About Vesta Worksite & Voluntary Benefits

BENEFITS MARKETING STRATEGIES - WHAT'S NEXT?

2011-02-15T09:50:00.000-08:00

We at Vesta Worksite, BenefitPlace (.biz) & BP Trade Show (.com) have long been fascinated by the distribution of expertise in the various related Insurance & Benefits Markets!

Markets include - Voluntary / Worksite Plans; Health & Life (H&L); Property & Casualty (P&C); Financial Services; Captives; Benefits Communication, Enrollment & Data Management; Third Party Administrators (TPAs); Actuaries; Risk Managers; Reinsurers; etc.

Constituencies are served by - Brokers, Agents, Consultants, GAs, MGAs, Program Administrators (PAs), Wholesalers, etc.

Markets are Differentiated by - Individual & Group, Senior, Small, Medium & Large Employee Groups, Traditional & Web-Based (Online), etc.

Our Experience - We have reviewed and worked with Larger Organizations, Smaller Entities and Individuals that claim to be the best in a number of, or in all Market Segments! We have been impressed by Larger Organizations, Small Entities & Individuals that survive being Specialists.

For the most part we have come to the conclusion that no one Large Organization, Small Entity or Individual can be the best at all things and competently provide everything for all people! These times of dramatic change in the Insurance & Benefits Markets require a diligent focus on specific Plans, Programs & Services to best meet the "Price Points" and Needs of Clients and Potential Clients.

As the distribution channels for the Plans, Programs & Services gradually shift from a Commission Based Model to a Fee Based Model, greater Value, Respect and Compensation will be provided to those who can deliver the expertise required. Generalists may become dinosaurs in a waste land of Regulation and Change.

SO - WHAT'S GOING TO HAPPEN?

Firstly: We believe their will be continued consolidation with Large Organizations bringing in the required expertise. These Large Organizations will continue to focus on, and compete for, Larger Accounts and Employee Groups.
Secondly: Smaller Entities will be adsorbed into Large Organizations or create Affiliations with other well qualified entities. The diversity will provide Clients and Potential Clients in the Mid-Sized Markets and with mid-sized Employee Groups a broader set of capacities. Commission and Fee sharing, "Splits", will become the norm! Clients will be better served!
Thirdly: Individuals participating in the marketplace - much like the Smaller Entities - will be adsorbed into other Organizations or Join networks created to provide a wide array of Plans, Programs & Services to meet the needs of clients and potential clients.
Fourthly: GAs, MGAs, Program Administrators (PAs), Wholesalers, etc. can and will play a Greater Roll in the Distribution and Understanding of Plans, Programs & Services. These entities will become a cost-efficient bridge between the providers of the Plans, Programs & Services and the Large Organizations, Smaller Entities and the Affiliated Individuals.
Fithly: Providers of the Plans, Programs & Services, ie. Insurance Companies, etc., will continue to squeeze commissions and the services they provide! Providers will better utilize the services of GAs, MGAs, Program Administrators (PAs), Wholesalers, etc. to more effectively and cost-efficiently reach their markets. Consolidation, Competition and Attrition will continue to increase among Providers!
Sixthly: The utilization of the internet for Research & Sales will continue to increase. BenefitPlace is an example of a website developed to be a Research Center focused on Insurance & Benefits! While slow to change, the Insurance & Benefits Markets will utilize the internet to provide information about Plans, Programs & Services while shifting from the Traditional "Outbound Marketing" Model to the more efficient and cost-effective "Inbound Marketing" Model! BP Trade Show is an example of an internet based 24/7/365 virtual Trade Show for the Insurance & Benefits Industries!

We at Vesta Worksite, BenefitPlace & BP Trade Show & would appreciate your Input, Questions & Thoughts! Please Comment,

Email - max@bptradeshow.com.biz or

Call Phil - 216.921.1583

VESTA WORKSITE, BENEFITPLACE & BP TRADE SHOW - WORKING TOGETHER!

2010-12-15T08:05:00.000-08:00

Vesta Worksite is working with BenefitPlace & BP Trade Show to integrate the education, communication, and delivery of Worksite/Voluntary benefits related Plans, Programs, and Services by creating a pipeline between the Providers and those interested in Buying.

As the Worksite/Voluntary Benefits Marketplace continues to mature, the need for quality information & input grows. BenefitPlace is the Research Center! BP Trade Show brings sellers and buyers together! Vesta Worksite assists Brokers, Agents and Consultants in finding the appropriate Plans, Programs and Services to meet and exceed client expectations!

For more information - Email: vestalimited@gmail.com or call 216.921.1583.

A GREAT TIME FOR VOLUNTARY / WORKSITE BENEFIT PLANS!

2010-10-18T18:26:00.000-07:00

What a Great Time To Have Expertise in Helping Design and Implementing Voluntary/Worksite Benefit Plans for Employers & Employees!

The confusion over Healthcare Reform and the ever-increasing cost of Employee Benefits, Insurance and Health Care provide near endless opportunities for Firms and Individuals with a strong background in Voluntary/Worksite Plans! The ability to deliver Education, Communication, Enrollment & Data management of these plans is appealing to Traditional Brokers focused on Core Benefits and to Employers who are looking for affordable viable alternative "Choices" for Employees.

Our Affiliate, BenefitPlace is a Research Center provides an informational resource about the Insurance & Benefits Marketplace - Includeing Voluntary/Worksite Plans! Each category of Plan, Program or Service includes "Free Directory Listings" including website Links for those who participate in that specific market segment. Please Email BenefitPlace - max@benefitplace.biz with your companies Contact Information!

Our Affiliate, BP Trade Show, is a 24/7/365 Virtual Trade Show efficiently and cost-effectively bringing providers of Insurance & Benefits related Plans, Programs & Services together with Buyers and their Consultants! Our goal is to "Shorten the Selling Cycles", Reduce Marketing Costs, & Increase Revenues for Sellors while creating Efficiencies and Cost-Savings for Buyers! For more information about BP Trade Show Email - phil@bptradeshow.com!

SHORTENING YOUR SELLING CYCLES & DRIVING WORKSITE/VOLUNTARY BENEFIT REVENUES!

2010-06-30T08:34:00.000-07:00

Providers of Insurance & Benefits Related: Plans, Programs, and Services - ie. H&L and P&C Carriers, Brokers, MGAs, Enrollment Companies, TPAs, Software Companies, etc. - can now become BP Trade Show Exhibitors. Visit our Grand Opening Page to learn more about our marketing advantages and Special Pricing. BP Trade Show is designed to "Shorten your Selling Cycles" while priced to be affordable and efficient in meeting Marketing Budgets and reaching your target markets.

In this Blog Post, and throughout the next weeks, working with BP Trade Show, BenefitPlace, Vesta h&l, and Vesta p&c, our goal will be to explain how the BP Trade Show will optimize your opportunities in moving Insurance and Benefits Decision-Makers from the Research Phase to becoming Informed Buyers - "Shortening Your Selling Cycles"!.

Note - Many have asked - What differentiates BenefitPlace, BP Trade Show and Vesta Worksite?

~ BenefitPlace.biz was created to serve as a Free and Unbiased Research Center for those involved in the Insurance and Benefits processes to gain a greater understanding of the complex and often integrated Plans, Programs, and Services. BenefitPlace.biz provides information about the Health & Life (H&L), Worksite/Voluntary, and Property & Casualty (P&C) Markets and those that provide services to those markets.

