BENEFITPLACE -- All About Insurance, Benefits & Related Services

The Insurance and Benefits Industries Can Find Savings and Sales with a New Trade Show Model!

2012-02-13T06:17:00.000-08:00

Industry Gurus predict that over 85% of all insurance related contacts and sales will be initiated on the Internet. A traditional three day trade show in a remote city will not deliver them to you! Put your marketing dollars to work 24/7/365!

What if an Insurance and Benefits Industry Trade Show actually delivered you "QUALIFIED PROSPECTS and/or SALES"? What if there is a 24/7/365 Insurance Industry Trade Show that is based on the Power of the Internet, Social Media, Search Engines, and SEO? What if affordable and cost-effective "Inbound Marketing" compared to expensive and wasteful traditional "Outbound Marketing" could drive Qualified Prospect to your Door? Will they find your competitors first? Would your company like to Shorten Selling Cycles, Reduce Marketing Costs and Increase Sales? Start Now!

Do the Trade Shows where you Exhibit or Attend justify the thousands and thousands of dollars it costs? Probably not. Why? Because these traditional trade shows do NOT hit your target market! Generally they are for Branding, Seeing your Competitors, Meeting with old Industry Friends, and a Break from Pounding the Pavement!

Go To www.benefitplace.biz and feature your Company and what differentiates your Plans, Programs, and Services! Use Videos and Avatars to attract and sell the Trade Show visitors! Your potential clients find you from the comfort of their office or home! Put Your Money To Work!

The Bottom line - BPTradeShow.com will deliver the Targeted Prospect to your door!

Benefitplace.biz Listings start at $150 annually! The 24/7/365 BPTradeShow.com Exhibits start at $2,880 annually. BE THERE!

Contact: max@benefitplace.biz / Call 216.577.5579

NOTE: Join our Linkedin Group, INSURANCE FORUM, for more Information and Discussions - Go To:

http://linkedin.com/groups?about=&gid=2762200

UNDERSTANDING, EMBRACING, SELECTING, AND IMPLEMENTING VOLUNTARY/WORKSITE EMPLOYEE BENEFIT PLANS

2012-02-04T09:29:00.000-08:00

We at BenefitPlace.biz and BPTradeShow.com would like to get started with a bold statement - All Employee Benefits are becoming Voluntary! What I mean by this is that while Employer Sponsored Plans remain the main portal for individuals to gain access to Insurance related Plans, Programs, and Services, Individual "Choice" is becoming more prevalent. Historically there were two types of Employer based Plan Designs that often were not integrated - "Core" and "Voluntary/Worksite Plans"! To gain integration, cost-savings, and an improved Benefit Design, Employers and Brokers are breaking down these barriers. To accomplish these changes the following steps are required:

Understanding
Core Benefits - In the past Employers generally worked with Brokers(s) to design a Plan that was selected and paid for by the Employer, ie. Health Insurance, Term Insurance, Dental and Vision Plans, LTD, ADandD, Term Insurance. Employees, and their Families, are now being asked to select among a variety of Plans and to contribute a substantial portion of the premium. Employees are often provided an opportunity to "opt-out" of the plan.
Voluntary/Worksite Plans (once referred to as "Payroll Deducted Plans" - Employers generally worked with Brokers and Agents of specific Insurance Companies to select a "Menu" of Plans to be offered to the Employees on a Voluntary, Payroll Deducted Basis. The Plans included: Short Term Disability(STD); Accident; Critical Illness, Cancer, Hospital Income(HI), Life, Dental, Vision, Limited Benefit Health Plans, Pet, Legal, Discount Plans and other Insurance and Non-Insurance based "Choices". Generally, a limited number of plans were offered the 1st year with additional plans in the following "Enrollment Periods".

Over the past several years, the distinction between Core and Voluntary/Worksite Plans has been disappearing. Employers are offering their Employees a "Menu" of choices including both the traditional Core and the Voluntary/Worksite Plans during a specific "Enrollment Period" when they are offered both their Core and Voluntary/Worksite Choices. In most if not all cases the Employees must contribute to the Premium/Cost of the Plans, Programs, and/or Services. The Employees contribution may include:

Paying a portion or percentage of the Cost
Paying the full Cost of the Pans, Programs, and/or Services offered
Utilizing Benefit Dollars/Credits provided by the Employer after which the Employee must pay the remaining cost off the Plans, Programs, and/or Services they select from the "Menu" of Benefit "Choices" - A Defined Contribution (Def Con) Plan.

In addition to the "Core" and Voluntary/Worksite Plans being offered many Employers provide their Employees access to IRSC tax opportunities that create savings for the Employer and the Employee. These include:

Section 125 (POP) Plans (pre-taxing the Employees contribution to "Qualified" Plans.
Medical Reimbursement Accounts (pre-taxing anticipated "Qualified" out-of-pocket expenses.
Dependent Care Reimbursement Accounts (pre-taxing the cost of "Qualified " dependent child and adult care.
Transportation Reimbursement Accounts (pre-taxing the cost of "Qualified" transportation and parking expeenses.
401(k) and other "Qualified" retirement plans.

For handling the administration of the above "Qualified" Plans, the Employer generally works with a Third Party Administrator (TPA). The cost of the TPA can either be absorbed by the Employer or passed along to the Employee.

The Employers and their Broker(s) either handle the Education, Communication, Enrollment, and Data Management processes internally or work with a Professional Enrollment Company. Some of the traditional Voluntary/Worksite Insurers may proviode these services with some limitations. It is extremely important that the enrollment process is handled on an unbiased basis!

Embracing
Many Employers and their traditional "Core" benefit Brokers(s) have been slow to Understand and Embrace these changes. The reasons are fairly simple:

Comfort Levels - Many traditional "Core" Benefit Brokers are not comfortable with, and do not know, how to evaluate and compare "Voluntary/Worksite " Plans
The Process - The "Enrollment Process" for traditional "Core" Benefits did not require as great a focus on the Education, Communication, and Enrollment process as when introducing "Choice".
Choices - The "Choices" of Plans, Programs, and Services - as well as the number of Carrier/Providers off the traditional Voluntary/Worksite Plans - have increased dramatically. Many "Branded" Core Benefit Insurers have entered into this lucrative market. The Employers and their Brokers find it difficult to evaluate what differentiates the Carriers/Providers and their Plans, Programs, and Services. Old "Spread Sheeting" methodologies often do not apply.
Fallacy -Many "Core" Benefit Brokers thought that the introduction of Voluuntary/Worksite Plan "Choices" would diminish their sphere of Influence and Commissions.
Fear - Employers and Brokers feared that the Employees did not have the capacity or desire to make educated "Choices" to protect their Individual and Family's well being and "Piece-of-Mind.
Misunderstanding - A lack of understanding about the role of TPAs and Enrollment Companies and how they are compensated confused the Employers and Brokers.

Equally problematic is the fact that most Voluntary/Worksite Brokers:

Have little experience with "Core" Benefit Plans.
Have little or no contact with the "Core" Benefit Broker community.
Prefer separate one-on-one enrollments for their specific Plans.
Generally represent one specific Insurer/Provider for the Voluntary Worksite Plans.

Time, economics, and demand are changing the above. As with most change, it takes time for all of the parties to the Benefits Decision-Making Process to be comfortable and to see the advantages.

Employers - The cost off benefits has become prohibitive as well as the time required to make specific Plan, Program, and Service "Choices" for the Employees! Shifting the decision-making processes, as well as the cost, to the Employees is becoming more and more attractive. Many Employers are beginning to recognize that it is cost-effective and efficient to "Empower" Employees to become "Consumers".
Brokers - With time they are changing! The lines separating "Core" Benefit and "Voluntary/Worksite" Brokers are breaking down. As Brokers become more familiar with the alternative Plans and Employers demand the integration of the Plans - combined with the opportunity for Brokers to generate more commissions - the Brokers are embracing the new opportunities to expand their markets and revenues.
Employers and Brokers - The functions of the TPAs and the Enrollment Companies are becoming better understood and appreciated. Advancements in technology have brought the costs down while the marketing efforts by these sectors of the market have increased.
Employees - Due to advertising, the internet, and experience the Employees appreciate, want, and at times demand "Choice". The individuals and their Families embrace the opportunity to select the Plans, Programs, and Services they need and can afford to protect themselves against "Risk" and to enhance their lives.

Selecting
Employers, working with Broker(s) comfortable with both "Core" and "Voluntary/Worksite" Plans, Programs, and Services, should focus on building a Strategic Benefit Plan that includes:

Meeting Needs - Evaluating the Employees needs and financial capacities.
Benefits - Determining the "Best-of-Class" of Plans, Programs, and Services "Choices" - as well as the Carrier/Providers - is imperative. Note: No matter what they claim - No one Carrier/Provider is the best and most cost-effective for everything!
TPA - Depending on the Number of Employees, Industry, Number of Locations and Requirements specific to the Plan Design, a TPA should be selected.
Enrollment - Selecting the Enrollment Company - if outsourced - and the type of Enrollment that is best suited for the Employer's and Employee's convenience and needs: One-on-One, Group Meetings, Internet Based, Call Center Based, or a combination of these methods should be selected
Employer's Contribution - Determining the Employer's total benefit contribution and how it will be allocated by "Class" of Employees and among the "Plan Choices" is important for "Budgeting".
Payroll - The Payroll Staff or Payroll Company selected must understand how the Employer's and Employee's Contributions are structured as well as the process for differentiating the Pre-Tax Deductions.
Enrollment - Scheduling a time for the Education, Communication, and Enrollment process is critical. This should be at a time when the Employer, the Employees, and their Families have adequate time to focus on the Benefit Choices. Holiday Seasons are not the best time!
Spheres of Influence - Having the Management, Department Leaders, Unions, etc. "Buy-In" to the Benefit Plan is extremely important. Their support and participation is critical for gaining the confidence and participation of the Employees!

Implementing
When all of the above steps are followed by the Employer and the Broker(s), the Education, Communication, and Enrollment Process should be relatively smooth. Points to keep in mind:

Information - Materials should be distributed to the Employees explaining the "Plan Design" and differentiating each of the Plans, Programs and/or Services. An explanation of how various Plans integrate is important and should be provided by the Broker(s).
Time - Employees need and deserve time to make decisions.
Beyond the Employee - Families should be included in the decision-making process.
Changes - Time should be permitted for making changes.
Documentation - The time between the end of the "Enrollment Period" and the "Effective Date" should be adequate to complete paper work, for data management, and to meet the needs of the Providers.
Problem Solving -"Pulse" meetings should be scheduled with the Employer, Broker(s), TPA, Enrollment Company, and other "involved parties" to monitor the progress and solve minor problems before they become major.
New Eligibility - Enrollment periods for New Hires and anyone with a "Change in Status" should be scheduled.
The Pay Day - When the first Pay Check goes out reflecting the Employee's "Benefit Choices", the Broker(s), Enrollment Company, TPA, Payroll, and Insurers should be available to answer the Employee's and their Family's questions and concerns.
Feed Back - Encourage "Feed Back" from all parties to improve the Plan Design and to gain a "Greater Return on the Employer's and Employee's Invested Benefit Dollars"!

As a Research and Information Center for the Insurance and Benefits Industries, BenefitPlace.biz would appreciate your input about the above! Email -- max@benefitplace.biz

DEFINED CONTRIBUTION (Def Con) - CRITICAL PIECES - PART 3

2012-02-01T06:00:00.000-08:00

DEFINED CONTRIBUTION FOR THE OVERALL BENEFIT PLAN DESIGN: BenefitPlace.com & BPTradeShow.com have experienced several Critical Pieces to a successful Defined Contribution Benefit Plan Design:
(1) Working with the CFO to determine the Benefit's Dollar/Credit Allocations;
(2) Building a Menu of Benefit Choices to meet the needs and price points of the Employees;
(3) Sound tax and regulatory advice;
(4) A management support "Buy-In";
(5) Family involvement;
(6) An integrated Education, Communication, Enrollment and Data Management process;
(7) The Employee "Choices" must be offered on an "unbiased" platform whether one-on-one, in group meetings, web-based, call center, etc.
Please help us add to the list!
It sounds difficult but can be successfully implemented by putting the pieces together. Tremendous savings and satisfaction can be created for the Employer and the Employees.
BenefitPlace.biz & BPTradeShow.com invite you to Join our Linkedin Group, Insurance Forum – Go To -
http://linkedin.com/groups?about=&gid=2762200

THE CHANGING FACE OF INSURANCE & BENEFITS DISTRIBUTION!

2012-01-26T14:56:00.000-08:00

BenefitPlace.biz and BPTradeShow.com are constantly striving to Shorten Selling Cycles, Decrease Marketing Costs, and Increase Revenues for the Insurance and Benefits Industries. To accomplish this the providers of Plans, Programs, and Services must look to "Inbound" Marketing Strategies. As the following article from the "Insurance Journal" points out, the "distribution channels are changing".
To survive the producers in the industries must re-think their allocation of budgets and marketing strategies. Let us know your thoughts! Note: We invite you to join our Linkedin Group, Insurance Forum, for more Discussions and to Participate - Go To - http://linkedin.com/groups?about=&gid=2762200

How Insurance Distribution Is Changing

By Andrew G. Simpson | January 26, 2012

Insurance distribution is changing and agents and brokers—retailers and wholesalers—have to define the value they offer and what type of relationships they will have with carriers and customers in the years ahead, according to a leading wholesaler.

“[O]ver the last several years, we’ve seen a drastic change in the distribution space, in that the traditional rules have sort of broken down, that the role of a retail agent, the role of a wholesaler, those have all changed,” Glenn Hargrove said in an interview with Insurance Journal at the recent Insurance Industry Roundtable run by the WIAA Education & Research Foundation in Irvine, Calif.

Hargrove is president of MarketScout Wholesale, which is headquartered in Dallas.

