blog: http://blog.appliedsystems.com.

It’s the Super Bowl of benefits communications as companies work feverishly to develop and distribute newsletters, booklets, websites, calculator, videos, etc. to inform employees about benefit changes and enrollment deadlines

The U.S. wealth management industry has responded to the economic environment much like a surfer would at high tide, seeking opportunities for lift during the storm. If the economic downturn of 2008-2009 could be compared to low tide, 2010 looked to be the year waves might once again crest to a high point. The wealth manager’s ability to recover was short-lived, however, when a flash crash on May 6, 2010 caused the Dow Jones Industrial Average to plunge 900 points, only to recover within minutes.

The passage of the Patient Protection and Affordable Care Act was the wake-up call our industry needed. On March 23, 2010, brokers woke up to realize that our livelihood could be wiped out with a swipe of the President’s pen. However, for far too long, many of us were reluctant to face the other threats that existed on traditional business practices. …

Recently, Mark Lacher was asked to present in a sales seminar for a client. But before he began , several people asked, “Why are you presenting to us, aren’t you in insurance?”

Despite a down economy, customers are willing to pay for more quality from their health insurance providers, according to a recent survey. In fact, close to 50% of those queried say they are willing to pay more for quality customer service.

With social media so pervasive in our daily lives, it’s easy overlook the fact that enterprise-ready tools to help companies capitalize on the technology are still nascent.

Speaking at EBA’s Workplace Benefits Mania in Chicago, John Penko points to the fact that in 2010, 51% of earnings in this country came from wages — the lowest percentage since the government started keeping records in 1929, and 18% came from government entitlement programs. Numbers that will continue to rise until they hit a tipping point.

A Ward Group survey reveals guarded optimism amidst instability and market uncertainties.

There is a need for an “extreme makeover” in the house of benefits with a delivery system built on partnership, collaboration, accountability and engagement — rather than competitiveness, says Larry Boress of the Midwest Business Group on Health.

A Fidelity Investments survey released on July 28 found that a majority of Americans do not understand how their pensions work.

State officials developing health insurance purchasing exchanges have voiced growing appreciation for the roles that can be played by benefit advisers.

If we could peek inside the medicine cabinets of the nation's employee benefits advisers focused on small- and mid-sized businesses I suspect we'd discover a disproportionate quantity of sleep aids. Those who haven't experienced a few restless nights must be oblivious to the powerful forces at play in our industry.

We're headlong into the heat of summer and many of you will be taking some well-deserved vacation time. I've found that's often when you do your most creative thinking since you are in a relaxed state of mind. Released from the pressures of day-to-day responsibilities, our thought processes are often more free-form, and new methods for addressing critical issues often emerge. Given all the pressure and additional workload created by health care reform, you probably just want to forget about business for a while.

The hardest part of starting any business is getting clients. Whether you own a restaurant, are an attorney, an author, or an insurance broker, clients are your most valuable asset. The energy required to develop a client base at the start can seem overwhelming. However, if you treat each new client like the very first, your time spent prospecting will decrease as your business grows. It is better to have 50 clients who each feel like they are your one and only than it is to have 100 clients who think you're mediocre. Those clients will eventually go elsewhere, lured away by even the smallest dangling carrot.

If you are not working on self-funded medical plans, or are unfamiliar with the concept, now is the time to get up to speed. Last month's EBA was full of great tools and ideas, but most of them will only work well with self-funded plans. You need access to the guts of a medical plan and its data - you don't get all of that with fully-insured plans.

To sell is to close. It is the penultimate conclusion. Selling is of no value unless one can close the sale in a timely manner.