~ BP Trade Show is a virtual 24/7/365 trade show focused on the Insurance and Benefits Industries. Much like a traditional trade show, Exhibitors can display their Plans, Programs , and Services. Given the electronic venue, and no need for travel or lodging, the cost for Exhibitors is extremely affordable. Being open on a 24/7/365 basis provides the Exhibitors maximum exposure! The goal of BP Trade Show is to assist Exhibitors in "Shortening the Selling Cycles" while simplifying the processes for decision-makers. Visitors to the BP Trade Show - Insurance and Benefits Decision-Makers - enjoy: free admission. no travel or lodging cost, and the ability to research and compare from the comfort of their office, home, etc.

~ Vesta Worksite - Is the worksite/voluntary employee benefits consulting arm for BenefitPlace and BP Trade Show. When decision-makers have questions or concerns, Vesta Worksite refers the individual or organization to the appropriate broker or carrier.

Start driving traffic to your Plans, Programs, and/or Services to convert them into buyers! For more information - Call 216.921.1583! Find out more about our Grand Opening Discount and Take Advantage of Savings!

Have a Great Week!

SHORTENING YOUR SELLING CYCLES UTILIZING BENEFITPLACE & BP TRADE SHOW

2010-05-06T04:33:00.000-07:00

WHAT'S IN IT FOR ME? -- How can sellers and buyers of Worksite Plans, Programs, and Services cost-effectively access the Insurance & Benefits Marketplace to "Shorten the Selling and Buying Cycles"?

BenefitPlace (BP) - a Free Insurance & Benefits Research Center and
BP Trade Show (TS) - a 24/7/365 Virtual Trade Show

In this Blog Post, and throughout the next weeks, working with BenefitPlace, Vesta h&l, and Vesta p&c, our goal will be to explain BP & TS and optimize your opportunities in taking Insurance and Benefits Decision-Makers from the research phase to becoming informed buyers.

BenefitPlace.biz was created to serve as a free & unbiased Research Center for those involved in the Insurance and Benefits processes to gain a greater understanding of the complex and often integrated Plans, Programs, and Services. Information about these Plans, Programs, and Services are generally unaccessible without costs, expertise, and time consuming research. BenefitPlace.biz will provide general information about two specific Industry Sectors:

Health & Life (H&L) Insurance Plans - Group, Voluntary/Worksite, and Individual
Property & Casualty (P&C) - with its Complex Sectors

In addition, BenefitPlace.biz has built, and will continue to expand, lists of Plan, Program and Service providers and differentiate them by their areas of expertise. As a service to those doing the research and the providing entities, we have provided links to the specific websites of providers.

Throughout the research process, visitors to BenefitPlace.biz will be invited to visit the BP Trade Show to gain greater information about specific providers of Plans, Programs, and Services of those who are Exhibitors at the permanent Trade Show! At this point in the process our goal is to convert the Decision-Maker into the Potential Client - A Qualified Prospect! Armed with the information gained at the BenefitPlace.biz Research Center, the Decision-Makers will enabled to select the Plans, Programs, and/or Services they require to meet specific and defined needs.

BP Trade Show has just begun the process of reaching out to Exhibitors for:

Company Directory Listings
Plan, Program & Service Listings
Company Profile Pages
Plan,, Program Service Profile Page Listings
Landing Pages, & Landing Page Design, to promote specific Plans, Programs & Services and convert researchers into buyers.

We encourage providers of Insurance and Benefits related Plans, Programs, and Services to click below for access to the Trade Shows Home Pages that explain your opportunities:

Call to Action! Please assist BenefitPlace in developing BP Trade Show into the primary hub for connecting Insurance & Benefits providers of Plans, Programs, & Services and the Decision-Makers - Employers, Employees, and Individuals. Your Steps:

Click on topics above to learn more!
Contact BP Trade Show for more information or call 216.921.1583!
Become an Exhibitor - Direct traffic to your plans, programs, and Services to convert them into buyers!
Drive Sales & Revenues at Reduced Costs!
Our Grand Opening Discount - Take Advantage of Savings!

In our next Blog Posting will discuss "Optimizing your positioning in BenefitPlace and BP Trade Show with Social Media!". Have a Great Week!

GRAND OPENING - BP TRADE SHOW!

2010-04-19T08:51:00.000-07:00

BP Worksite is pleased to announce the Grand Opening of the new virtual, web-based BP Trade Show - click on Trade Show to visit the site! BP Trade Show will assist in reducing the time and cost for delivering and decision-making for the:

Insurance and Benefits Industries &
Insurance and Benefits Decision-Makers.
Assisting us with the creation of this permanent, 24/7/365 Insurance and Benefits Trade Show site are: BenefitPlace, Vesta h&l, and Vesta p&c!

Our Current Focus - We are contacting Companies and Organizations in the Insurance and Benefits Industries to explain the process for becoming an Exhibitor - how to spotlight the Plans, Programs, and/or Services they offer. Visitors to the Trade Show will have free access and be enabled, by category, to isolate and meet their specific Insurance and Benefits related needs. The Trade Show will act as a bridge between those who offer plans, programs, and/or services and those who are in the benefits decision-making process.

To accomplish the above we divided BenefitPlace into two parts:
BenefitPlace - A web based Research Center to assist Insurance and Benefits decision-makers in better understanding the plans, programs, and services available. This site, www.benefitplace.biz also provides a level playing field for those who offer the plans, programs, and services - Carriers, Wholesalers, PAs, Brokers, TPAs, Technology Companies, etc. to show and explain what differentiates them in the marketplace. While the site will have advertising space available, access and listings will be free to all parties. For more information email: max@benefitplace.biz or call 216.921.1583.
BP Trade Show - A virtual trade show opened 24/7 to assist Insurance and Benefits decision-makers in gaining access to the providers or plans, programs and services. The goal of BP Trade show is to be a natural extension of BenefitPlace for meeting Insurance and Benefits needs. As we expand the number of Exhibitors in the various sectors of the Insurance and Benefits Industry, visitors will be enabled to meet their Insurance and Benefits needs from the comfort of their offices or homes. For the visitors their will be no cost for attending the Trade Show. For Exhibitors the cost will be a fraction of the normal cost for Trade Show participation. In addition, the Trade Show will be open year round and as current as the information provided by the Exhibitors.
We encourage those who provide Plans, Programs, and Services to contact us for information -
Click on: Becoming an Exhibitor
Email: max@benefitplace.biz
Call: 216.921.1583.

A New Worksite Plan Marketplace - BP Trade Show - Inbound Marketing vs Outbound!

2010-03-30T06:51:00.000-07:00

Participants at this weeks meeting with affiliates included - BenefitPlace, Vesta h&l, and Vesta p&c! Again we postponed our discussions about Def-Con Plans to further explore the mission of the new BenefitPlace subsidiary, BP Trade Show - A virtual trade show for the Insurance & Benefits Industry!

Over the past years we, and most of our clients and associates, have come to agree that the insurance and benefits industries remain in the dark ages of marketing and communications - as well as extremely inefficient and wasteful in the allocation and utilization of marketing dollars. Over the past few years the concept of "Inbound Marketing" has matured to augment, if not replace, traditional marketing techniques referred to as "Outbound Marketing".

In its most simplistic form Inbound Marketing puts the customer in control of researching and meeting their needs for plans, products and services utilizing: the internet, websites, blogs and other social media resources.