“There’s no longer circumstances where a surplus lines company is represented just by a wholesale broker or a surplus lines broker. They can go directly to retail agents,” he said. “You have direct line products that are happening within the space that circumvent retailers and wholesalers, in some cases. So it’s changed the value propositions of the firms in that space.”

Hargrove believes the changes are being driven in part by regulation and by technology, but another major driver is insurers looking to deliver their products and services in the most efficient manner possible.

“I think, consequently… what it leads to is that the companies that are within that space of distribution also have to justify their value and why they’re there. If they’re going to receive compensation or income out of that chain for being part of that distribution source, then they need to explain what value they’re delivering and how they’re facilitating and making that transaction better,” he said.

Hargrove said there are several areas where agents and brokers deliver value, starting with their expertise in products and the industry and the talent they bring to the process.

Agents and brokers also provide access.

“[T]here’s the aggregation effect of those people in the distribution chain being able to access a multitude of markets. Or if you look at it in the reverse sense, from the carrier, their ability to deliver to a carrier, a multitude of clients and customers that that carrier probably couldn’t efficiently reach on their own,” he told Insurance Journal.

Thus agents and brokers bring a combination of expertise, talent and access to the equation.

In addition, agents and brokers provide an opportunity for insurers to outsource services.

“Providing things, whether it’s underwriting services or policy issuance type work or a variety of things that those intermediaries can do that are services that facilitate, either the process of placing insurance for an insured, or the process of securing the coverages for a carrier,” Hargrove said.

He said he believes that going forward there will be distribution businesses that are hybrids and some that are much more tailored towards specific operations “but maybe don’t look, necessarily, like the traditional form of either a retailer or a wholesaler as we’ve known it.”

There are already wholesalers that distribute not only surplus lines products but also admitted market products and some that act as program managers, according to the MarketScout Wholesale executive. Also some retailers have their own wholesale-like operations.

Going forward, distributors are going to have to explain more than that they are in the middle of the equation, but also “why they are there,” he said.

He advises agents and brokers to reshape their own box and own value proposition so that the market is convinced they are an important player in the distribution chain.

DEFINED CONTRIBUTION STRATEGY - PART 2 - AN EMPLOYEE BENEFITS FIX FOR THE OVERALL BENEFITS DESIGN

2012-01-16T12:07:00.000-08:00

Defined Contribution (Def Con) - Part 2

BenefitPlace.biz and BPTradeShow.com present their 2nd Installment of a discussion about an Employee Benefits Strategy, Defined Contribution (Def Con), as it applies to the Employers overall Employee Benefit Plan design. This strategy can provide a methodology for 2012 and Beyond!

Employers, Employees, Brokers, Consultants, and Service Providers can enjoy a "winning" opportunity in these times of Industry Turmoil! Your questions, input and thoughts will be of value as these discussions continue. Email max@benefitplace.biz to contribute.

Background - Nearly 20 years ago we co-sponsored a "Think Tank" outside of Philadelphia to discuss the future of Insurance and Benefits. It was after the debacle of the Clinton Health Plan in 1993. It seems approprite and fitting to renew these discussions as the Insurance and Benefits Industries grapple with continued rising costs and Obamacare/PPACA.

The Problems - While we covered a variety of problems facing the Insurance and Benefits Marketplace, Seven (7) Problems came to the forefront:

1. Market Segmentation - The lines of separation between Core and Voluntary Benefit Plans were no longer clear because all benefits were becoming Voluntary. Traditionally these Plans had been divided into: :

Core Benefits (true group plans), ie. Health , Dental, Vision, Long Term Disability (LTD), Term Life Insurance, Accidental Dismemberment (AD&D) and

Voluntary Plans (Worksite Payroll Deducted Plans), ie. Short Term Disability (STD). Accident, Cancer, Universal Life, Critical Illness, Legal Plans, etc.

2. Skyrocketing Premiums - The Employers, and specifically the CFO, could no longer accept the skyrocketing increases in the premiums for Health Insurance Coverage. There were no budgetary controls and the double digit increases were unacceptable.

3. Overburdened Human Resources - The HR Departments had become overburdened with the process of selecting Benefit Plans and the Employee, Education, Communication, and Data Management Processes - as well as the Claims and Eligibility of new hires among other benefit related responsibilities. Many felt that the HR Departments Function should be Hiring, Training and Retaining Employees.

4. Multiple Enrollments - Given the market segmentations - Core Benefits, Voluntary, and Retirement Plans - the Employers and Employees often faced three separate Enrollment Periods and Effective Dates. The Variety of Choices, and the Brokers representing the Plans, were vying for the Employers and Employees “Invested Benefit Dollars”.

5. Tax Advantaged Plans - The introduction of Tax Advantaged Plans, such as Section 125 POP Plans, Medical, Dependent Care, and Transportation Reimbursement Accounts - while potentially beneficial and cost-saving for the Employer and Employees - were often confusing and generated penalties. In addition, these Plans often required an addittional TPA for Managing the Plans.

6. Confused Employees - The Enrollment Process had become a nightmare. The Employees were confused and did not understand their Choices. There was little or no method to show Employees how the various plans integrated. Though only in their developmental stages, and as a factor in reducing the Health Insurance and Workers’ Compensation Plan Costs, Employee Consumerism and Wellness Initiatives were gaining acceptance. The major questions about these plans seemed to be: What is the ROI and How are Employees provided incentives for Participation and Results?

7. Broker Involvement – Much like the Benefit Plans mentioned in (1) above, Brokers generally offered either Core Benefits or Voluntary/Worksite Plans - not both!. Most of the Voluntarty/Worksite Brokers represented one Insurance Company and were regulated as though they were Captive Agents.

A Solution - While in the "Think Tank" we discussed each of the seven problems above, and came up with a number of possible solutions for each, we only developed one line of discussion that seemed to embrace all seven (7) with One Solution. This was a Defined Contribution Design (Def Con) - Sometimes referred to as a “Full Flex” or “Cafeteria” Plans.

Definition of Def Con - We will further define Def Con and the fine tuning of these plans in further discussions. We are defining Def Con as an Employer sponsored Employee Benefit Plan that stabilizes the annual Benefit Budget paid by the Employer by offering the Employees a Fixed Dollar/Credit Amount to support the Employee’s “Self-Directed” Benefit Choices and Portfolio. Employees can add personal funds through payroll deduction for added “Risk Protection” and meet their needs. Employers, working with their Brokers and Consultants, select a Menu of Benefits - Plans, Programs and Services - and allocate a credit pricing value to these Choices. Benefit Eligible Employees are provided an all inclusive one time per year Education, Communication, and Enrollment period where they are “Empowered” to make informed and Integrated Decisions.

Solutions to the Above Problems - While I will further discuss the positive and negative attributes of Def Con in ongoing discussions, the following briefly points out the Solutions Def Con provides for each of the above Seven (7) Problems:

1. Market Segmentation - Def Con categorizes all benefits as Voluntary. The Employees select the Plans, Programs, and Services they and their families need within their “Price Points”. Credit Price Values may differ from the actual Dollar Cost. The Credit Price Values are assigned to each different Plan, Program, and Service. This differentiation in "Pricing" can be utilized to create intentional ”Migration” from one Plan, Program, or Service to another. The reasons for and utilization of “Migration” will be a topic in a future discussion.

2. Skyrocketing Premiums – While Def Con cannot have an impact on the year-by-year premium increase, it does permit the CFO, or financial decision-maker within the Employer's operations, to budget the amount they will spend on benefits year-by-year. Because the Employees see the credit or dollar cost of the Plans, Programs, and Services, they may become better Consumers. If multiple carriers are utilized within any given category of Benefits, there may be some consumer driven pricing pressure on the Insurer.

3. Overburdened Human Resources – The HR Department can substantially reduce the time involved in the benefits decision-making process and return to Hiring, Training and Retaining Employees. HR Departments, working with the CFO, should be encouraged to focus on selecting qualified Broker/Consultants and capable Enrollment Companies for building and delivering a Menu of Benefits to meet the Employer's / Employee's Needs and "Price Points". We will discuss “Selecting Brokers”, “Building a Menu of Benefits”, and “Selecting an Enrollment Company” in future discussions.

4. Multiple Enrollments – With the possible exception of retirement plans, the entire Benefit Plan should be enrolled and share one Effective Date. The Education, Communication and Enrollment process is scheduled and presented at a time convenient to the Employer and Employees. A capable Enrollment Company is selected that has no financial incentive to promote one Plan, Program, or Service over another.

5. Tax Advantaged Plans – As long as they remain available under IRSC Regulations, these Plans provide an opportunity for Employees to enjoy a reduced net cost for qualified Benefit Plans, Out-of-Pocket medically related costs, Dependent Care, and Transportation Costs. In addition, the Employer also enjoys savings by the reduction in taxable payroll. The Enrollment Company that is selected must have the capacity to thoroughly explain these Plans to the Employees and provide the Employer proper documentation. These Tax Advantaged Plans fit perfectly into a Def Con design.

6. Confused Employees – The above Solutions to Problems 1-5 combine to take most of the confusion out of the Employee's decision-making process. The selected Enrollment Company must have the capacity to not only Educate and Communicate during Enrollment but offer Employees, as well as the Employer, an ongoing capability of assisting with questions and concerns on a timely basis.

7. Broker Involvement – For Def Con Plans to gain traction it is imperative to assist Brokers in gaining an understanding of the Def Con Plan Design as well as to financially justify their implementation. A well orchestrated education process should be initiated to gain an understanding in the Brokerage Communities and among the Insurers. The inherent value to the Employers, Employees must be understood. We will discuss the Broker's potential Compensation – Commission and Fee Based - in a later discussion.

The above introduction to Der Con should be creating many questions, and possibly objections, among all parties involved in the Benefits Decision-Making Processes. As we experienced during our "Think Tank" meetings every Party brings in a diverse background, set of experiences, opinions, and concerns. As we continue these discussions, we will do our best to address questions, objections, and concerns. I invite all interested parties to send their questions, objections, and concerns to phil@benefitplace.biz. We will get back by Reply, Email, or during the ongoing discussions.

We invite all parties to Join our Linkedin Group, Insurance Forum, for additional Discussions and to Participate - Go To - http://linkedin.com/groups?about=&gid=2762200

DEFINED CONTRIBUTION STRATEGY - FOR THE OVERALL BENEFITS DESIGN

2012-01-11T15:15:00.000-08:00

We, BenefitPlace.biz and BPTradeShow.com, are about to start a series of Discussions on the utilization of Defined Contribution Plans - as they apply to Employee Benefits in General.

Defined Contribution (Def Con), as we will be defining it, is a refined and updated version of what was once referred to as a "Full Flex" Plan and works for Small, Medium, and Large Employer Groups. As we will discuss, Def Con can integrate a Credit/Dollar Allocation System; Section 125 and other IRS Codes beneficial to the Employers and Employees; Consumer Driven Health Plans; Wellness; and Employee Choice.

Much like when Def Con was applied to Retirement Plans replacing Defined Benefit Plans, Def Con for benefits in general - including Health Coverage, Dental, Vision, Disability, Voluntary Benefits, etc. - can and will control costs, increase consumerism, and take the Employer out of the benefits decision-making process. As will be demonstrated, this can be accomplished without a negative impact, real or perceived, to the Employees.

The CFO, HR Departments, and the entire Management Team are positioned and empowered to budget their benefits related expenditures while working with their Brokers and Advisers to build a menu of Benefits that meet their Employee's Needs and Price Points.

These discussions will include the: Pros and Cons; Financial Ramifications; Processes for Implementing; and Value to the Employers (especially HR & CFO); Employees; Brokers; TPAs; and more. It should be noted that the value of Def Con is not directly impacted by Obamacare/PPACA. In addition, Def Con can assist Brokers in a transition to a partially "Fee Based" model.

We will be sharing these discussions on Google+; our Linkedin Group, Insurance Forum - http://linkedin.com/groups?about=&gid=2762200; ProducersWeb, Insurance Campus and other Social Media. I invite you to share these discussions with Friends and Associates in the Insurance & Benefits Industries. Those with experience in implementing a Def Con/Full Flex design are invited to contribute and share!

NOTE: My Phone Number has been changed to - 216.577.5579

Email - max@benefitplace.biz

INSANITY – TRADITIONAL INSURANCE and BENEFITS MARKETING STRATEGIES!

2012-01-01T14:11:00.000-08:00

BenefitPlace.biz and BPTradeShow.com want to wish everyone a Healthy and Prosperous New Year!

Insanity in the Marketing of Insurance and Benefits - While their is nothing wrong with continually spending on "Tried-and-True" marketing strategies when they provide verifiable positive results. It is foolishness to consistently do the same things over-and-over again when they have limited or no ROI! This is the case with most of the Insurance and Benefits Industry's traditional "Outbound" marketing strategies! Albert Einstein observed - “Insanity: doing the same thing over and over again and expecting different results”.
The Norm - Many, if not most, Agents, Brokers, Insurance Companies, and Industry related Organizations continue to expend the vast majority of their Marketing and Advertising time and money:

Focusing on expensive paid advertising in trade related and other media
Purchasing leads
Sending out Mailers
Utilizing Call Centers
Making endless Cold Calls - "Pounding the Pavement"
Exhibiting at Trade Shows
Visiting Trade Shows
Buying Expensive Meals
Sponsoring Seminars
Churning New Agents

In a lighter but observant vein Guy Kawasaki (Former Chief Evangelist Of Apple) noted: “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”.
I would suggest that until recently the lack of alternatives was the problem. As John Wanamaker pointed out in the early1900s, “Half the money I spend on advertising is wasted; the trouble is I don't know which half”. The Power of the Internet, Social Media, Search Engines, SEO and Analytics has changed all of this! We now have an alternative to traditional “Outbound” Marketing. This is called Inbound Marketing.
Strategies for the Future! John Battelle, Media Entrepreneur, has observed: “Search, [that encompasses the Internet, SEO, and Social Media] is a marketing method that didn't exist a decade ago, provides the most efficient and inexpensive way for businesses to find leads”. Quite simply, Inbound Marketing turns the Insurance & Benefits traditional marketing and advertising models around! As HubSot, a software company focused on marketing, points out, “Instead of driving their message into a crowd over and over again like a sledgehammer, they attract highly qualified customers to their business like a magnet”. HubSpot further notes that there are three major attractions to Inbound Marketing:

It Costs Less
It Better Targets
It's an Investment, Not an Ongoing Expense.

