Markets include - Health & Life (H&L); Voluntary / Worksite Plans; 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!
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Call Phil - 216.921.1583