The historic Outbound marketing techniques had the sales process in control customer acquisition and communications utilizing common techniques such as: the field sales force, telemarketing, magazine and TV advertising, direct mail, physical trade shows, seminars, etc.

BenefitPlace was created to begin a process of Inbound Marketing to bring efficiencies and cost-savings to the insurance and benefits industries. The concept was to provide a research hub, much like a library for the industries, bringing together the numerous parties to the insurance and benefits decision-making processes. Throughout the ten year evolution of BenefitPlace - with thoughts of both physical and virtual sites - we always had in mind the addition of a permanent Insurance & Benefits Trade Show.

BP Trade Show - opening its virtual doors Wednesday 7 April - will be a permanent, virtual, 24/7 "Inbound Marketing" Expo for the Insurance and Benefits Industries bringing together buyers, sellers and the providers of services.

It is not are intent to replace the traditional insurance and benefits related trade shows that have been in existence for years - they provide an excellent service! Through the internet we will provide consumers of insurance and benefits free access to exhibitors and their plans, products, and services. Exhibitors will be able to differentiate their plans, products and services at an affordable cost with out the need for travel, lodging, lost time and the cost of a physical exhibit.

The BP Trade Show will put the "customer" in charge of the buying process on an "Inbound" basis for the benefit of Exhibitors. Two quotes help explain Inbound vs Outbound Marketing!

“If you have more Money than brains, you should focus on Outbound Marketing. If you have more Brains than money, you should focus on Inbound Marketing.” Guy Kawasaki

"Rather than interrupt the unqualified masses with traditional marketing strategies such as direct mail, telemarketing and advertising, you can connect with qualified consumers online when they are actively looking for what you offer." PR 20/20

Next week we will share with you the web link to the BP Trade Show and information about pricing and Inbound Marketing opportunities for potential exhibitors! Should you have any questions or comments in the interim, please email: max@benefitplace.biz or call; 216.921.1583.

Grand Opening Date for the New Virtual Insurance & Benefits Trade Show Announced!

2010-03-22T14:33:00.000-07:00

The BP Trade Show Grand Opening Date Announced! Participants at this weeks meeting with affiliates included - BenefitPlace, Vesta h&l, and Vesta p&c! We postponed our discussions about Def-Con Plans to explain the new BenefitPlace subsidiary, BP Trade Show - A virtual trade show for the Insurance & Benefits Industry!

A Worksite Benefits Market Opportunity - This represents a tremendous opportunity for those involved in the Worksite/Voluntary benefits marketplace to gain exposure in a cost-effective and efficient marketplace. The virtual trade show has not been designed to replace traditional destination based trade shows which bring many parties together. BP Trade Show will complement these events throughout the year. With the cost of attending these traditional trade shows estimated to be $4,000 or more, and the cost for displaying at a booth at $100,000 or more - including travel, lodging, etc - BP Trade Show opens its doors to all of those involved in the benefits decision-making process.

The target date for opening the new web based Trade Show is Wednesday, March 31. The BP Trade Show marketing staff will be opening the show to the Insurance & Benefits marketplace for promoting plans, products and services. Directory listings by industry, specialization, plans, services, etc. will be available to assist in "Shortening Sales Cycles" and more efficiently reaching the organizational, group and individual H&L and P&C Markets. For more information, please email - max@benefitplace.biz or call 216.921.1583!

The BP Trade Show Trade will help the Insurance & Benefits Industries more cost-effectively deliver their Plans, Products & Services to Individuals, Families, Groups and Organizations. As an internet based trade show, our site will be open to all parties 24/7, requiring no travel or lodging costs for vendors or visitors, and will create time and cost savings for all parties to the decision-making process!

For Carriers - The BenefitPlace Trade Show will allow you to spotlight your Company and what differentiates your Plans, Products & Services for specific target markets. Wholesalers, PAs, Brokers, Organizations and Individuals will be empowered to visit this show at no cost and have access to the information your Company selects to provide. This showplace will "Shorten Your Selling Cycles" on a "Cost-Effective" basis!

For Brokers, Wholesalers, PAs and Consultants - The BenefitPlace Trade Show will provide an opportunity to tour the Insurance & Benefits marketplace for H&L, P&C Carriers, and Service Companies. In addition, visitors to the Trade Show can learn more about your Organization and the Plans, Products & Services you provide. This show will "Shorten Your Selling Cycles" by simplifying your prospects decision-making process.

For Organizations, Employers and Individuals - The BenefitPlace Trade Show will provide an opportunity to tour the Insurance & Benefits marketplace for Plans, Products & Services in the H&L, P&C, and Service Company arenas. The show is designed to reduce the time and cost of decision-making in an environment conducive to the cost-effective integration of Insurance & Benefits risk management. The show will provide access to Carriers, Brokers, Consultants and Service Companies to assist in meeting a full spectrum of your needs and cost points.

We hope you will visit the BP Trade Show and provide us input on how to improve the site!

WORKSITE PLAN DESIGN -- CAFETERIA PLANS LEAD WAY TO DEF-CON!

2010-03-15T06:18:00.000-07:00

This weeks meetings with affiliates included - BenefitPlace, Vesta h&l, and Vesta p&c! We continued our discussion about Def-Con (also known a "Benefit Credit Plan" and a benefits related "Defined Contribution Plan".

Several individuals had contacted us by email and on Linkedin commenting that Def-Con Plans were similar to, if not the same as, traditional Cafeteria Plans". This was a topic we had discussed at the "Think Tank" we co-sponsored in Philadelphia during the 1990s.

We concluded at that time that the similarities, differences, and confusion about Def-Con vs Cafeteria Plans came from the individuals age, experience and semantics.

Age - Many of us who had been in the Employee Benefits Market for a number of years referred back to a time when larger organizations, working with their Brokers and Consultants, experimented with offering Employees "Credit/Dollars" to spend on selecting from a limited number of "Benefit Choices" offered by the Employer. Employees were often given an opportunity to "Opt-Out" of the Employer's Benefit Plan and receive a "Dollar Amount". In many ways this form of a Cafeteria Plan is similar to the modern version of a Def-Con Plan without a cash "opt-out".
Experience (1) In the late 1980s, and gaining traction in the 1990s, "Payroll Deducted" Benefit Plans became more available and popular. These plans were generally introduced to Employers by quasi-captive agents representing carriers who specialized in these types of plans - Aflac, Colonial Life, and Capital America were some of the leaders. The plans - generally Cancer, Accident and Short-Term Disability - were offered to Employees at their own cost and discretion. Originally the Plans were offered to smaller blue-collar groups and Government Entities. This has matured into the Worksite/Voluntary Benefit Marketplace. These Plans were, and often are referred to as "Cafeteria Plans".
Experience (2) In the 1990s Tradition Employee Benefit Specialist (EBS) Brokers and Agents specializing in Payroll Deducted Plans, now referred to as Worksite Benefit Specialists (WBS), began to take advantage of Section 125 of the IRSC offering Premium Conversion (POP) Plans. These plans permitted the Employer to Pre-Tax -- subtract the premium from certain qualified plans from the Employee's pay check before taxes were calculated. This creates a saving for the Employer and Employee! In addition to Premium Conversion Plans, the IRSC permitted Medical Reimbursement Plans, Dependent Care Accounts, and more recently Transportation and Parking Reimbursement Accounts. All were based on pre-taxing certain Employee "Voluntary Contributions" to the Employer's Benefit Plan. These choices have also been called "Cafeteria Plans"!
Experience (3) More recently the Worksite/Voluntary marketplace has matured with expanded types of coverage being offered, ie. Life, Dental, Vision, Critical Illness (CI), Hospital Income (HI), GAP Plans, Limited Benefit Plans (Mini-Meds), Legal Plans, Pet Coverage, etc. In addition, a plethora of traditional Employee Benefit Carriers have entered the markets with a wide variety of programs, products, and services. EBS and WBS have joined together to offer a variety of plans to Employers of all sizes and industries. Employees are enjoying greater "Choice" and participation in the "Decision-Making" process. These plans are also being referred to as "Cafeteria Plans"!
Semantics - All of the above, the jargon of the Carriers represented, and the Region in which you live and work play into the understanding and usage of the term "Cafeteria Plans".