Inbound Marketing has qualified potential clients knocking at your door! As with all forms of marketing and advertising in the past, this new strategy requires that you:

Understand and Penetrate Your Target Markets
Add Value
Build Trust
Consistently Deliver Valuable “Content” Appropriate to Your Markets
Build Relationships
Provide a Clear “Call-to Action”
Allow the Qualified Potential Client a “Convenient Platform” for Reaching You
Solicit and Promote “Feedback” and related “Discussion”
Utilize “Analytics” for “Tracking” Your Success!

The CEO of HubSpot, Brian Halligan, noted that as the economy slows down, companies are turning to Inbound Marketing because it is a more efficient way of allocating marketing resources than traditional, outbound marketing – with “inbound marketing, the thickness of your brain matters a lot more than the thickness of your wallet!”.
Making an Industry Shift! I believe the problem in getting the Insurance and Benefits Industries to begin a shift to Inbound Strategies is the difficult task of embracing “Change”! After many decades of business as usual, acceptance of an entirely new marketing model is not easily implemented. New technologies, a new vocabulary, and a broader marketplace requiring a different relationship building paradigm generate confusion and sometimes fear!
We at BenefitPlace.biz and BP TradeShow.com consistently get emails and calls from those in the Insurance and Benefits Industries requesting the following:
Proof that Inbound Marketing works? We generally respond that by most estimates 75% of all Insurance and Benefits related decisions in 2012 and beyond will be initiated on the Internet. Search Engines, Social Media, and SEO will deliver those starting the search to those providing the Plans ,Programs and/or Services the Organizations and Individuals need – bringing Buyers and Sellers together!

How long does it take to implement an Inbound Strategy? Unlike traditional “Outbound” marketing where ads run for a specific period of time or a data base has a specific number of mailers to send or calls to make, Inbound Marketing is an ongoing process and strategy! Building Trust, Adding Value, and Establishing Relationships takes time and a consistency. Gaining brand recognition in these new forms of media requires developing a ranking and The money spendexposure on the Search Engines, ie. Google, Bing, etc. and through Social Media outlets like Linkedin, Twittter, Facebook, ProducersWeb, Insurance Campus and AgentNavigator. The sooner you begin – the sooner you will see results!
How much will it Cost and What is the ROI? Compared to traditional Outbound Marketing, Inbound Marketing requires a much smaller expenditure of capital. Money and time spent is an investment rather tahn an expense! The Internet is essentially free. To get results it does require an ongoing commitment of time! The functions required can be built internally or outsourced. Given a consistent effort the ROI can be far greater and more measurable than with traditional Outbound Strategies. HubSpot provides a Free University for studying Inbound Marketing Strategies!
What Companies provide Inbound Marketing Services? There are a growing number of qualified and experienced companies in the marketplace. BenefitPlace.biz and BPTradeshow.com are aggressively building a Directory of these entities and the services they provide. This Section should be available within the next several weeks!
Does BenefitPlace.biz and/or BPTradeShow.com provide an Inbound Marketing Service for the Insurance and Benefits Marketplace? Yes, BenefitPlace.biz (BP) and BPTradeShow.com BPTS) deliver self-qualified prospects to the Insurance and Benefits Marketplace efficiently and inexpensively utilizing the power of the internet, search engines, SEO, and Inbound Marketing. If you desire to utilize Inbound Marketing in 2012 and Beyond to convert self-qualified internet users into qualified prospects/clients, BP and BPTS are your Insurance and Benefits clearinghouse. Get started today with a Gold or Platinum Level Company Directory Listing and let internet users find you today!

The Goal of BP is to be the Google of the Insurance and Benefits Industries providing potential Buyers a portal for gaining the Information they need to make informed decisions.
The Goal of BPTS is to become the virtual marketplace for the Insurance and benefits Industries.
For more discussions on this topic and more, join our Linkedin Group, Insurance Forum – http://linkedin.com/groups?about=&gid=2762200
To Contact Us – Email: max@benefitPlace.biz or Call: 216.577.5579

How Do I get Targeted Website Traffic? Go Where The Target Market Goes | Search Engine Optimization – Internet Marketing – Website Promotion – Blog

2011-12-22T06:16:00.000-08:00

How Do I get Targeted Website Traffic? Go Where The Target Market Goes | Search Engine Optimization – Internet Marketing – Website Promotion – Blog

Adviser strategy to prosper in post-PPACA world voluntary benefits - Articles - Employee Benefit Adviser

2011-12-21T16:52:00.000-08:00

Adviser strategy to prosper in post-PPACA world voluntary benefits - Articles - Employee Benefit Adviser

WISHING EVERYONE MERRY CHRISTMAS, HAPPY CHANNUKAH, AND/OR A GREAT YEARS END!

2011-12-17T10:00:00.000-08:00

QUOTES FOR THE SEASON
“Kindness in words creates confidence. Kindness in thinking creates profoundness. Kindness in giving creates love.” Lao Tzu
"Tzedakah [related to Jewish Giving] is more than giving money to the poor. Done properly, tzedakah requires the donor share his or her compassion and empathy along with the money". The Writings of Maimonides
"We make a living by what we get, but we make a life by what we give." Winston Churchill

We at BenefitfitPlace.biz and BP TradeShow.com want to wish everyone - and especially our Friends in the Insurance and Benefits Industries - a Very Merry Christmas, Happy Channukah and a Safe, Healthy and Joy Filled Years End!

In these times of Economic Stress, Unemployment, and with Individuals and Families in Need, I hope that we all can find it in our Hearts and Wallets to be as generous as possible!

Let's commit to continuing that compassion throughout 2012 an Beyond! We should also try to remember that kind words and a friendly smile will go a long way toward making another person's day Better and Brighter!

HAPPY HOLIDAYS!!!

SEEKING BRIDGE FINANCING FOR BENEFITPLACE.biz AND BPTRADESHOW.com

2011-12-11T16:53:00.000-08:00

AN OPPORTUNITY - The Founding Partners in the development of BenefitPlace (www.benefitplace.biz) and BP Trade Show (www.bptradeshow.com) are seeking “Bridge Financing” for the continued development of these two sister websites (See Descriptions Below). Their desire is to raise $60,000 to increase Technology and Marketing / Monetization Capacities - as well as for additional Working Capital prior to upcoming negotiations for substantial "2^nd Round Funding”.

RETURN FOR THIS "BRIDGE FINANCING" - The Partners will be flexible in design with qualified parties - including Debt and/or Equity. In addition, those who have the capacity to contribute expertise in Technology and/or Marketing could participate in ongoing decision-making with additional income potential!

THE ORIGINAL DEVELOPMENTAL AND START-UP FUNDING has been provided by the Founding Partners over a three year period. The Partners bring to the Company over 20 successful years of individual experience in the Insurance and Benefits Industries. For years they recognized that the Insurance and Benefits Industries distribution channels have been and continue to be: dysfunctional, inefficient and wasteful! To address these issues and profit by these realities, they created the two websites that work together to bring Sellers and Buyers together in an efficient and cost-effective marketplace!

BENEFITPLACE.biz IS AN INFORMATION AND RESEARCH CENTER dedicated to the Insurance and Benefits Industries - both Health and Life (H&L) and Property and Casualty (P&C). The sites provide all participants in the decision-making processes free access to the information they require to make empowered choices. Directory Listings are provided at the conclusion of each section - Sectors of the vast Industry Listing the Providers of the Plans, Programs or Services. Revenues are derived from the Listings and Advertising!

BP TRADE SHOW.com IS A VIRTUAL 24/7 TRADE SHOW specifically focused on the Insurance and Benefits Industries to generate "Inbound Marketing" capacities. Insurance Companies, GAs, PAs, Brokers, Agents, Consultants, Service Companies, etc. are provided an opportunity to reach out to their constituencies - Brokers, Employers, Individuals, etc. - on an affordable and cost-efficient basis! Company Profile Pages are equivalent to traditional Booths. Plan Profile Pages are equivalent to traditional printed Brochures. Videos and Avatars are equivalent to having a Representative at a traditional trade show! Each of these capacities is a revenue source as well as advertising!

CURRENT ISSUES WITH OBAMACARE REFORM, combined with turmoil in the financial marketplace, have created an even greater demand for Information and an Efficient Marketplace! BenefitPlace and BP Trade Show offer SOLUTIONS!

FOR MORE INFORMATION: EMAIL - max@benefitplace.biz or vestalimited@gmail.com
CALL – 216.921.1583

SUCCESS IN THE 1ST QUARTER 2012 & BEYOND? -- IT MAY TAKE A SHIFT IN YOUR MARKETING STRATEGIES & BUDGET ALLOCATIONS!

2011-12-01T12:16:00.000-08:00

INSANITY – “Doing the same thing over and over again and expecting different results” - Albert Einstein

BenefitPlace.biz and BP Trade Show.com are targeting 2012 to assist the Benefits and Insurance Marketplace to begin a shift to “Inbound Marketing”! See our Special - Free Inbound Marketing Offer!

Traditional “Outbound” Marketing Strategies, ie. Cold Calling, Expensive Media Advertising, Call Centers, Direct Mailing, Seminars, Physical Trade Shows, etc. were the only methods for branding and reaching out to Potential Clients! Reaching out to Potential Clients was Difficult and Costly!

John Wanamaker noted in the 1920s how difficult it was to reach potential customers using traditional advertising: "Half the money I spend on advertising is wasted; the trouble is I don't know which half."!

The Internet, Search Engines, SEO, Blogs, Social Media, ie. Linkedin, ProducersWeb, Insurance Campus, Quora, OnTopList, etc. have changed all of the Marketing and Advertising Rules and Standards! It is now possible to have your potential Clients “Knocking at Your Door”! While it takes time to learn and implement these new strategies, it does not entail the Incredible Costs related to traditional alternatives. Another major improvement is that the Return on Time and Money (ROI) is Measurable!

These “Inbound” strategies “Level the Playing Fields” allowing Organizations of all sizes to reach out to wider markets. Small to medium size Companies can create a unique “Branded” footprint in the Insurance and Benefits Marketplace! Potential “Buyers” utilize search engines to find the Plans, Programs, and Services that meet their needs and price points! Client retention and persistency remains the Company's and Advisors capacity to meet or exceed the Client's Expectations!

With the combination of Reform, Regulations, Shrinking Commissions, and increased Administrative Costs these new “Inbound” strategies present an opportunity to:

Shorten Selling Cycles
Reduce Marketing Costs
Better Allocate Advertising Dollars
Increase Revenues

The new “Inbound” strategies have some Simple Guidelines:

Build Trust First – Don't start by trying to sell!
Add Value – Share your expertise and capacities!
Meet Needs – Know your market and focus on it!
Make the “Buying Process” Simple! – Utilize technology!

BenefitPlace.biz (BP) & BP Trade Show.com (BP-TS) can play two critical roles in moving your “Inbound” marketing strategy forward for the 1^st Quarter of 2012 and beyond!

BenefitPlace.com is an Internet Based Information and Research focused on the Insurance and Benefits Industries. The mission is to empower “Potential Buyers” with the information they require to meet their needs and price points! Directory Listings per each Sector of the Marketplace bring the Potential Buyers together with the Carriers, Wholesalers, PAs, Brokers, Service Providers, etc.
BP Trade Show.com is a 24/7 Virtual Trade Show focused on the Insurance and Benefits Industries. More efficient and cost-effective than traditional Trade Shows, BP-TS provides Potential Buyers and Advisors – Brokers, Organizations, Employers, Employees, Individuals, etc. - an opportunity to shop the market from the comfort of their office or home for the Plans, Programs, and Services to meet their Needs and Price Points!

Both BP and BP-TS utilize SEO and Social Media Ooutlets to promote the Plans, Programs, and Services of Companies in the specific sectors of the Insurance and Benefits Markets on a Listing-by-Listing and Exhibitor-by-Exhibitor basis!

As with anything new, moving into an “Inbound” Marketing Strategy requires a “Leap of Faith” that it will provide results, ie. Cost Effective New Clients and Increased Revenues! BenefitPlace.biz and BP Trade Show.com can and will assist your Organization in beginning the process of expanding on your current “Inbound” and “Outbound” marketing Strategies! See Our Special - Free "Inbound" Marketing Offer!

For more information: Call - 216.921.1583 or Email – phil@benefitplace.biz

NOTE: You are invited to join our Linkedin Group, Insurance Form, for continued discussions and to participate! Click on -

http://www.linkedin.com/groups?about=&gid=2762200!

GRATITUDE & ACTION THIS THANKSGIVING - FOR THE PAST, PRESENT AND THE FUTURE!

2011-11-20T15:25:00.000-08:00

Quote for this Week & Beyond!

“Gratitude [Thanksgiving] makes sense of our past, brings peace for today, and creates a vision for tomorrow.”
—Melody Beattie

As we at BenefitPlace.biz, BPTradeShow.com prepare to enjoy Thanksgiving, I believe it is of Tremendous Value to reflect on the Past, Bringing Peace to the Future, and to Create a Vision for Tomorrow!

The Past - We, and many of our Friends in the Insurance and Benefits Industries, have been blessed with the Opportunity to: Help Others; Minimize Risk from Unforeseen Events; Make Numerous Friends; Care for our Families; and Produce an Honest and Rewarding Living!

