Employers, Employees, and Individuals have been inundated with media about PPACA/Obamacare. Much of what they have heard or read has been politically motivated with little substance. Brokers will gain market share by providing all parties to the benefits decision-making process with valuable information based on facts - not proposals. As the timelines for PPACA kick in, the Broker's input will become more and more valued. It's time to reach out as a professional to provide sound advice. Offer Employers Solutions and Strategies! Where to start?
- FEE FOR SERVICE: Brokers need to advise current clients and prospects that they will help sort through the most effective Employer choices under PPACA, company by company. This consulting requires your time for needs assessment, research, analysis, reports, and presentation which are no longer covered by medical insurance commissions.
- COMMISSIONS: Filling in the gaps of coverage that may be created given an Employer's choices under PPACA, there may be gaps in coverage. To help Employees structure their own portfolio of risk protection requires Brokers to assemble a menu of voluntary/ancillary benefits which pay commissions.
C. Integrate Your Marketing Strategies
- OUTBOUND MARKETING: Referrals, Centers of Influence, Cold Calling, Mailers, etc. may represent current marketing efforts for Brokers. How many of these have a trackable ROI? It's time for Brokers to add a new marketing skill set.
- INBOUND MARKETING: A well-designed Internet Inbound Marketing campaign delivers self-qualified target market prospects to the door of Brokers. Prospects ASK for your Program, Product or Service. Does it get better than that?
- PRIVATE EXCHANGE (Marketplace): Brokers assist Employers in offering a platform for offering Core, Voluntary, and Ancillary Plan Choices to Employees.
- DEFINED CONTRIBUTION: Brokers help their Employer clients determine a fixed benefit dollar/credit amount available to all Employees within a classification without discrimination.
- MENU OF BENEFITS: Brokers work with the Employer and Employees to determine the best kinds of voluntary/ancillary coverages to offer in the menu.
- ENROLLMENT: Brokers ascertain the best way to educate, communicate and enroll the menu of benefits within each client's culture.
- TECHNOLOGY: Brokers offer an Enrollment and Data Management solution to each client that is flexible and user-friendly to best meet each client's needs.
For updates on the status of the Solutions and Strategies above as HHS, IRS, EBSA, etc. roll-out guidelines and regulations, visit our Linkedin Group, Insurance Forum.
If you have questions about getting started with a transition to the above don't feel alone. Visit This Link or Email phil at firstname.lastname@example.org.
Post contributed by E. Maxine Collin, CEO BenefitPlace.biz / BPTradeShow.com