Given the potential for confusion using the term "Cafeteria Plans", we have chosen to use the term "Def-Con" to describe a specific type of Plan Design (also differentiating the term from "Defined Contribution" as referred to in Retirement Plans). Employer and Broker designed Def-Con Plans share the following characteristics. They

Allocate benefit "Credit Dollars" to products and services made available to eligible Employees.
Forecast and Budget the Organizations benefit expenditures on an annual basis.
Work more closely on Strategic Plan Designs for cost savings.
Provide a "Choice of Plans" for the Core Health Plan Design.
Build a "Menu of Worksite/Voluntary Benefits" made available to the Employees to provide "choice".
Using "Benefit Credits they value one choice over another to promote "Consumerism" and "Wellness".
Take advantage of IRSC and other Tax-Advantaged Programs.
Promote Employee Education and Participation in the decision-making process.
Empower the Employees and their Families with Education and Communication.
Reduce the Time and Cost of the "Benefits Decision-Making" process.

In future Blogs and with discussions in our Linkedin Group, "Insurance Forum", we will further discuss the design and advantages of looking at a Def-Con plan design alternative!

For more information about Worksite/Voluntary Plan "Choices" click on: BenefitPlace or Vesta Worksite and join the "Insurance Form"! Please share your comments with our community and HAVE A GREAT WEEK!

WORKSITE BENEFIT SPECIALISTS HAVE A GREAT OPPORTUNITY!

2010-03-08T08:44:00.000-08:00

At our weekly meeting of affiliates that included - BenefitPlace, Vesta h&l, and Vesta p&c - we further discussed the features, benefits, and values of a "Benefit Credit/Defined Contribution" Benefit Design Strategy. For a summary of our discussion click here: BenefitPlace Blog.

In this Post I wanted to point out the incredible opportunity a Def-Con Strategy presents to the Worksite Benefit Specialist (WBS) - and those in related fields. As you will note from the BenefitPlace Bog, A Def-Con strategy includes the following features:

Employers select a menu of "Best-in-Class" Carriers & Benefit Plans to offer Employees with an emphasis on "Choice". The "Choices" permit Employees to select plans from a variety of categories that best meet their Individual and Family's budget and needs.
Employers offer a broader menu of "Benefit Choices" to better meet the Employee's needs.
Employee can select from a broader menu of "Benefit Choices" to meet their individual and Family's needs and budget.
Both the traditional core benefits, ie. Health, Dental, Vision, Term Life, etc, as well as a menu of Worksite/Voluntary Plans, ie. STD, Critical Illness, UL, LTC, HI, GAP, etc. can be offered and Integrated in the Employee Benefit Choices.
Delivery of the strategy requires a well-planned Employee Education, Communication, Enrollment, and Data Management process. Each year, and with the addition of new eligible Employees, the Broker is positioned to assist the Employer and Employees with the decision-making process.

While more traditional Employee Benefits Specialists (EBS) have focused on "Spread Sheeting" the "True Group" core group benefit plans, ie. Health, Dental, Vision, Term Life, etc., the Worksite Benefit Specialists (WBS) have focused on providing the above while assisting with the enrollment process.

Def-Con offers an opportunity for the Worksite Beneift Specialist (WBS) to work with the Employers' current Employee Benefit Specialist (EBS), or directly with the Employer, to design a plan that can provide Employers:

Greater budgetary control over benefit costs
Reduce the cost of the overall plan design
Maximize personal choice for the Employees and their families
Reduce unneeded coverages
Improve Employee moral and productivity

Offering a Def-Con Strategy will require additional study by the WBS and/or the EBS, but the WBS is far more prepared to assist with the menu building and the enrollment process. In building the menu, it becomes extremely important to offer Employers and Employees - as well as the EBS - the "Best-of-Class" in Carriers and Plans. A well designed Def-Con Plan should include multiple Carriers and Plans to deliver the menu of benefits to meet the Employers and Employees needs and price points. For more information about these Carriers & Plans visit: BenefitPlace!

The purpose of today's blog is to continue a series of posts & discussions about Def-Con and this value-added concept. We will utilize this Blog, the BenefitPlace Blog, and the Vesta h&l Blog - as well as several Social Media resources - to disseminate more information. We invite you to join our Linkedin Group, "Insurance Forum" for additional Discussions & Comments.

At a time when the Health Insurance and Benefits Marketplaces are in turmoil, we firmly believe it is an appropriate time to bring the concept of Def-Con back to life!

Please share your thoughts with our community and Have a Great Week!

A NEW INTEGRATED BENEFIT PLAN DESIGN FOR GAINING MARKET SHARE!

2010-02-28T14:04:00.000-08:00

At our weekly meeting of affiliates that included - BenefitPlace, Vesta h&l, and Vesta p&c - , a press release by Unum was brought to our attention. In brief, Unum announced that their Simply Unum division had rolled out a new "Benefit Credits" Plan Design that would be introduced nationally in 2010.

Unum is a Fortune 500 company that provides LTD, STD, Group Life & a menu of Worksite/Voluntary Plans. They compete with their own Colonial Life Division in the Worksite/Voluntary Market.

Our significant interest in this announcement by Unum is that our founding company, Vesta Ltd., co-sponsored a "Think Tank" beginning in 1995 to study and sponsor the utilization of "Benefit Credits" in what we called "Defined Contribution Plans" - as they applied to the integration of Core and Voluntary benefit choices. One of our group members shortened the name to "Def-Con"!

The "Big Claim" we, the Tink Tank, utilized to invite select Brokers to participate in 4 day seminars to introduce and discuss the Def-Con concepts and designs was: "We can assist you in delivering 'Tomorrow's Benefit Concepts Today'. We can save your client substantial Benefit Expenditures while Dramatically Increasing their 'Return on Invested Benefit Dollars'". We noted that Def-Con could do for Employee Benefit Plans what Defined Contribution did to Retirement Plans. These meetings, and the ongoing activities of the Think Tank, were in depth, interactive and extremely productive. These activities lead to "Field Testing" the Def-Con plan designs with the Brokers and their select clients.

In the most simplistic terms, Def-Con allows Brokers and Employers to:

Allocate benefit "Credit Dollars" to products and services made available to eligible Employees.
Forecast and Budget the Organizations benefit expenditures on an annual basis.
Work more closely on Strategic Plan Designs for cost savings.
Build a "menu of benefits"made available to the Employees to provide "choice".
Value one choice over another to promote "Consumerism" and "Wellness".
Promote Employee Education and Participation in the decision-making process.
Empower the Employees and their Families
Reduce the Time and Cost of "Benefits Decision-Making".