Bringing Peace For Today - As we approach each day - and every Decision - our Goal is to bring Peace to the Lives of Others! Whether for our Clients, their Clients, Employers, Employees, or Individuals, we feel a Tremendous Obligation to make Life Better for those we touch! In a World filled with Need, we are Blessed to be able to Do our Part!

Creating a Vision for Tomorrow - We are Blessed to have the Strength and Capacity to Contribute to a Better Future for our: Families, Friends, Clients, Acquaintances, Insurance and Benefits Industries, Communities and the World in General!

Wow! What a Challenge! If this Year and Beyond we all focused on:

Forgiving those Who may Have Injured Us in the Past!
Contributing to Our Communities Within Our Limits!
Making Life for Others More Fulfilling - On a One-by-One Basis!
Providing Encouragement to those with whom we work!
Making at Least a Few People Smile Every Day!
Taking Better Care of our own Minds and Bodies!
Taking Better Care of this Beautiful Earth we all Share!

The Future will be a Blessing to which we made a Significant Contribution!

May this Thanksgiving Bring Joy and Peace for All!

IMPORTANT RESPONSE TO A POTENTIAL CLIENT'S QUESTIONS - Re: BENEFITPLACE.biz & BPTRADESHOW.com

2011-11-12T15:30:00.000-08:00

THANKS FOR YOUR EMAIL! I hope the following assists you by answering Questions and Concerns about BenefitPlace & BP Trade Show!

OUR MARKETS -- BenefitPlace.biz (BP) & BP Trade Show.com (BPTS) were designed to assist all parties to the Insurance & Benefits Industry - Carriers, Wholesalers, Brokers, Service Industries, Employers, Individuals, etc! Given: the economic times; health care reform; and the necessity for Independent Brokers to expand their offerings to attract and retain Employer Clients of all sizes; Carriers like Your Company's Name may have the greatest opportunity to leverage their marketing efforts and dollars!

HISTORY -- For more than twenty years, I and many of my partners, were deeply involved in the Voluntary/Worksite Marketplace! Many of the ideas for BP & BPTS developed from our experiences during those days - as well as from a "Think Tank" we co-sponsored in the late 1990s and early 2000s. A primary goal of the "Think Tank" was to develop methods to: Improve Distribution Channels, Shorten Selling Cycles, Reduce Marketing Costs & Increase Revenues!

Executives currently with AIG, American Public Life, Assurity, Colonial, Combined, Key Benefits, Kansas City Life, Legal Plans of America, Liberty Mutual, Transamerica, Nationwide, Unum, Washington National, Abacus, Allstate Worksite, and more participated in the "Think Tank" or related marketing research. These Individuals and Companies are at various stages in taking advantage of BP & BPTS! I remain in contact with most of the individuals to gain insights and to monitor the pulse of Industry Sectors!

CURRENT STATUS -- Per suggestions from these Individuals, we recently added the Enhanced Listings on BP: Platinum - Gold - Silver! At $350 annually per Listing most Carriers are immediately taking advantage of this Platinum Level Opportunity! Within the next week or two, we will be downloading the first batch of Listings! The listings, at the bottom of each BP Section, ie. Volunary / Worksite, Critical Illness, Short Term Disability, etc. will provide the Companies an opportunity to differentiate themselves and their Plans, Programs & Services! While I dislike the comparison to the back section of the old Yellow Pages, it is similar (the Yellow Pages are generally a serious waste of Marketing Dollars unless localized!) The BP listings are where the Carriers are starting immediately to gain exposure through the search engine and social media channels BP has developed! We not only optimize (SEO) for each page and section of BP, but also for each Individual Carrier's Listing! Publishing the Listing and the SEO Create the Traffic! We also expand their, and potentially Your Company's Name, reach by leveraging our Social Media "Footprint" on Linkedin, Twitter, Facebook, Google +, Insurance Campus, ProducersWeb, and more!

NEXT PHASE --In addition to the Listings, we are working with most of these Carriers, and many others in the Voluntary and Core Benefit Sectors - as well as the other Market Sectors - to design their BP Trade Show participation and to place selective advertising on both BP & BPTS.

BP Trade Show is a 24/7 virtual trade show focused on the Benefits & Insurance Industries! From the comfort of their offices or homes, the Independent Brokers, and others, can utilize the power of the internet to search and research the Plans, Programs, & Services they require to meet their current and potential Client's needs - as well as to enhance their shrinking core benefit commissions! Carriers like Your Company's name are enabled to feature and differentiate their Plans, Programs, and Services on BPTS. BP Trade Show is far less expensive on an annual basis than a booth at a traditional 3 day trade show! While BPTS is new, and we have only begun the process of soliciting Exhibitors, BP Trade Show, combined with BenefitPlace, will be the driving force for Inbound Marketing within the Insurance & Benefits Industries!

CALL TO ACTION -- I hope the above helped to answer your questions! While I will try to give you a call to further the discussion, I encourage you to reply or call with additional questions and for information on Getting Started!

EMAIL - max@benefitplace.biz / CALL - 216.921.1583

BENEFITPLACE -- All About Insurance, Benefits & Related Services

2011-11-05T19:37:00.000-07:00

BENEFITPLACE -- All About Insurance, Benefits & Related Services

THE SOLUTION FOR A SUCCESSFUL 1ST QUARTER 2012 & BEYOND - INBOUND MARKETING!

2011-11-05T17:36:00.000-07:00

Add caption

QUOTE OF THE DAY! "Success is really about being ready for the good opportunities that come before you. It's not to have a detailed plan of everything that you're going to do. You can't plan innovation or inspiration, but you can be ready for it, and when you see it, you can jump on it." Eric Schmidt - Executive Chairman of Google

The Founding Company of BenefitPlace.biz (BP) and BP Trade Show.com (BPTS) is Vesta Ltd. For many years Vesta worked with Brokers and Employers to design, co-ordinate, and implement Core and Voluntary Benefit Strategies for Employer Groups. The vast majority of our time in the yearly 4th Quarters was spent on the Education, Communication, Enrollment and Data Management Processes. We were maximizing our client services and revenues! It seemed that every year we - and the Brokers with whom we worked - faced a recurring dilemma!

THE DILEMMA - While we were extremely busy and made a high percentage of our annual revenues in the 4th Quarter of a year, we had little or no time to prospect or meet with potential clients in preparation for a successful 1st Quarter of the following year! Invariably, the 1st and 2nd Quarter was spent scrambling for new business. These months were slow in terms of generating revenues! During those years, we were unable to find a viable solution to this dilemma!

A SOLUTION: "INBOUND MARKETING" - With the development of the Internet, Search Engines, Social Media, SEO, etc. it is now possible to plant the seeds of production during the 4th Quarter and harvest the reward in the 1st and 2nd Quarters of the following year! An Inbound Marketing Strategy takes time to develop and generate traffic - you must first build trust and then add value! Your goal is to:

Become Visible to the Internet World
Drive Traffic to Your Website
Attract Inbox Email
Attract Incoming Phone Calls
Have Potential Clients "Knocking On Your Door"!
Make Sales

A PROBLEM - Unfortunately, this Inbound Strategy can put more demands on your time if done internally. In addition, when an individual Organization attempts to promote itself utilizing the Internet and Social Media, the efforts often seem self-serving! The potential clients involved in a search on the internet for Plans, Programs and/or Services become skeptical! Generally in the initial stages of a search, they are looking for information and unbiased input. While they are self-qualifying themselves as interested in a specific Plan, Program or Service, they are not ready to read an Insurance Company's, Broker's, Agent's or Sales Person's Story! They are not ready to begin the "Selling/Buying Process"!

A SOLUTION - Benefit Place.biz and BP Trade Show.com offer a two pronged viable, efficient and cost-effective set of solutions for the Insurance and Benefits Industries: Insurance Companies, Brokers, Agents, Consultants and all of the Service Related Companies, ie. TPAs, Enrollment Companies, etc!

BenefitPlace.biz (BP) is an Information and Research Center providing Employers and Individuals an opportunity to learn more about Plans, Programs and Services related to the Insurances and Benefits Industries from the comfort of their office or home! For each specific market sector's section, web page, BP provides "Directory Listings" to assist the Organization, Employer or Individual in finding the "Providers" of the specific Plan, Program or Service. At the different "Listing Levels" - Platinum - Gold - Silver - the "Providers" are given an opportunity to highlight what differentiates their Company and provide Contact Information including Links ! The Specific Sections, and each Listing, are "Optimized" to gain page positioning on the "Search Engines", ie. Google, Bing, etc.

BP Trade Show.com (BPTS) is a 24/7 Virtual Trade Show focused on the Insurance and Benefits Industries! Having completed their research on BenefitPlace.biz - or having been sent directly to BPTS by the "Search Engines" - the Organizations, Employers or Individuals are enabled by BPTS to:

Utilize Directories!
Review Company Profile Pages (Equivalent to a Booth)!
Review Plan, Program, or Service Profile Pages (Equivalent to Brochures)!
View and Listen to Avatars and Videos Speaking for the Provider (Equivalent to your Representative)!
Preview Plan, Program or Service Roll-Outs and Launches!
Join in Webinars!
Contact the Provider!

Working separately and together, BP and BPTS offer Providers of Plans, Programs and Services an opportunity to Inform and Build Trust through an unbiased set of Web Pages with "Self-Qualifying" potential Buyers and Clients! More important BP and BPTS begin an ever increasing flow of Inbound Potential Prospects and Clients to your door when you need it the most.

CALL TO ACTION - While you are "Closing" business in the 4th Quarter, BenefitPlace.biz and BP Trade Show.com can plant the seeds to provide you an abundant harvest in the 1st, 2nd Quarter and Beyond! For More Information, Ask Questions, or Get Started -- Email: max@benefitplace.biz or Call: 216.921.1583!

"INBOUND MARKETING" - THE "NEW CONCEPT" IN MARKETING!

2011-10-27T08:12:00.000-07:00

QUOTE OF THE DAY! "Money won't create success, the freedom to make it will." Nelson Mandela

THE MARKETS - "Inbound" Marketing is having the Prospect/Potential Buyer knock on your open door rather than you on there locked door! As opposed to static traditional "Outbound" Marketing, "Inbound" Marketing is evolving with the Power, Breadth and Depth of the Internet, Search Engines, Websites, Blogs and Social media! This new productive Marketplace is constantly on the move! Innovation is the constant! BenefitPlace.biz (BP) and BP Trade Show.com (BPTS) evolved from a Company, Vesta Ltd., that was entrenched in "Outbound" methods and strategies. BP & BPTS are assisting the Insurance & Benefits Industries make the transition to "Inbound" Marketing to reduce costs, create marketing inefficiencies, and enhance the consumer experience - Individuals and Organizations!

OUR COMPANIES - BenefitPlace.biz (BP) and BP Trade Show.com (BPTS) were created after many years of attempting to make our Parent Firm, Vesta Ltd., and our Broker Clients more efficient and cost-effective in terms of Client acquisition and retention. The goal was to "Shorten Selling Cycles", Reduce Marketing Costs, and Increase Revenues! We had experimented with all forms of traditional "Outbound" Marketing Strategies, ie:

Trade Shows
Purchasing Lists
Cold Calling
Call Centers
Seminars
Mailers
Email Campaigns
Expensive Advertising
etc.

While we were never satisfied with the costs or results, we could not find a viable alternative! We shared John Wanamaker's frustration: "I know that half of my advertising dollars are wasted; I'm just not sure which half!

In an early iterations of BP and BPTS we experimented with the concept of a permanent Insurance and Benefits related Trade Show in every Metropolitan Area. These locations were to bring the Providers of Plans, Programs, and Services related to Insurance and Benefits together with Prospects/Potential Buyers. Rather than utilizing the above "Outbound" strategies in an attempt to generate Clients, the potential Prospects/Potential Buyers would come to the facility to Research and Select the Plans, Programs, and Services to meet their Needs and "Price Points". This was our first glance at the concept of "Inbound" Marketing! Unfortunately, this model of physical sites was not feasible given the cost of well located real estate and the crash of the equity and lending markets!

While we were designing our business plan for the physical trade show sites, we had been tracking the maturation of the internet with the capacities to create efficient communications and transactions! Fortunately for BP and BPTS, the fast moving technologies made it possible to create a virtual Information and Research Center, BeneiftPlace.biz, and a 24/7 virtual trade show, BP Trade Show.com!

As we changed our focus from the physical sites to the virtual sites, we came to realize that a new form of marketing was in its infancy, "Inbound Marketing". A company named HubSpot in Massachusetts was, and is, a leader in this paradigm shift. HubSpot, with their constant flow of valuable "free" guidance - combined with their "free" HubSpot Marketing University - were instrumental in our gaining an understanding of the power of "Inbound Marketing" and its relationship to the Internet, Websites, Blogs, Social Media, Search Engines, SEO, etc.

We knew we were on the right track when we came upon he following quotes:

“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

OUR FOCUS - "Inbound " Marketing became the focus of BP and BPTS! BenefitPlace.biz is an Information and Research Center for the Insurance and Benefits Industries, including: Health& Life (H&L): Voluntary/Worksite; Property & Casualty (P&C) and all of the Service Industries, TPAS, Payroll, Legal, Accounting, etc! BP Trade Show is a 24/7 Virtual Trade Show bringing the Buyers and Sellers of Insurance and Benefits related Plans, Programs, and Services conveniently together. At no cost an Individual or Organizations can do their research from the comfort of their home or office and determine who provides the Plans, Programs and/or Services to meet their Needs and "Price Points"! The Prospect/Potential Buyer knocks on the Providers door - the reverse from traditional "Outbound" Marketing!

THE SHIFTING MARKETS - As Wholesalers, Brokers, Employers, Employees, and Individuals increasingly utilize the internet when researching Insurance and Benefits related Plans, Products, Services, Organizations are shifting budgets away from print advertising, direct mail, cold calling, knocking on doors, traditional trade shows, and seminars toward more measurable and effective "Inbound" marketing strategies.

STATISTICS -

In 2009 Searches for life insurance information grew to 16.6 million queries, an increase of 15 percent - comScor 2/2010
2009 - 246.8 million internet users in N. America - up 134% - Internet World Stats
92% shoppers have more confidence in info sought online - WSJ 1/2009
Over half (51.0%) of consumers are using the Internet before making a purchase - Verdict Research 5/2009

WHAT BP AND BPTS CAN ACCOMPLISH FOR HE INSURANCE AND BENEFITS MARKETPLACE!

Our Two Main Capacities are:

Delivering Qualified Prospects - Whatever Your Target Markets!
Rolling-Out Existing, New or Updated Plans, Programs and/or Services!

Our Three Main Goals are:

"Shortening Selling Cycles" -- Reducing Marketing Costs -- Increasingr Revenues!

The Benefits For You are:

• Increased Sales • Improved Branding

• Lower Cost Per Sale • Relevant Linking

• Increased ROI • Lead Generation

• Increased Profit Margin • Increased Web Traffic

• Greater Audience • Qualified Prospects

• Competitive Advantage • Search Engine Optimization

We Provide Affordable Inbound Marketing Strategy!

CONCLUSION - HubSpot notes that "With 'old marketing' techniques, you are trying to reach a broad audience and hope for some small percentage (usually 1-3%) to respond. Looking at this another way, 97% of your marketing is wasted!"

CALL TO ACTION - Allow BenefitPlace.biz and BP Trade Show.com to assist your Organization in reducing wasted marketing and advertising dollars and in building revenues with an "Inbound" Marketing Strategy! We'll assist your Organization and your Prospect/Potential Buyer in having a more Efficient and Cost-Effective Experience!

PLEASE SHARE YOUR QUESTIONS, THOUGHTS AND IDEAS!

Contact Phil Eide: Email - max@benefitplace.biz

Phone- 216.921.1583

WILL INDIVIDUALS & ORGANIZATIONS BE WILLING TO PAY INSURANCE AND BENEFIT BROKER'S FEES FOR SERVICES?

2011-10-17T18:23:00.000-07:00

Will Individuals, Organizations, Employers and Employees be willing to accept a "Fee-Based" Compensation Model for compensating Brokers given pending Health Care Reform (PPACA), additional regulation, and shrinking and disappearing commissions?

We at BenefitPlace (.biz) and BP Trade Show (.com) have long been discussing the feasibility of a shift from traditional "Commission and Renewal Based" compensation to a "Fee Based" system. Our interest in this shift pre-dated Health Insurance Reform, Ratios, etc. As Carrier/Providers have reduced the systemic commissions and renewals, we have noted increased interest and discussions on this topic among Insurers and Brokers within Social Media Networks such as Linkedin, ProducersWeb, Insurance Campus, and in the Insurance and Benefits related media!

What we did not address in these discussions was the willingness of the marketplace to accept a "Fee Based" model of compensation! Throughout the history of Insurance and Benefits, the Carrier/Providers of the Policies, Plans, Programs and related Services compensated the Broker/Agents for their capacity as "Distributors". The Insurance Companies provided training, materials, and back-office services to support the Brokers. Generally, they compensated Broker/Distributors with lucrative commissions and renewals. An entire Industry evolved based on this compensation model! Many Individuals lived well and many Companies thrived!

The "Buyers" of the Policies, Plans, Programs, and Services did not directly pay the Commissions and Renewals. For the most part the "Buyers" were not aware of the amount of compensation the Brokers/Distributors received or consider that the commissions and renewals were built into the Pricing and Premiums by the Carrier/Providers. Even when the premiums began increasing dramatically year after year - outstripping inflation and wage increases - few buyers and decision-makers considered that the higher premiums translated into higher commissions for the Broker/Distributors! "Transparency" never was, and still is not, the favorite topic of the Carrier/Providers or the Broker/Distributors!

What is often lost in current discussions is that Broker/Distributors play an essential role in bridging the the major gap between the Carrier/Providers and the "Buyers" of the Policies, Plans, Programs, and Services! The task of the Carrier/Providers is to manufacture and profit by these Policies, Plans, Programs, Services. For the most part they answer to stockholders and success is measured by: Revenue Growth, Dividends and Earnings.

The Brokers, on the other hand, must search out and work with potential "Buyers". The task of "Prospecting" can be time consuming and costly! Most Brokers assist: the Individuals, Organizations, Employers, and Employees in determining areas of "Risk"; identifying solutions to mitigate the "Risk"; selecting appropriate Carrier/Providers who have developed the "Coverage" required; and in finding the "Premium or Cost" based on the Prospects "Price-Points"! The Broker must search out and work with the potential clients on a personal basis - whether an Individual or large multi-faceted Organization. In many cases several brokers must work together to package the appropriate tools to protect the potential client against Risk. Unfortunately, these efforts, often developed behind the scenes, are not fully appreciated by the Carrier/Providers, the "Buyers" and certainly not the State or Federal Government Entities! To make a shift to a "Fee Based" model these levels of understanding must change and become informed.

Making the shift to a "Fee Based" model may require a concerted effort on the part of the Broker/Distributors, with the assistance of Carrier /Providers, to better inform Individuals, Organizations, Employers, and Employees about the roll the Broker/Distributors play in the process of mitigating risk and providing affordable protection! For Broker/Distributors to survive, and continue to provide their valuable services, a shift to a "Fee Based" model in the Insurance and Benefits Industries may be required! Within the Financial Services Industries this is not the first time a shift to a "Fee Based" model was necessary!

Having been involved in the Financial Services Markets in the '70s, I witnessed the same type of shift. Discount Brokerage and Online Services took their pieces of the pie - leaving Traditional Stock Brokers with a group of clients who were sincerely looking, and willing to pay, for advice. Traditional Stock Brokers who shifted to the "Fee Based" model, and became Consultants, have been doing extremely well and enjoying the positioning of "Trusted Advisors"!

The same may hold true for the Insurance and Benefits Marketplace! Individuals, Organizations, Employers and Employees, who are generally to busy to research, select, and implement integrated Insurance/Benefit Plans, may gravitate to - and be willing to pay for - Broker Advisors who are willing to invest the time to work with them to meet their specific needs. The amount of time and expertise required would dictate the "Fee" charged!

I think the biggest question may be - How to structure the pricing? Using the Financial Services Model which looks at a "Fee" plus Percentage of "Assets Under Management" might have some application. Our research team is looking at the concept of a "Fee plus Percentage of Insurance or Premium Under Management" for Brokers and Consultants in the Insurance and Benefits Industries.

As the impact of reforms take place and shrinking commissions unfold, it will be interesting to see how the Broker/Distributor, Carrier/Provider, and the Prospect/Buyer sectors act and react!

If you would like to contribute your ideas to our research, please share your thoughts below or email: max@benefitplace.biz! In addition, we invite you to join our Linkedin Group, Insurance Forum. The purpose of this group is to inspire valuable discussions and comments related to the Insurance and Benefits Industries. Please Join and Participate!

THE U.S. AND THE WORLD IN FINANCIAL CRISIS - A MAJOR CONTRIBUTING FACTOR!

2011-10-10T16:05:00.000-07:00

Quote of the Day! -- "The nature of any human being, certainly anyone on Wall Street, is 'the better deal you give the customer, the worse deal it is for you'."
Bernard Madoff

Let's take a look at a main source of the U.S., and for that matter the World's Financial Crisis, The partial repeal of the Bank Act of 1933, better know as the Glass-Steagall Act by the Gramm-Leach-Bliley Act (GLB)!

GLB, also known as the Financial Services Modernization Act of 1999, (Pub. L. No. 106-102, 113 Stat. 1338, enacted November 12, 1999) is an act of the 106th United States Congress (1999–2001). It was signed into law by President Bill Clinton and it repealed part of the Glass–Steagall Act of 1933, opening up the market among banking companies, securities companies and insurance companies.

The Glass–Steagall Act prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company. (Per Wikopedia)

Thomas Jefferson said in 1802: “I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property - until their children wake-up homeless on the continent their fathers conquered.”

While I am a "Free Market" Capitalist, I am also a realist! When Institutions, especially in the Financial Sector, are allowed uncontrolled free reign, disaster is inevitable. Greed, ego and the "Siren's Songs" of power - augmented by the influence of Lobbyists - will always trump strategic and ethical business/economic decision-making!

While the world was not controlled by the above legislative changes, we live in a world economy where our system, or lack there of, leads the way! In this case it was down a street paved in "Fools Gold"!

Please contact BenefitPlace.biz - max@benefitplace.biz with your thoughts!

INTERESTING FACTOIDS FOR THE BENEFITS & INSURANCE INDUSTRIES!

2011-10-05T19:29:00.000-07:00

QUOTE OF THE DAY: Get your facts first, then you can distort them as you please.
Mark Twain

On occasion BenefitPlace.biz and BP Trade Show.com will be featuring interesting factoids related to the Insurance and Benefits Industries! We hope you find them interesting and useful!

92% of business decision-makers concerned about the
rising cost of Health Insurance
73% are "very concerned" -- Benefits Selling / Sept. 2011

82% of Americans disapprove of  the way Congress is handling its job -- Benefits Selling / Sept. 2011

63% of surveyed businesses see their broker as being a business partner rather than just a middleman -- Benefits Selling / Sept. 2011

70% of Employers say they do not use social media
44% of employees claim they receive too little communications about benefits from their employer -- Sources: AFLAC; Metlife

21% of Brokers use social media as a strategy for gaining new clients -- Senior Market Advisor / March 2011

7% of Insurance Industry Professionals on Linkedin use Linkedin for reaching prospects -- StartUp Solutions / October 2011

67% of Producers say prospecting for new business is
their biggest challenge -- Agent's Sales Journal / November 2010

40% of agents said they would work with a new GA offering New or Better Offerings -- Agent's Sales Journal / November 2010

$10,000 - What employers currently spend on average per     worker with family
$2000 - What Employers will pay per worker under the the law that takes effect in 2014 if they don't provide coverage -- Benefits Selling /
August 2011

83% of companies expect to revamp their health care strategy within the next two years --   Benefits Selling / April 2010

33% of employees received their benefits through self- insured group plans -- Benefit Selling / August 2011

5% of the US population is responsible for half of use spending -- Benefit Selling / April 2010

$2.5 Trillion / $8,000 per person - Aggregate spending of the U.S. on health care --
    Benefit Selling / August 2010

We hope these factoids provide some food for thought! Please comment or contact us with your thoughts! We invite you to contribute facts regarding the Insurance and Benefits Industries! In addition, please join and contribute to our Linkedin Group, Insurance Forum! Email: max@benefitplace.biz

A NEW "INBOUND MARKETING" PLATFORM AND OPPORTUNITY FOR THE INSURANCE & BENEFITS INDUSTRIES TIED TO THE INTERNET AND SOCIAL MEDIA!

2011-09-25T18:33:00.000-07:00

Quote of the Day: "Insanity is doing the same thing, over and over, but expecting different results."
Albert Einstein

BenefitPlace (.biz) and BP trade Show (.com), working seamlessly together, have rolled-out a new Platform for Insurance Cos, MGAs, GA, Brokers, Agents, TPAs, and all involved in the various Sectors of the Insurance and Benefits Industries to Efficiently and Cost-Effectively:

Deliver Qualified Prospects
Roll-Out Existing as well as Updated and New Plans

For less than $16.00 per day, this platform will:

Shorten Selling Cycles
Reduce Marketing Costs
Increase Revenues

Utilizing BenefitPlace (BP)- A Research & Information Center for the Insurance and Benefits Industries - and BP Trade Show (BPTS) - a 24/7 virtual trade show for the Industries - the Platform, focusing on SEO, provides:

An upgraded, "Gold Listing" in the BP Directory appropriate to the Company's Markets.
A Specific Industry Directory Listing in BPTS - appropriate to the Company's Markets.
A Plan, Program or Service Directory Listing - appropriate to the Company's Focus!
A Company Profile Page - Your booth at the Trade show!
A Plan, Program or Service Profile Page - Your Brochures at the Trade Show! (Additional Plan, Program, or Service Profile Pages are available at deeply discounted rates)!
An opportunity to add an Avatar or Video to speak for your Company on the Profile Pages - much like your Representative at a traditional Trade Show)!

In addition, the Platform includes:

1) Promotion and Exposure on BP's and BPTS' Linkedin Connections and Network! These include:

100 Groups related to the Insurance and Benefits Industries!
2000 + Direct Connections related to the Industries!
11,000,000 + Professional)

2) Promotion and Exposure on other Social Media includiing: Twitter, Facebook, ProducerWeb, Biznik, Insurance Campus / Insurance Broadcasting, etc.

3) Featured Contributed Articles on our Blogs distributed through Social Media networks incuding: On Top List, Squidoo, Digg, etc.

A Traditional "Brick and Mortar" 3 Day Trade Show can cost $2000 to $5000 for an 8 x 10 Booth, plus the travel, time lost for staff, and lodging cost, etc. Vistiors must travel and often pay admission!

BP and BPTS are open 24 hours a day/365 days a year! For less than $16.00 a Day the Platform is more Efficient and Cost-Effective! Visitors are enabled to utilize the internet in the comfort of their office or home in their Insurance & Benefits "Decision-Making" process!

While "Inbound Marketing" will not replace the traditional "Outbound Marketing" tools it will make it possible to reach a larger constituency more effectively at a fraction of the cost with the capacity to Measure Your ROI!

As a famous marketeer commented about his "Outbound Marketing" budget, "Half the money I spend on advertising is wasted; the trouble is, I don't know which half!".

John Wanamaker

Please Share Your Comments or Suggestions! For more information: Email: max@benefitplace.biz or Call: 216.921.1583

REGULATING INSURANCE - FEDERAL vs STATES - HAPPY 4th of July!

2011-07-04T08:32:00.000-07:00

Happy 4th of July - Independence Day!