We complement Unum on resurrecting this valuable plan design concept. One of their subsidiaries, Colonial Life & Accident, co-sponsored our original Think Tank.

The purpose of today's blog is to begin a series of posts & discussions about Def-Con and this value-added concept. We will utilize this Blog, the BenefitPlace Blog, and the Vesta h&l Blog - as well as several Social Media resources - to disseminate more information. We invite you to join our Linkedin Group, "Insurance Forum" for additional Discussions & Comments.

At a time when the Health Insurance and Benefits Marketplaces are in turmoil, we firmly believe it is an appropriate time to bring the concept of Def-Con back to life!

Please share your thoughts with our community and Have a Great Week!

WORKSITE / VOLUNTARY BENEFITS - A LEADER OR A FOLLOWER?

2010-02-22T13:18:00.000-08:00

At a weekly meeting with several affiliates that included: BenefitPlace, Vesta p&c, and Vesta h&l, we covered a number of important topics. One of these was "The value and ROI from attending Trade Shows". For a review of that discussion please visit the BenefitPlace Blog!

We also discussed the change in "The Role of Worksite/Voluntary Benefits Over the Years!". When Vesta first became involved in the then called "Payroll Deducted" market in 1986, the marketplace was very different:

There were very few carriers to chose from. I remember Aflac, Colonial, & Capital America.
Licensed individuals could enter the market with limited knowledge and a short "learning curve".
Agencies and Brokerage Firms had no interest in the market!
There was no integration of the Core Benefit Plans with the "Payroll Deducted Plans".
Carriers stated that the small business market was the target - groups of 5 to 50.
The plans available were very limited: Accident, STD & Cancer.
Plans were filed on an Individual Chassis and offered on a Group Basis.
Commissions were paid on the basis of "annualized" monthly premiums - rather than "as earned".
Enrollments were completed on paper while meeting one-on-one with the employees.
Submitting an average of 10 applications per week was considered outstanding!
While "Producers" were independent contractors, they were treated as Captives".

Wow - Have the things changed! Our meeting generated the following thoughts!

Unfortunately the positioning of Worksite/Voluntrary plans remains the same in the minds of many Agents, Brokers, and Employers! While most core benefits are now offered to Employees on a voluntary and contributory basis, they remain segregated from the Voluntary/Worksite. While Traditional Core Benefits - Health, Dental, AD&D & Term Life - now require the same education, communication, and enrollment as Worksite/Voluntary Plans, they are often offered separately. Worksite/Voluntary plans are generally treated as the "stepchild" to the Core Benefits. Even with the entry of many Traditional Carriers and Brokers into the marketplace, the Worksite/Voluntary plans are seldom integrated with the Core Plans. A different field force, and sets of brokers within firms, generally represent and sell the two types of plans! We believe that many of the Worksite/Voluntary plans now being offered should be integrated. These include:

GAP Plans
Mid-Meds
Limited Benefit Plans (Mini-Meds)
Critical Illness (CI)
Short Term (STD) and Long term Disability (LTD)
Long Term Care Insurance (LTCI)
Life Insurance Plans - UL, Whole Life, & Term
Annuities

In addition to integrating the above, a greater focus should be placed on the Employee Education, Communication, Enrollment and the Data Management Processes. Well conceived and implemented "Group Meetings" can replace the necessity of having expensive and time consuming one-on-one enrollments. Embracing technology and "Social Media" can shorten the "buying and selling cycles" while informing and empowering Employees. Increased participation and persistency will result! Wellness Plans and Consumer Driven Benefit Plans (CDHPs) can be positioned to generate the anticipated cost-savings required to sustain Employer Based Benefits.

We firmly believe that those experienced in the Worksite/Voluntary market are uniquely positioned to take a Leadership Position in moving the Benefits Marketplace forward!

NOTE: We, with BenefitPlace, have created the "Insurance Forum" on Linkedin. Join on the Linkedin site or contact us for information 216.921.1583 or email max@benefitplace.biz!

We, and our community, would appreciate your thoughts on the above! Have a Great Week!

WHAT IS VESTA WORKSITE? WHO IS IT FOR?

2010-02-15T10:10:00.000-08:00

At a recent meeting with our Affiliates, including BenefitPlace, Vesta h&l, and Vesta p&c, a participant noted he had received several calls asking "What is BenefitPlace" and "Who is it for"? This question has been answered on the BenefitPlace Blog.

As the President of Vesta Worksite, I wanted to answer the same questions about Vesta Worksite. I believe they are important questions and valuable to answer with clarity!

Vesta Worksite has developed and evolved over more than a 20 year period providing Brokers, Agents, Consultants, Employers and Employees access to "Best-of-Class" Worksite/Voluntary Benefit Carriers, Plans and Services on an unbiased basis.

Throughout the years, the Worksite/Voluntary market has grown substantially with the addition of a broad spectrum of plans and services offered by an ever expanding group of Carrier/Providers. Vesta Worksite began as a Broker directly representing Carriers - there were only a few at that time. Until recent years, Brokers representing Worksite/Voluntary Plans generally worked independent from Traditional Brokers who offered Health & Life on a "Group Basis". As the distinctions between these types of Brokers faded, Vesta shifted to working with both Worksite Brokers and Traditional Brokers to provide information about and access the "Best-of-Class" of Carriers and Services.

Vesta Worksite now acts as a conduit between the Carrier/Providers in the marketplace and the Brokers, Agents and Consultants who are introducing, evaluating, or expanding the Plans and Services offered to Employer Groups. We do not work directly with Employers. Our compensation is either "Fee Based" or through the Carrier/Provider - much like the Wholesale Marketplace.

The Vesta Worksite Mission Statement Includes:

Centralizing a market for the Worksite/Voluntary Benefits Industry - A Permanent Trade Show
Maintaining an open and convenient marketplace for Carriers and Brokers
Providing an ever expanding Resource Center focused on the Worksite/Voluntary Plans
Expediting the Worksite/Voluntary Benefit decision-making process
Assisting with the selection of Education, Communication, Enrollment & Data Management Providers
Creating an enhanced and cost-effective experience for Employers & Employees
Establishing a set of "Social Media" platforms utilizing Blogs, Linkedin, Twitter, etc. to encourage and expedite industry related discussions, social interaction, discussions, etc. I invite you to join this valuable Industry Group - Click on INSURANCE FORUM.

I hope the above provides some clarity! If you have any questions, please give me a call at 216.921.1583 or Email Us.

Have a Great Week!

AVATARS - YOUR NEW DIRECTION IN DISTRIBUTION & COMMUNICATIONS

2010-02-08T09:34:00.000-08:00

At a weekly meeting with several affiliates that included: BenefitPlace, Vesta p&c, and Vesta h&l, we focused on evaluating BenefitPlace's new "Home Page" avatar - this can be visited at www.benefitplace.biz!

In addition to what many of us witnessed on the Big Screen, Avatars - that are virtual human-like 3D robot characters - can have numerous valuable applications for business - especially the contact intensive Worksite/Voluntary Benefits Marketplace. In the past several years Avatars have matured to become a viable and affordable opportunity for gaining affordable efficiencies while increasing revenues, improving customer service, and enhancing Broker, Employer, Employee experiences.

BenefitPlace had been researching avatars for more than a year. Their research had focused on:

Suppliers - Who are the players in this emerging avatar marketplace?
Business Applications - Versus games and social applications?
Technologies - What is available and what differentiates the suppliers?
For the Insurance & Benefits Industries - How can these technologies be best applied?
What is the Cost - For various applications and per the supplier?
What is the "learning curve" - For utilizing the technologies and applications?
ROI - Is there a measurable return based on how the Avatar is used?

As happens with cutting edge technologies, the research could not keep up with the innovations within the avatar industry.

Business Applications - Segments of the avatar industry were focusing on business
Suppliers - The number focusing on business applications were increasing
Costs - Were coming down dramatically
Flexibility - Systems could be configured to meet specific needs
Installation & Maintenance - Had become more "user friendly"

How can these Avatars be utilized by Worksite/Voluntary Carriers and Broker?

Introducing New or Upgraded Products , Plans & Services! - Enhanced distribution capacities.
Following up with Clients and Potential Clients! When people forget the Avatar remembers.
Making Websites Interactive! The website becomes more friendly and informative.
Answering Questions - The avatar can answer the most commonly asked questions - both on a "typed- in" or "voice response" basis. This can reduce Call Center costs and make the Field Force more effective.
Claims Processing - This can reduce Call Center costs while being more effective for clients.

I invite you to click on: Vesta/Avatar to learn more about these new technologies. For additional information on how avatars might assist your operations, give us a call at - 216.921.1583 or email - vesta-pandc@benefitplace.biz.

Annuities & Obama - Worksite/Voluntary Initiative?

2010-01-30T09:50:00.000-08:00

Meeting with our affiliates, including BenefitPlace, Vesta h&l (that was only recently launched) and Vesta p&c, the topic of Obama's Wednesday night State of the Union address came up along with the stalled healthcare reform, the economy, etc. One topic I did not expect was "Obama, Annuities and the Potential for the Worksite Market!"

While we were aware that the Obama Administration was looking at annuities - through the aministration's Middle Class Task Force - as a tool for Americans finding a more secure retirement, we were not looking at the bigger picture. An article in January 30, 2010 The New York Times titled "The Unloved Annuity Gets a Hug From Obama" broadened my and our perspectives!

The article by Ron Lieber was insightful and entertaining. Thoughts we found valuable include:

President Obama did not discuss annuities in the speech because "...viewers had enough problems staying awake".
The Task Force interest in annuities sent insurance executives "into paroxysms of glee".
Christopher O. Blunt, an Ex. VP at New York Life Insurance Company stated, "I never thought I'd have the president as a wholesaler for us"!
Ron Lieber saw the new attention to annuities as "...a stunning turn of events for a rather unloved product".

The article goes on to discuss the pros and cons of annuities as well as their potential fit in a retirement portfolio.

Our discussions drifted into what most of the group members always believed - Annuities, if presented by ethical professionals and purchased for the right reasons - have an excellent fit as part of a retirement portfolio. In addition, there was a consensus of opinion that annuities can and should be a logical addition to a menu of worksite/voluntary "choices" offered to employees. As with all "choices" made available to employees, the focus should be on selecting the "Best of Class" in carriers and plans. Once the selections are made, it is extremely important to create and implement a process for employee education, communication, and enrollment!

Note: Want to see something unique! Check out the Avatar on www.benefitplace.biz!

Please share your thoughts on the above, and visit our website at Vesta Worksite for more information!

Have a Great Week!

Two Separate Topics - Aflac Surprises Us & A Free Industry Association Video Series!

2010-01-21T15:22:00.000-08:00

AFLAC SURPRISE -- We at Vesta Worksite and BenefitPlace have been tracking the progress of Aflac in courting the Broker marketplace!

With over twenty years in the Worksite/Voluntary marketplace working closely with Brokers, we were skeptical of Aflac's capacity to address the Broker's needs while continuing with their traditional shotgun approach to marketing.

An article in Business Insurance titled "Aflac doesn't duck brokers, and it pays off" that can be accessed at: http://www.businessinsurance.com/article/20100114/BLOGS05/100119959 noted that Aflac was named in a survey of 350 Brokers the "preferred company" for voluntary coverages. While surprised, we complement Aflac on changing their direction and the perception of Brokers.

For the sake of Brokers, Employers and Employees, we hope the Aflac Broker Development Coordinators (BDCs) are able to control the enthusiasm of the vast traditional field force that generally goes door-to-door. A major problem in the past occurred because the client accounts did not belong to the broker or agent. Individuals in the field force would knock on the employer's door and attempt to sell Aflac plans without notifying the originating agent or broker. This created confusion and displeasure with all parties. In addition, most voluntary enrollments did not coordinate with the "open enrollments" for the core benefits that the broker planned and controlled.

If Aflac has resolved the above issues, and will assist the Brokers and Employers with the enrollment of core benefits along with the voluntary, it looks as though "the Duck" will become even more dominant in the market.

I should also be noted that Aflac's acquisition of CAIC at the end of 2009 should add more expertise in working with Brokers and enhance the available menu of plans that will better integrate with "traditional core benefits".

FREE ASSOCIATION VIDEO SERIES -- The Worksite Benefits Association, a group we know well at Vesta Worksite, BenefitPlace and Vesta p&c, is offering a complimentary nine-part video course on the marketing of payroll-deducted benefit plans. For more information visit the Associations website: www.workplacebenefits.org or give us Vesta Worksite a call at 216.921.1583. The Association is also preparing for its annual regional meetings.

Please share your thoughts on the above with our community! Have a Great Week!

Insuring the Uninsured - 25 Million Policies & $300 Billion in Premium?

2010-01-15T07:24:00.000-08:00

We at Vesta Worksite recently met with our affiliates at BenefitPlace and Vesta p&c to discuss "Windows of Opportunity" opening for Carriers and Brokers in the new year and beyond. While on that track, we reviewed articles from The Wall Street Journal (WSJ), the Agents Sales Journal (ASJ) and other publications that discussed the individual and small business markets and how they would be impacted by Health Insurance Exchanges.

Quite simply, it appears that some form of a Health Insurance Exchange will be formulated and passed as the House and Senate bills come together. The articles and supporting statistics provided important documentation for looking at opportunities in the Individual and Small Business Markets.

The WSJ called the individual market created by the new exchanges a "prime business opportunity". They estimate the new market will generate more than $100 billion in annual premium in the pre-age 65 market and $200 billion in the 65 and over market.

The ASJ estimates that "25 million new individual, family, and senior paid policies will be written in the next four to five years". It was further pointed out that those currently uninsured are not for the most part the unemployed. ASJ estimates that "85% of the uninsured Americans are employed" and that "almost half are between the ages of 18 and 34" with about 75% in good health.

Added to the above, the U.S. Small Business Administration (SBA) estimates that small businesses "Represent 99.7% of all employee firms". Many of these firms will be eligible, if not required, to offer Employees Benefits through the exchanges.

While reviewing these articles and the statistics, we all had two common question: "Who is going to provide the contact, education, and enrollment processes for the plans created by carriers to meet regulatory standards" and "What competitive sector will capture this unique new market".