This 4th of July, we at BenefitPlace (.biz) and BP Trade Show (.com) thought it would be appropriate to open a discussion on an issue as old as our Nation - Federal, Centralized Government Regulation and Control vs. States Rights and Autonomy! These same issues are fundamental to the current debates over Health Care Reform, Insurance Regulation and Controls over the Financial Services Industries

The battle that was shaped in the 1790s between the Federalists - led by Alexander Hamilton, and the Anti- Federalists - led by Thomas Jefferson - were about the same but broader issues as today. While Hamilton was, with limitations, in favor of centralized controls, Thomas Jefferson was an advocate for States's Rights!

History tells us that between the American Revolution and the ratification of the U.S. Constitution the States had united under the Articles of Confederation - the Federal Government was given very limited powers and for the most part could not overrule the States. The boundaries of authority were poorly defined under the Articles of Confederation!

According to Wikipedia, "The Constitution subsequently strengthened the central government, authorizing it to exercise powers deemed necessary to exercise its authority, with an ambiguous boundary between the two co-existing levels of government. In the event of any conflict between state and federal law, the Constitution resolved the conflict^[5]via the Supremacy Clause of Article VI in favor of the federal government, which declares federal law the "supreme Law of the Land" and provides that "the Judges in every State shall be bound thereby, any Thing in the Constitution or Laws of any State to the Contrary notwithstanding. However, the Supremacy Clause only applies if the federal government is acting in pursuit of its constitutionally authorized powers, as noted by the phrase "in pursuance thereof" in the actual text of the Supremacy Clause itself:"

I believe the "Supremacy Clause" and the limitations imposed on it by the wording "only applies if the Federal Government is acting in pursuant of its constitutional authorized powers is central to the current debates about Insurance, Benefits, and Financial Services!

Alexander Hamilton, who was in favor of Centralized Government, explained the limitations of the Supremacy Clause by stating, " ...this clause placed on the proposed federal government, describing that acts of the federal government were binding on the states and the people therein only if the act was in pursuance of constitutionally granted powers, and juxtaposing acts which exceeded those bounds as "void and of no force".

The Supremacy Clause further stated: "But it will not follow from this doctrine that acts of the large society which are not pursuant to its constitutional powers, but which are invasions of the residuary authorities of the smaller societies, will become the supreme law of the land. These will be merely acts of usurpation, and will deserve to be treated as such."

Jefferson recognized the need for a strong Central Government in foreign relations and in times of war but he did not want those powers expanded. While Hamilton's goal was efficient government, Jefferson feared tyranny!

Today, society and government entities are much more complex! Industries like Insurance, Benefits and Financial Services are National in scope and equally complex. Regulations, licensing, and policing imposed on a state-by-state level are extremely costly to the providers of the Plans, Programs & Services and these costs are passed through to the consumers - Individuals and Organizations!

On this Holiday celebrating the freedoms fought for and won by generations many times over, I am not proposing a solution - or for that matter giving my opinion! I am suggesting that as we look at the issues of regulating, Controlling and Policing the Insurance, Benefits, and Financial Industries, we have an open discussion and debate about the "Core Issue" - so dear to our founders. We should discuss the ever expansive, with the influence of both Democrats and Republicans the disposition of Centralized Federal Regulation and Controls vs. State's Rights and Localized Powers!

We should all remember that with every Regulation, Law, Code, etc. our freedom as individuals is diminished!

PLEASE SHARE YOUR THOUGHTS! Email: max@benefitplace.biz!
Join our Linkedin Group, Insurance Forum for further discussions! Go To:
http://www.linkedin.com/groups?about=&gid=2762200

BENEFITPLACE & BP TRADE SHOW BEGIN FEATURING AN INSURANCE AND/OR BENEFITS RELATED PLAN, PROGRAM &/OR SERVICE OF THE MONTH!

2011-06-27T12:48:00.000-07:00

BenefitPlace (.biz) & BP Trade Show (.com) have announced a new initiative featuring A Plan, Program and/or Service of the Month! The mission of this initiative is to better educate Organizations and Individuals about Plans, Programs and /or Services related to sectors of the Insurance & Benefits Industries - these include Health & Life (H&L) and Property Casualty (P&C). The kick-off month will be August featuring the Wholesale, Program Administrators (PAs), MGAs, IMOs, etc. sectors of the marketplace.

BenefitPlace & BP Trade Show will be utilizing its: two websites, two blogs, Linkedin Groups & Contacts, Twitter, Facebook, ProducerWeb, Squiddoo, Digg and other internet based Social Media to reach out to the Insurance & Benefits Communities - both Providers & Buyer/Consumers! Utilizing Search Engine Optimization (SEO), information about Market Sectors will be readily available to those searching and researching. Wholesalers, Program Administrators (PAs), MGAs, IMOs, etc. will be asked to asssist and participate, as well as benefit, by:

Submitting articles explaining the Industry Sector and what differentiates their Organization!
Providing concepts, ideas and expertise that may be of value to their constituencies!
Participating In Linkedin Discussions and other Social Media opportunities!
Joining Insurance Forum on Linkedin and Contributing!
Securing a BenefitPlace Directory Listing to highlight their Plan, Program & or Service!
Becoming an Exhibitor at BP Trade Show!

Quite simply, BenefitPlace & BP Trade Show recognize that the Insurance and Benefits Industries are complex and often confusing to Employers, Organizations, Individual Decision-Makers and the General Public! In August BenefitPlace & BP Trade Show will be educating Organizations and Individuals about the functions of Wholesalers, PAs, MGAs, IMOs, etc. In addition, these entities will be provided an opportunity to convert Interested Parties into Prospects and potentially into Clients!

Upcoming months will feature:

October - Voluntary/Worksite Plans including Enrollment, Education, Communication & Data Management!
November - Disability Coverage, STD & LTD, Critical Illness Plans (CI), and Hospital Income Plans (HI)!
December - Wellness Plans, Awards & Recognition Programs!

Those desiring more information or desiring to contribute should Contact BenefitPlace:
Email - max@benefitplace.biz or
Call 216.921.1583!

BUILDING AN EVER-INCREASING LIST OF QUALIFIED PROSPECTS!

2011-06-21T09:38:00.000-07:00

Recently we at BenefitPlace (.biz) & BP Trade Show (.com) had the opportunity to review a discussion on Linkedin submitted by Jason Ream of OperationPTSD titled:

"Leads, what a joke. How many of you have thrown lead money down a rathole? Better yet how many of you are the one's making money off all these BS leads? 4Q insurance business!"

Having been in the Insurance & Benefits Industries for over 25 years, we have utilized almost every methodology for building a list of qualified prospects, including: purchasing lists, list building, cold calling, traditional trade shows, advertising, call centers! For the most part all of these methods were ineffective, time-consuming and expensive! Unfortunately, until recently, there were few viable alternatives!

The development and maturation of the internet and social media have changed the opportunities and leveled playing fields! Studying and utilizing input from HubSpot, a Cambridge, MA marketing company, we realized the power of "Inbound Marketing" versus the traditional "Outbound Marketing" methodologies of the past! Inbound Marketing, also referred to as "Demand Generation Marketing", quite simply is the utilization of the Internet, Search Engines, and Social Media - with a consistent focus on Search Engine Optimization (SEO) - to bring Organizations & Individuals to your door rather than your knocking on their door! As parties utilize the internet to research their questions and needs for Insurance & Benefits related Products, Programs, & Services, they continually qualify themselves. As they continue their research and land on BenefitPlace (.biz), BP Trade Show, or your Website they become a well-qualified prospect and potential buyer!

While "Inbound Marketing" does not totally replace the need for more traditional marketing methodologies, it represents a powerful, efficient, and cost-effective set of tools for building an ever-increasing list of qualified prospects!

We created BenefitPlace (.biz) and BP Trade Show (.com) to assist the Providers of Products, Programs, & Services in the Insurance & Benefits Industries and Potential Buyers an efficient and cost-effective portal! Our mission is to "Shorten Selling & Buying Cycles", Reduce Marketing Costs, & Increase Revenues! We assist in bringing the parties together in this large and often dysfunctional marketplace. For more information Email: max@benefitplace.biz!

LET'S FORGET THE DOOM & GLOOM!

2011-06-03T16:22:00.000-07:00

This Blog Entry is Off the Normal Topics for the Insurance & Benefits Industries - YET ON TARGET!

I, and my colleagues at BenefitPlace (.biz) & BP Trade Show (.com), are getting tired of the National, and Insurance Industries, focus on "Doom & Gloom" for the Economies and Future of the United States - especially the pervasive commentary generated by Politicians - Democrats, Republicans & Tea Party - who appear focused on getting elected rather than Proposing Solutions for our Current Problems!

The US does have some Major Challenges - What's New! -- China, India, etc. are Major Competitors in World Markets! I believe the US will not only meet the Challenges, Survive, and Gain Competitive Ground over the next decades, We Will Thrive! China, India, etc. are a challenge but not a long-term threat - They are the best opportunity the US has had in years!

Currently our economy is slow, our Governments on the National, Regional, State, & local levels are expensive and wasteful, and our National debt is outrageous! Good decisions and belt tightening can change these facts! Electing talented officials will help! We all may need to make sacrifices! These sacrifices will be minor compared to those made by the US population to successfully emerge victorious from the 1st & 2nd World Wars as well as the Great Depression!

Current competitors and debt holders - like China, India, etc. - have much greater near and longer-term concerns and challenges! They will be forced to face the challenges we have successfully faced and conquered in the past! The internet will accelerated the process!:

The Working Populations will demand Greater Compensation & Benefits - commensurate with world standards!
Child Labor will be a major issue!
Women will demand Greater Equality!
Environmental Issues will become a costly reality!
Government Subsidies will become limited leading to greater taxation!
The Cost of Goods and Services provided for worldwide economies, including the US, will increase dramatically - making them far less competitive!
The United Nations, and more influential groups, will begin to crackdown on the capacity of these countries to Steal and Knock-Off Products & Services!
Increased Employee Income in these countries will create incredible new markets for attractive and innovative US products!

All of the above will make the US more competitive while opening new markets for our Products & Services! Look at what happened with our relationship with Japan!

How does this apply to the Insurance & Benefits Industries?

The Employer, Employee and Individual Markets will rebound and thrive! The marketplace will change - the needs of these parties will continue and/or accelerate!
The US Government Regulations currently being implemented will open new and lucrative markets as Employees & Individuals demand methods to better protect their well-being, income & savings!
Employer, Employee and Individual confusion about new Government Plans will open new, as well as lucrative, markets for "Fee-Based Advising" - The advising market has been doing well in the Investment Markets over the years as controls continue to increase!
Expanding World Markets - like China, India, etc. - will open new doors for those with expertise and a willingness to utilize the internet, social media, etc!
Those who focus on "Doom & Gloom" will probably leave the marketplace - existing opening doors for those who provide alternatives for Employers, Employees & Individuals.
A Rebound in the US Markets - combined with expanding worldwide opportunities, a renewed emphasis on saving, and the preservation of income will open new markets for those in the Insurance & Benefits Industries who remain!

THE UNITED STATES IS, REMAINS, AND WILL CONTINUE TO BE THE BEST PLACE TO LIVE, WORK, OWN A BUSINESS, CREATE A BUSINESS, AND TO PRESERVE EARNED INCOME IN THE WORLD!

KEEPING THIS IN MIND, I BELIEVE THE UNITED STATES IS THE "BEST LOCATION IN THE WORLD"!

Please share your thoughts! Email: phil@benefitplace.biz!

Have a Great Week!
Phil

HOW ARE YOU ALLOCATING YOUR BUDGETED TIME AND SALES / MARKETING DOLLARS?

2011-04-02T17:48:00.000-07:00

Like most people in the Insurance & Benefits Industry, throughout the years I have allocated my budgeted sales & marketing dollars - as well as my time - to very tradition methodologies! These included:

Cold Calling - pounding the pavement
Phone Campaigns
Seminars & Conferences
Expensive Breakfasts, Lunches & Dinners
Trade Shows
Purchasing Lists
Call Centers
Yellow Page Advertising
Media Campaigns
Bulk Mailers
and More

While I always new I was wasting at least 50% of my expenditures and time, I could not figure out which half to discard! I always wished their was a more efficient and cost-effective methodology. No one just walked into my office and said "I need what you have to sell! Throughout those years I had no choice but to continue a combination of the above. This is called "OutBound Marketing"!

Due to technologies and innovation, now we have a choice! This is called "Inbound Marketing". Quite simply using the Internet, Search Engines, Search Engine Optimization (SEO), and the new Social Networking Media we have the potential for clients to qualify themselves, gain the information they require, and then contact us to meet their needs as informed buyers. Studies indicate that over 80% of potential buyers in any marketplace utilize the internet to find out more about the Product, Program, Plan, or Service prior to actually pursuing the purchase. This is true for autos, clothes, vacuums, auto insurance, etc!

All of the above holds true for the mass of Programs, Products, & Services offered by the Insurance & Benefits Industries! The question is "How do you efficiently and cost-effectively utilize these new tools to drive client acquisition and take advantage of "Inbound Marketing?". We created BenefitPlace and BP Trade Show to assist in these efforts!

BenefitPlace is a Research Center focused on the Insurance & Benefits Industries. Individuals, Employers, Brokers, Wholesalers, TPAs, Insurers, etc can utilize this website, www.benefitplace.biz to gain a greater understanding of the marketplace. Visitors are qualifying their interests and needs when they visit the site. We provide a "Free" directory listing with website of the providers in each category of Program, Product or Service! The providers merely need to contact us for the free listing!

BP Trade Show is a 24/7/365 virtual Trade Show to assist the "Potential Buyer" in more efficiently and cost-effectively meeting their price-points and needs! Potential Exhibitors have a variety of choices to meet their Sales/Marketing budgets.