Given additional research, indicators from Washington, and more discussion, we at Vesta Worksite have come to several conclusions:

Given the current reports from Washington, some form of Health Insurance Exchanges will be forthcoming with plans that are mandated, standardized, transparent, and offer a minimum level of coverage.
Whatever defined mandates the government entities establish, Federal &/or State, to assist potential Individual and Small Business Employee participants, the majority of potential participants will have many questions and want personalized attention.
The internet will play an ever increasing role in answering questions and meeting the needs of the of the potential participants on an interactive basis.
Traditional Group Brokers may not chose to service this Individual and Small Business market. For the most part they will continue to compete for the larger group market - increasing their participation in Worksite/Voluntary Plans.
The mandated exchange plans created by the participating carriers will have a minimum base level of coverage and provide the insured an option to increase coverage with choices of standardized plans.
While offering the "Base Plans" may, or may not, offer Brokers an opportunity to generate commissions, the "optional plans" will provide an excellent opportunity to assist the insureds, build relationships, and generate significant income.
Small businesses, who will be qualified to offer some form of a Small Business Health Option Program (aka, a "Shop Exchange") - with some defined cost-sharing and tax credit - will provide an excellent platform for agents to build ongoing relationships and generate substantial new business. In addition, additional Worksite/Voluntary Plans will be offered during these enrollment periods.
The Small Business Owners, and their Employees will require significant education, communication and enrollment services - as well as capacities for data management.
Those Carriers and Brokers with experience in the Worksite Marketplace will be well positioned to capture this new market.
While a number of Carriers will enter this new marketplace attempting to capture a market share, there will be attrition. As often happens with new markets and plans, many Carriers do not have the capacity to estimate unexpected costs and lack of "back-office" capacity.
The quality of Broker and Field Force training about the regulations and plans will help determine the winners and losers in the fight for market share.
Brokers who fully understand the new products and the market - especially those seasoned in the Worksite arena - will be well positioned to assist potential policyholders, generate significant premiums and earn sizable commissions.

In future postings on this blog we will track the progress of "Exchanges" as the House and Senate put together the Health Care Reform. Please share your thoughts on this potential market. Have a Great Week!

Need Selling - There is Need and Demand!

2010-01-07T08:52:00.000-08:00

The same day I nearly took a tumble on the ice in the midst of a nationwide cold wave, I read the results of a Northwestern Mutual survey conducted by Harris Interactive about Employees and Disability Coverage.

Quite simply, the results showed that only 10% of the 2,100 workers responding were insured for disability with 30% receiving the coverage through the worksite. In addition, nearly 80% of the respondents indicated they would be "Devastated" if a disability prevented them from working. EmployeeBenefit News", in covering the study, pointed out that it was ironic that "73% of the respondents have insured their home or rental property and 88% have auto insurance".

While we at Vesta Worksite, Vesta p&c and BenefitPlace were discussing this study for Northwestern Mutual by Harris Interactive, we questioned why their was so much need and if their was demand? Generally we agreed that there was a problem in communication among carriers, brokers, employers, employees and individuals.

At Vesta Worksite we have been an aggressive proponent of disability coverage for all income groups on a worksite/voluntary basis for over 20 years. We have enjoyed the Employer's willingness to make the plans available and substantial Employee participation. Guaranteed and/or simplified issue offered by a number of carriers on an individual or group chassis at affordable "price points" makes the plans functional for all income levels.

Existing and potential clients may appreciate input on meeting the disability coverage Needs and Demands! In addition, the door may be open for offering an expanded menu of voluntary choices!

Please share your thoughts with us and those in our benefits and insurance community!

Have a Happy, Healthy, Prosperous & Valued New Year!

2009-12-31T08:17:00.000-08:00

Those of us in the Benefits and Insurance Industries seem to be ending the year, and decade for that matter, with more questions and problems than answers and solutions. Central to the questions and problems are the economy and pending legislation.

Discussions within Vesta Worksite, and with our affiliates - Vesta p&c and BenefitPlace - have come to one specific New Year's Resolution! In that we have little control over the economy and the direction of the Congress, we are going to focus our concerns and efforts where we can have the greatest effect - Our Clients, Affiliates, Friends and Families!

If we can be effective working with - and meeting the needs of these constituencies - we'll probably be able to adjust to whatever the New Year and Decade Deliver!

Happy New Year!

Best Wishes For a Great Holiday Season and a Healthy, Happy & Prosperous New Year!

2009-12-24T07:25:00.000-08:00

As this year comes to an end, those of us involved in Benefits and Insurance are left with more questions than answers about the future of the Industries.

Unfortunately, the impetus for change, and the decision-making process, are for the most part in the hands of those who have the least practical knowledge. Self-interested parties and the folks who focus on being re-elected are those who are structuring policy and proposing legislation.

We at Vesta Worksite, Vesta p&c, and BenefitPlace remain cautiously optimistic that reason will prevail! We also have come to realize that as the "New Frontier" of Benefits and Insurance emerges, there will be as many "Gaps and Holes" in the new system as in the old. The Worksite Market has successfully established itself by being flexible and providing coverage where others do not! While the benefits and insurance marketplace is going to change, and should to remain viable, the needs of Employees and Individuals for additional coverage will remain. The need to educate, communicate and enroll benefit plans will be as important as ever. The Programs, Products, and Services we offer may continue to change but the viability of the Worksite Market should be stronger than ever!

Have a Happy Holiday and a Healthy, Prosperous New Year!

Checking Your List & Checking it Twice!

2009-12-16T13:23:00.000-08:00

We at Vesta Worksite suggest that the worksite benefits marketplace now offers programs, products, and services to assist all Employees without pre-judging their income levels, job status or needs. In the past when carriers and plans were limited, the most highly compensated, lower income, part time, independent contractors and others were not part of the worksite/voluntary benefit focus or enrollment process.

Times have changed! There are now a multitude of carriers offering programs, products and services to meet the specific needs of individuals and families of diverse needs. While discussing the wide variety of choices with BenefitPlace, we noted several opportunities for Worksite Benefit Specialists and Traditional Employee Benefit Brokers we wanted to pass along:

Critical Illness Plans (CI) - For highly compensated Employees and those with limited coverage or dollar caps.
Limited Benefit Plans for those who are ineligible for - or cannot afford - the health/medical plan and Independent Contractors (1099 EEs).
Long Term Care Plans (LTCI) for the highly compensated Employees. In addition their are group based plans available on a guaranteed issue (GI) basis with low participation rates that permit the option to increase the coverage on a voluntary basis.
Life Insurance - Term, Universal Life and Whole Life for all Employees who may not have access to quality Broker services and plans.
Legal Plans - for for lower income Employees who may not have access to legal advice.
Pet Insurance - for all Employees who have pets that are part of the family and cannot afford unexpected veterinary expenses.

Introducing plans like the above can better serve the needs of the overall Employee population and assist Employer's in building a more robust benefit strategy without adding to their costs!

Please send along your thoughts and input to assist the Vesta Worksite community! Have a Great Week!

The Season for Giving and Sharing with Others!!!

2009-12-08T15:13:00.000-08:00

While this is the season for Giving and Sharing with others in our private lives, it is also a time for establishing these "Relationship Building" efforts with clients and potential clients; carriers; and Brokers!

As the Worksite Marketplace continues to gain credibility with Employers, Core Benefit Carriers, and Traditional Employee Benefit Brokers/Consultants, a lack of familiarity and expertise among these parties in approaching the worksite market, and the integration of plans, can produce poor or unwanted results. Over a twenty year period, we at Vesta Worksite have found that "Giving and Sharing" experience with the Employers, Carriers and Brokers creates a foundation for success! Providing input at specific points in the decision-making process creates win,win, win solutions. These include:

When selecting a qualified "Worksite Benefit Specialist".
When selecting the "Best of Breed" for Carriers".
When selecting the "Best of Breed" for Plans from the Carriers.
When determining if "Tax Advantaged Plans" are appropriate: premium only plans; FSAs; Dependent Care Accounts; HSAs; HRAs; etc.
When selecting a qualified TPA.
Assuming, or being convinced, that one Carrier's Plans are all "Best of Breed".
Confusing the Employers and Employees with to many choices.
Forgetting to integrate the "Core Benefit" plans with the "Worksite Plans" to avoid duplication in coverage.
Forgetting to get management and department heads to "Buy In" to the reasons for adding the worksite plans and to give them an understanding for the Employee education, communication and enrollment process.
When deciding on who will be responsible for the education, communication, and enrollment of the core and worksite plans.
When allocating time for the enrollment process.

Those who are Worksite Benefit Specialists have an opportunity "Give and Share" expertise with Employers, Carriers, and Brokers. For ideas on the integration of carriers and plans click on: BenefitPlace. The times when Core and Worksite Plans were unrelated in the "Strategic Benefit Plan" should be long past. It is time for all parties in the decision-making process to work together to enhance plans and gain a "Geater Return on Employer's and Employee's Benefit Dollars".

We at Vesta Worksite hope you will share your thoughts on the above. Have a Great Week!

When is the Best Time for Worksite/Voluntary Benefit Enrollment?

2009-12-01T14:25:00.000-08:00

Over a twenty year period, we at Vesta Worksite have been asked the above question many times. We have discussed the options with Core Benefit Carriers, Worksite Carriers, Employee Benefit Specialists, Worksite Benefit Specialists, Consultants, Employers, Management, and Employees. The options for conducting the education, communication, and enrollment for Worksite Benefit Plans include:

At the same time as the Core Benefit enrollment - providing Employees a better understanding and integration for all benefit plans. Employees, and their families, are empowered to "mix and match" the best selection of Core Benefit choices with the Worksite/Voluntary opportunities. This timing could be advantageous when utilizing Section 125, Flex Plans, and Cafeteria Plans.
Prior to the Core Benefit Enrollment - providing a clear differentiation between Employer Sponsored Plans and the Supplemental Worksite/Voluntary Plans. This timing allows Employees, and their families, time to learn about and distinguish Worksite and Core Benefit Plans and determine their own needs. Unfortunately, if the Employer or Employee decides to make changes in their Core Benefit Plan selection, it may impact on the need for the Worksite/Voluntary Plan(s) selected at an earlier date.
Following the Core Benefit enrollment - providing the Employee, and their family, time to work through their Core Benefit choices and decide on what they need to fill in "Gaps and Holes" in their Core Plans with the Worksite/Voluntary Choices. This could be especially true when it comes to Gap Plans, Hospital Income, Critical Illness, etc.
Whenever the Employer, Broker(s), and Carrier(s) make the decision to offer the Workiste/Voluntary Plans - providing Employees valuable choices any time throughout the year without being tied to the Core Benefit Plan effective date. With this option the Employer could coordinate the Worksite/Voluntary Benefit enrollment at the time of the next Core Benefit open-enrollment. Section 125 does allow for a short year to accommodate the merging of plans.

Over the years, we have seen all of the above options work well. One common thread for success is always the coordinated commitment of the Employers, Management, Carriers and Brokers to the education, communication and enrollment process. These parties must work together to assure that the Employees, and their families, fully understand their "choices" and the financial impact on their pay checks.

Vesta Worksite looks forward to your input and any thoughts on the above! Have a Great Week!

Future of the Worksite Benefit Specialist!

2009-11-22T14:50:00.000-08:00

Where will the Worksite Market, and those who have become its specialists, go with the current proposed legislation? With the Patient Protection and Affordable Care Act (PPACA) Legislation heading to the Senate floor by the direction of Senate Majority Leader, Harry Reid, it may be time to plan ahead and look at the change in roles that carriers and brokers may face with change. General thoughts come to mind:

How "basic" will the the Health Insurance Coverage become for most Americans. As has been the trend in the existing market, what Worksite/Voluntary plans will the carriers create, or be permitted to create, to fill in the "Gaps-and-Holes" and meet the needs of individuals and families with dissimilar coverage needs and different disposable income levels.
With the potential for a shrinking Health Insurance market and commissions for Traditional Employee Benefit Specialists, combined with all benefits - other than a basic "mandated" basic health plan - becoming voluntary, will the role of the Worksite Benefit Specialists become primary.
Should the commission and renewal base for the Traditional Employee Benefit Specialists deteriorate, or be capitated, many firms and brokers may leave the H&L industry, gravitate to the Worksite market, focus on their Property & Casualty (P&C) business, or go out of business. Worksite Benefit Specialists could be well positioned to capture previously closely controlled groups, drive worksite commissions and/or lead the brokerage firms into the Worksite Marketplace.
Whatever form of legislation materializes now, or in the future, the need for integrated "education, communication, enrollment and data management" will be essential. In the opinion of BenefitPlace the worksite models will remain the best conduit for providing employees and their families information about the coverages available, the "price points", how the plans integrate or conflict and the claims process. The expertise in these processes, and the supporting commissions, have been developing in the Worksitre Market for a number of years to support Employers and Employees.

The above points represent only a few of the changes to the Worksite Marketplace that we at BenefitPlace are examining. We would appreciate your thoughts and how you may be preparing to address "change". Have a Great Week!

From Where has the Worksite Marketplace Come and Where is it Heading?

2009-11-11T15:57:00.000-08:00

The concept of worksite/voluntary benefits has evolved throughout the years. When we, Vesta, became involved in the market over 20 years ago, there were very few carriers offering a limited number of plans. The designation of this limited "niche market" was "payroll deducted" plans. Traditional Employee Benefit Specialists wanted nothing to do with these "step child" plans and sales were generally made by the carriers' field force. The field force would go directly to the employer. Enrollment was performed by the carriers' field force on a paper application and generally separate from the "core benefit" enrollment.

Since then, the designation of "payroll deducted" benefits evolved into "supplemental", "voluntary", and now, "worksite". There are now hundreds of participating carriers and a wide range of plans. Traditional brokers have begun the process of embracing the plans with the assistance of the carriers and their respective field forces. Working together, there is a greater understanding of offering employees choice and the necessity of offering meaningful education, communication, and enrollment processes. Technology choices have made the overall employee enrollment process more efficient and the worksite plans are being integrated and enrolled simultaneously with the core benefits.

In recent years, the differentiations between core benefits and worksite plans have faded. The employers, working with their Employee Benefit Specialists are offering employees more choices in their core benefit designs. Employees may have several choices for health, dental, vision, life, and other plans. The worksite plans are often utilized to fill in the "gaps and holes" in coverage that occur when the employers and/or the employees select plans with more limited coverage and a reduced premium. These menu choices include: Gap, Limited Benefit, Mid-Meds, Critical Illness, Disability, and Life plans. The core benefit carriers are often designing and integrating plans with the worksite carriers.

Where are you in integrating worksite menus into your core benefit design? How can Vesta help you put the ever-expanding Worksite Puzzle together? Whether you are a Carrier, GA, Agent for a Worksite Carrier, Employee Benefit Specialist, Broker, Employer or Employee, the number of players and choices can be confusing. Please share your thoughts and experience! You may also choose to participate in the Poll on the right side of this page to help you and us better understand community trends.