Directories assist in guiding the Trade Show Visitor to the Exhibitors
Company Profile pages are like a traditional booth
Plan Profile pages are like the brochures handed out at traditional shows
Avatars or Videos become the Organizations Trusted Representative
Links & Communication tools help "Shorten the Selling Cycles"

The costs are far less than traditional "Outbound Marketing" tactics!

Our goals are to:

"Shorten Selling Cycles"
Reduce Marketing Costs
Increase Revenues

If you have an interest in learning more about "Inbound Marketing", BenefitPlace &/or BP Trade Show:
   Email - max@benefitplace.biz or
   Call - 216.921.1583

INSURANCE & BENEFIT MARKETING STRATEGIES - WHAT'S NEXT?

2011-02-14T11:41:00.000-08:00

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

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!

We at BenefitPlace & BP Trade Show would appreciate your Input, Questions & Thoughts! Please Comment,
Email - max@benefitplace.biz or
Call Phil - 216.921.1583

HEALTH CARE REFORM & WELLNESS?

2011-01-31T13:03:00.000-08:00

While we at BenefitPlace (.biz) & BP Trade Show (.com) firmly believe that some form of Health Care Insurance Reform must be implemented to provide for uninsured Americans - those who do not have the capacity to purchase coverage, we also believe that a major issue is being missed!

With or without Health Care Reform, rates will continue to rise as many long Americans remain dedicated to over eating & smoking! Individuals, Employers & Employees must take responsibility! Federal, State, and Local government entities can play a role in influencing behavior.

Obesity & Smoking are the two major contributing factors to our high cost of chronic illness! Poor & deteriorating rankings worldwide for life expectancy are as appalling as our deteriorating educational system. If Obama so respected President Kennedy's initiatives, he, and his administration, might want to spend a little more time inspiring the American public to take wellness seriously!

In June, BenefitPlace (.biz) & BP Trade Show (.com) will focus on wellness to coincide with National Employee Wellness Month! This could be a target month for Obama, and his administration, to begin addressing this national crisis! Possibly his initiatives could have a "trickle down" effect to the State & Local levels.

We are reaching-out to all interested parties to assist BenefitPlace & BP Trade Show in spearheading this initiative! If you have ideas, or would like to assist , please email - max@benefitplace.biz or call - 216.921.1583!

HELP US BETTER DEFINE YOUR MARKET NICHE & ASSIST POTENTIAL CLIENTS

2011-01-25T07:24:00.000-08:00

BenefitPlace (.biz) is reaching out to all parties in the Insurance & Benefits Industries to assist us in better differentiating and defining the various sectors of this diverse, and often confusing, marketplace. We are also looking for suggestions for improving the sites breadth, depth and overall presentation! We invite you to visit the website, www.benefitplace.biz, check out the Sitemap and review the pages that apply to your Market Sector and others.

WHAT'S IN IT FOR YOU? Your input will assist BenefitPlace in better achieving our goals and meeting the needs of the marketplace! Those parties that provide input of value that we utilize will receive one Free 90 Day Advertisement (250X250 or of equivalent value) on the BenefitPlace page of choice!

OUR GOAL, on an unbiased basis, is to assist those involved in Research and Decision-Makers in making informed and empowered choices to meet their specific needs and price points. Our ever increasing traffic includes: Brokers, TPAs, Employers, Employees, Individuals and others involved in researching and selecting Insurance & Benefit Alternatives. At NO COST, BenefitPlace provides those offering Plans, Programs and Services a Directory Listing per their Market Sector (If you are not listed please let us know). The Listings provide the Organization's Name with a Link to their Website - soon to be broken down geographically. The listings provide the BenefitPlace Visitors an opportunity to directly contact providers.

OUR VIRTUAL TRADE SHOW - BenefitPlace is directly linked to our new Sister Company, BP Trade Show (.com). BP Trade Show is a 24/7 virtual Trade Show for the Insurance & Benefits Industries bringing together Buyers and Sellers of Plans, Programs, & Services! Our goal is to:

Shorten Selling Cycles
Reduce Marketing Costs
Increase Exhibitors Revenues
Create Efficiencies for Prospects and Decision-Makers!

Visitors are provided Free Access to the show! Exhibitors are provided the opportunity to present their Organizational Profile and pages to highlight their specific Plans, Programs, and/or Services - much like a Traditional Trade Show. The following options & more are available to Exhibitors:

General Directory Listing - The alphabetized overall list of Exhibitors.
Plan, Program or Service Directory Listings - Focused on the Market Sector.
Company Profile Pages - Equivalent to the Booth at a Traditional Trade Show.
Plan, Profile &/or Service Profile Pages - Equivalent to handing out your Brochures.
Avatars & Videos to speak for your Company - Equivalent to costly Representatives at a Traditional Trade Show.
Much More!

We hope you will assist us in continually improving the Functionality & Quality of BenefitPlace & BP Trade Show to meet the demands and needs of all parties to the Insurance & Benefits Industries!

We invite you to contact us:
Email - max@benefitplace.biz or
Call 216.921.1583.

BENEFITPLACE OFFERS FREE INSURANCE & BENEFITS COMPANY DIRECTORY LISTINGS

2011-01-17T15:45:00.000-08:00

Benefitplace is a growing internet based Insurance & Benefits related Research Center. The website pages are designed to provide information about the complexities of Health & Life, Benefits, and the Property & Casualty Insurance Markets. Search Engine Optimization (SEO) directs those with questions, ie. Brokers, Agents, Consultants, Employers, Individuals, etc. who begin a search to the appropriate BenefitPlace website page.

Following the information provided about the industry sectors, and types of insurance, BenefitPlace provides a Listing of the Companies in those markets with links to their websites and phone numbers! These listings are provided to vendors at no cost -Free!

In the near term we will be segmenting the listings by City and State to better assist visitors to BenefitPlace with quality information to answer their questions and concerns but also to direct them to the to Companies in their area that may be able to assist them in meeting needs! We encourage Companies to email us with their information! The email address is - max@benefitplace.biz.

Our sister Company, BP Trade Show, is a 24/7 virtual Trade Show serving the Insurance & Benefits Industries!

Visitors to the Trade Show enter at no cost and the Exhibitors purchase:

Directory Listings
Company Profile Pages (much like a traditional trade show booth)
Plan Profile Pages (much like the brochures that would be distributed)
Avatars or video to better tell their story (much like having a Company Representative)
Advertising on the pages appropriate to the Company's market sectors

BenefitPlace & BP Trade Show have been designed to work together to "Shorten Selling Cycles", Reduce Marketing Costs and Drive Revenues for those offering Plans, Programs and Services to the Insurance & Benefits Industries. Taking advantrage of Search Engines and SEO, we drive qualified buyers to those who can meet the needs of Potential Clients - Inbound Marketing!

Please contact BP Trade Show for a Free Inbound Marketing Analysis! In addition, we are offering a General Exhibitor Listing for $80 for the first year - this is a $360 value!

For more information: Call 216.921.1583 or Email: phil@bptradeshow.com

Have a Healthy, Prosperous & Profitable New Year!

BEST WISHES FOR HAPPY HOLIDAYS & A PROSPEROUS NEW YEAR

2010-12-20T05:38:00.000-08:00

We at BenefitPlace, BP Trade Show & Vesta Cos. sincerely hope you all enjoy a Joyful Holiday Season and a Healthy, Prosperous, and Fun Filled New Year!

The past year certainly provided changes & challenges to the Insurance Industries! Many of these changes & challenges, like the Health Care Reform Acts, will continue to provide controversy and division among constituencies throughout the coming year.

Our hope is that whatever the outcomes, we as a country will regain a focus on what is good for the individuals who make up this Great Nation. One of the most important historical documents, The Declaration of Independence, began the 2nd paragraph with incredible wording:

"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness. That to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed."

I believe that in a mature and wealthy country like ours, access to quality health care is part of - and instrumental to - "... life, liberty and the pursuit of happiness". While we have always found the resources to fight wars - most of which were more than justified - we should be able to find it in our capacities to provide for those who cannot provide for themselves!

Whether the Health Care Reform moves forward or not, with whatever degree of governmental encroachment, I firmly believe that to remain a Great Nation, that we "the governed" must be strong - in Health, Mind & Spirit!

The words "self- evident" & "unalienable rights" were remarkable in 1776 and they are now! These words and the document set the stage for establishing the potential that "all men are created equal".

Let's take further steps to bringing these words into reality! Somehow - Someway let's provide quality Health Care and the ability to achieve Life, Liberty and the Pursuit of Happiness to all of our Great Nation!

Have a Great Year & Share Your Thoughts!

BP TRADE SHOW ANNOUNCES NEW DISCOUNTED "WINTER SPECIAL PACKAGES"

2010-12-12T09:34:00.000-08:00

BP Trade Show, a 24/7/365 Virtual Trade Showy, in an ongoing effort to assist the Insurance & Benefits Industries to: "Shorten Selling Cycles", Reduce Marketing Costs, and Drive Revenues, has posted their new "Special Winter Packages" that have been discounted by 50% from per item listing costs.

The purpose of these packages is to assist potential Exhibitors in gaining a greater ROI on their marketing dollar allocations while meeting their "Price Points". A choice of four packages, combined with the new Local, State, Regional, National, & Global Pricing,

Also announced is that at no additional cost, all specific Exhibitor Pages: Company Profile Page, Plan, Program or Service Pages, Landing Pages, etc. will be individually "Optimized" to gain the greatest SEO!

These new additions provide an opportunity to generate affordable "Inbound" marketing opportunities with a verifiable ROI! Take a Look! If you have questions or desire more information: Email max@benefitplace.biz or call 216.921.1583.

Please let me know your thoughts!

Have a Joy Filled Holiday Season!

Shifting From a The Traditional "Commission Based" H&L Brokerage Model To A "Fee Based" Consulting Model?

2010-11-06T17:04:00.000-07:00

We at BenefitPlace (.biz) & BP Trade Show (.com) have long been discussing the feasibility of a shift from traditional "Commission Based" compensation to a "Fee Based" system. Our interest in this shift pre-dated Health Insurance Reform, Ratios, etc. As carriers have reduced the systemic commissions and renewals, we have noted increased interest and discussions on this topic among Insurers and Brokers within Social Media Networks such as Linkedin and Plaxo..

Having been involved in the Financial Services Markets in the '70s, I witnessed the same type of shift. Discount Brokerage and Online Services took their pieces of the pie - leaving Traditional Stock Brokers with a group of clients who were sincerely looking, and willing to pay, for advice. Traditional Stock Brokers who shifted to the "Fee Based" model, and became Consultants, have been doing extremely well and enjoying the positioning of "Trusted Advisors"!

The same may hold true for the Insurance & Benefits Marketplace! Individuals, Employers & Employees who are generally to busy to research, select, and implement integrated Insurance / Benefit Plans may gravitated to, and be willing to pay for, Broker Advisors who are willing to invest the time to work with them to meet their specific needs.

I think the biggest question may be - How to structure the pricing? Using the Financial Services Model which looks at a "Fee" plus Percentage of "Assets Under Management" might have some application. Our research team is looking at the concept of a Fee plus Percentage of Insurance or Premium Under Management for Brokers and Consultants in the Insurance & Benefits Industries.

As the impact of reform and shrinking commissions unfolds, it will be interesting to see how the Broker/Agent Community reacts!

If you would like to contribute your ideas to our research, please share your thoughts or email: phil@benefitplace.biz!

OPPORTUNITY IN THE MIDST OF CONFUSION & CHANGE!

2010-10-18T15:35:00.000-07:00

Our Website, www.benefitplace.biz, was designed to be an ever-evolving Research Center focused on the Insurance and Benefits Industries. Throughout the last year the predominant concerns have been with Health Care Reform, the Impact on Insurance Companies & Brokers, and the future of Traditional Plan, Product and Service Distribution Channels!

After considerable input from individuals who generally have a hand on the pulse of the marketplace, we have come to the conclusion that only two thing are certain! CHANGE IS INEVITABLE & UNPREDICTABLE!

Experience tells us that these factors open Doors to Opportunities!

With all of the Industry Exposure, more Employers, Employees & Individuals have Concerns and Questions!
Qualified Expertise is becoming a Valued Commodity!
The time for Fee Based Consulting may be coming for the Insurance & Benefits Industries - much like occurred in Financial Services.
All Employee Benefits are becoming Voluntary - both the Employer and Employee will potentially be Selecting and Contributing!
Employers may shift to a "Defined Contribution" Structure - Offering a "Menu" of plans and a specific amount of dollars/credits for Employees to utilize for purchasing the plans. Costs above the amount the Employer Contributes would be out-of-pocket and payroll deducted by Employees.
FSAs and Section 125 will continue to have a major impact and provide tax-savings.
Efficient & Affordable Third Party Administration (TPAs) for Employee Benefit Plans will continue to be extremely important!
The Education, Communication, Enrollment & Data Management Processes for Employee Benefits will become more and more important
Integrated Technologies will be in Greater Demand by all parties to the Benefits and Insurance processes!

In recent months, we also created BP Trade Show! This site is a 24/7 virtual Trade Show for the Insurance & Benefits Industries. Without the cost, short life, and inefficiencies of Traditional Trade Shows, BP Trade Show allows you to spotlight: Your Organization, Your Plans, Programs &/or Services, and to reach a Focused Buyer Market! For more information Email - max@benefitplace.biz!

UPDATE ON THE EVOLUTION OF BENEFITPLACE (.BIZ) & BP TRADE SHOW (COM)

2010-09-28T18:43:00.000-07:00

This posting is to briefly update readers on the progress we have made in delivering a web based capacity to "Shorten the Selling Cycles", Reduce Marketing Costs, and Increasing Revenues for the Insurance and Benefits Industries while delivering Efficiencies and Cost-Savings for Buyers!

www.benefitPlace.biz is our Research Center that is open to all who have questions about the Insurance and Benefits Industry! The site also provides links to Vendors/Providers of Plans, Programs & Services. The site is free to all (Advertising space is available - Contact Us for the Pricing - max@benefitpalce.biz.

www.bptradeshow.com is our 24/7/365 virtual trade show for the Insurance and Benefits Industries. The site is free to all to walk in our virtual doors and locate the Vendor/Providers of Plans, Programs & Services to meet their Insurance and Benefits related needs. We are currently building our base of Exhibitors. Exhibitors have the opportunity to purchase a variety of spaces:

General Directory Listings
Plan, Program or Service Specific Listings
Company Profile Pages
Plan Profile Pages
Linked Landing Pages
Advertising Space

For information about becoming an Exhibitor and the Pricing visit- www.bptradeshow.com Email - phil@bptradeshow.com or Call - 216.921.1583

As BenefitPlace & BP Trade Show evolve we are creating an Efficient and Seamless transition from Research on BenefitPlace to Locating Vendor/Providers of Plans, Programs & Services on BP Trade Show.

Please share your thoughts and Ideas!

"SHORTENING YOUR SELLING CYCLES" & DRIVING REVENUES!

2010-06-29T16:44:00.000-07:00

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, Vesta Worksite, 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 from BP Trade Show?

~ 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.

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!

IMPACT OF PAYROLL COMPANIES ENTERING THE BENEFITS & INSURANCE BROKERAGE MARKET

2010-05-17T12:08:00.000-07:00

While Payroll Companies, such as Paychex and ADP had often been an ally of Brokers - simplifying the Employers administrative burdens - they have entered the Core and Worksite/Voluntary Benefits brokerage marketplace as competitors at an accelerating pace. In the midst of industry turmoil, Brokers did not need another potential negative impact on their relationships and bottom line!

To quote Brett Rosen from the May 2010 edition of Agent's Sales Journal, "New, deep-pocketed competitors such as payroll giants ADP and Paychex may steal increasing market share from the 'little guys'".

Adding to the potential impact, Payroll Companies have a rather dramatic competitive advantage!  They can approach their current, and potential clients - to whom they may have been introduced by brokers - and discount their traditional services if the Employer gives them an "Agent of Record" letter! While Brokers cannot discount plans - this is "Rebating" - the Payroll Companies can discount their services. Employers - with an eye on their HR Costs - may well take advantage of this offer!

We at BenefitPlace suggest there may be an inherent flaw in such a cost-saving strategy by Employers!  While the Payroll Companies may have the capacity to handle existing Core and Worksite Plans - their main focus seems to be groups of 20 to 250 employees - how experienced and qualified are they to assist in new plan design and redesign?

With the added complications of Health Care Reform, Employers and Employees are going to be facing challenges in plan design, integration, education and enrollment! Experienced brokers, whether on a "traditional commission basis" or shifting to a "fee based structure" (similar to the shift in the financial planning market) have the product knowledge, carrier relationships, and expertise to best assist Employers and Employees.

Until Payroll Companies gain the expertise internally, hire brokers individually on a wholesale basis, or acquire qualified brokerage firms regionally and nationally, Employers may want to seriously evaluate the value of these cost-saving proposition!

We welcome the thoughts of all on this topic - Payroll Companies, Brokers, Employers, etc. Please comment or email: phil@benefitplace.biz!

Note: We invite you to visit the new BP Trade Show - a virtual 24/7 Insurance & Benefits Trade Show! Check out the Grand Opening Special Discounts!

Have a Great Week!

BENEFITPLACE & BP TRADE SHOW - Shorten Your Selling Cycles - From Prospect to Client

2010-05-06T04:23:00.000-07:00

WHAT'S IN IT FOR ME? -- How can sellers and buyers of 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 Vesta Worksite, 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!

THE NEW INSURANCE & BENEFITS TRADE SHOW - BP TRADE SHOW

2010-04-19T08:27:00.000-07:00

BenefitPlace 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: Vesta Worksite, 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.

BP Trade Show - Inbound Marketing vs Outbound!

2010-03-29T10:17:00.000-07:00

Participants at this weeks meeting with affiliates included - Vesta Worksite, 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!

2010-03-22T11:48:00.000-07:00

The BP Trade Show Grand Opening Date Announced! Participants at this weeks meeting with affiliates included - Vesta Worksite, 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!

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!

CAFETERIA PLANS ON STEROIDS! -- "DEF-CON"

2010-03-15T06:10:00.000-07:00

This weeks meeting with affiliates included - Vesta Worksite, 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 individual's 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 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 the 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 market 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 of selected 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 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 plan 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 "Benefits Decision-Making".

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 and join the "Insurance Form"! Please share your comments with our community and HAVE A GREAT WEEK!

WHAT IS A "BENEFIT CREDIT" EMPLOYEE BENEFIT DESIGN STRATEGY & WHAT IS THE VALUE?

2010-03-08T08:27:00.000-08:00

At our weekly meeting with affiliates that included - Vesta Worksite, Vesta h&l, and Vesta p&c - we continued our ongoing discussion about "Benefit Credits" also known as "Defined Contribution (Def-Con)" Plan Design strategies. Def-Con is the name we coined for these Employee Benefit Plan Strategies in a "Think Tank" we co-sponsored in the 19090s.

Most attending our weekly meeting had little experience with a Def-Con strategy and had not participated in the "Think Tank". To gain a more equal base of knowledge with in our group, we decided to begin with the basics. In addition, we decided to continue in depth discussions during ongoing meetings and share the discussions in our Blogs.

For the remainder of this meeting we discussed the features and benefits of Def-Con Plan Designs. These include:

Def-Con is a strategy implemented by Employers, generally working with informed Brokers and Consultants, Allocating "Benefit Credit Values" to the actual "Premium Cost" of plans offered to the Employees. It must be emphasized that the Premiums and the Credits are not necessarily equal! This differential provides an opportunity to encourage Employee participation in one plan over another, ie. one health plan choice over another.
Employers select a Menu of "Best-in-Class" Carriers and 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 - with a combination of the Employers credits/dollars and their own contribution.
Def-con is an exciting methodology, that is not new and untested, for Brokers and Employers to implement that can have a dramatic impact on:the benefit plans offered to Employees.
The strategies provide Employers the ability to Budget the Cost of Benefits in current and future years.
Plans will generate Cost-Savings for the Employer and Employees - if carefully designed.
Def-Con can be implemented with Fully Funded and Self-Funded Groups - self-funded groups provide the ideal setting.
Employees participate in the allocation of the Employers and their own dollars and credits while determining what benefits related programs, products, and services they can afford and need.
Employers can 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.
The strategy can reduce waste - Benefits that Employees do not want or need - with incentives to avoid unneeded coverages.
The plan can be integrated with existing "Tax Advantaged Plans" including: Premium Conversion, Medical Medical Reimbursement, Dependent Care Transportation & Parking, HSAs, 401(k), etc.
Brokers and Consultants are positioned to assist in the menu building process for the selection of "Best of Class" Carriers and Plans in the first and subsequent years. Meeting the needs of the Employer and the Employees with a selection of programs, products and services becomes the primary activity. While comparing the cost of plans remains a factor, the plan's features and benefits become primary. A choice of plans and premiums with different benefit levels can be offered to meet specific levels of need. For more information about Benefit Choices click on: BenefitPlace!
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.

In future meetings we agreed to discuss details of each of the above, and additional, features and benefits of Def-Con Strategies and Plans. As mentioned above, we will include these discussions in future Blog postings.

If you have any questions in the interim, please give us a call: 216.921.1583 or Email: max@benefitplace.biz.

In addition, we invite you to join our discussion group. Click on "Insurance Forum" for Linkedin information on joining!

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

NEW STRATEGIC BENEFIT PLAN DESIGN - OLD IS NEW!

2010-02-28T13:42:00.000-08:00

At our weekly meeting with affiliates that included - Vesta Worksite, 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.

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 Vesta Worksite Blog, and the Vesta h&l Blog - as well as several Social Media resources - to disseminate information. We invite you to join our Linkedin Group, "Insurance Forum" for additional Discussions & Comments.

At a time when Health Insurance Reform & the 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!

BUDGETING FOR TRADE SHOWS! ARE THEY WORTH IT? IS THERE AN ALTERNATIVE?

2010-02-22T10:26:00.000-08:00

At a recent BenefitPlace meeting with our affiliates that included: Vesta Worksite, Vesta p&c, and Vesta h&l, we discussed our annual budgets - looking back and forward! A primary topic was attending Trade Shows!

When added together, we isolated 24 shows that seemed worthy of attending - or possibly becoming an exhibitor. The question then became "How to best utilize limited time and dollars for the maximum return?" Other questions were: "Are they really worth it?" and "What is the ROI?"

One affiliate produced an article by Julia O'Connor, president of TradeShowplanning.com, that estimated the cost of attending a trade show - four days and three nights - to be over $4,000. The amount did not include entertaining, staff replacements or out-of-pocket expenses. D&B's - Small Business Solutions estimates Exhibitor Costs to be about $10,000.

We all agreed that participation in some Trade Shows is valuable and integral to learning about new programs, products and services, maintaining relationships, and establishing new contacts. We also agreed with Ms. O'Connor that, "It's somebody's responsibility to take trade shows seriously". I must admit that I am as guilty as many - I attend, spend time seeing old friends, collect business cards, and generally fail to follow-up. The business cards end up neatly stacked or efficiently downloaded into prospect files.

For the above reasons, we at BenefitPlace have been investigating the value of Virtual Trade Shows for over a year. The technology for these events has been dramatically improving in capacity and reducing in cost for the sponsoring group, the exhibitors and attendees. While a shift to a virtual marketplace will never replace the advantages of personal contact of traditional Trade Shows, the efficiencies and cost-savings of presenting programs, products, and services "online" on a 24/7/365 basis is intriguing.

While we did decide to continue participating in some of the 24 shows, we also agreed to further investigate the opportunities and potentials offered by the emerging Virtual Trade Show technologies. A suggestion from one of our affiliates was to have BenefitPlace and/or each of the Vesta Cos. "Joint Venture" with existing industry related traditional Trade Show sponsors to broaden and extend their reach while creating affordability for a greater number of interested parties!

We found this a little strange, the Virtual Trade Show Industry had their Virtual Edge Summit 2010 in Santa Clara, CA. from Feb. 22-23. I guess they are not ready to go virtual!

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

We, and our community, would appreciate your input on this topic. Have a Great Week!

WHAT IS BENEFITPLACE & WHO IS IT FOR?

2010-02-15T08:32:00.000-08:00

Our regular meeting with affiliates, including representatives from BenefitPlace, Vesta Worksite, Vesta p&c, and Vesta h&l, took a different direction! One attendee noted that they had received several calls that started out by asking "What is BenefitPlace?" and "Who is it for?".

As the President of BenefitPlace, I believe these are important question and should be answered with clarity!

BenefitPlace was developed over a number of years to provide a focused marketplace for Insurance and Benefits related industries - much like a permanent trade show - creating a platform for Carriers of Health & Life (H&L), Worksite/Voluntary Benefits, Property & Casualty (P&C), and the variety of Service Providers to explain, brand and differentiate their Programs, Products and Services.

From the Consumer side of the Insurance and Benefits Marketplace, BenefitPlace provides Wholesalers, Brokers, Consultants, Employers, and Individuals unbiased access to information about Carriers and providers of Programs, Products, and Services. In addition, BenefitPlace is a research center focused on the Insurance and Benefits Industries. From basic to more complex explanations, the BenefitPlace website pages focus on the broad spectrum of plans and strategies involved in creating a simple or complex, cost-effective strategic insurance/benefit design.

The BenefitPlace Mission Statement Includes:

Centralizing a market for the Insurance and Benefits Industry - a permanent Trade Show
Maintaining an open and convenient marketplace for Vendors and Consumers
Providing an ever expanding Resource Center focused on the Insurance and Benefits
Expediting the Insurance and Benefit decision-making process
Assisting Consumers in the acquisition of cost-effective Programs; Products and Services
Creating greater transparency for the Insurance and Benefits industry
Establishing a set of "Social Media" platforms utilizing Blogs, Linkedin, Twitter, etc. to encourage and expedite industry related discussions, social interaction, discussions, etc.

I hope the above provides some clarity! If you have any questions, please give me a call at 216.921.1583 or email - phil@benefitplace.biz. 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!

About Avatars, the BenefitPlace Avatar & their Business Advantages!

2010-02-07T15:28:00.000-08:00

At a recent meeting with our affiliates that included: Vesta Worksite, Vesta p&c, and Vesta h&l we spent most of our time evaluating BenefitPlace's new "Home Page" avatar - this can be visited at www.benefitplace.biz!

We, as a group, had been researching avatars for more than a year. Our 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, our 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"

While we had a very specific and limited application for an avatar on the BenefitPlace website, our research had suggested a number of cost effective applications for the Insurance and Benefits Industries (the applications will affect the choice of supplier). These included:

Company Image and Branding - The avatar can be individually customized and can speak multiple languages.
Product and Service Presentations - The avatar is consistent and works 24/7. This can reduce the product distribution costs and be more effective than traditional "Roll-Outs".
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: BenefitPlace/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 - max@benefitplace.biz.

PRODUCERS & CONSUMERS - ARE THEY ON THE SAME PAGE?

2010-01-29T11:21:00.000-08:00

At a recent meeting with our affiliates that included: Vesta Worksite, Vesta p&c, and Vesta h&l we reviewed a December article in "InsuranceNewsNet Magazine" that reviewed the LIMRA annual meeting and statistics provided by LIMRA's Robert Baranoff, Senior Vice President-Member Benefits.

We were startled by some of these statistics! Statistics included that of polled Consumers seeking advice for Life Insurance:

34% would want the advice of a financial advisor
27% from partents
15% form agents or brokers
14% from HR Departments and
10% from Suze Orman, Clark Howard, Jim Cramer

Robert Barnoff further discussed the "lack of trust" between Consumers and Agent/Brokers as tied to statistics about the Consumer's perception of Agents and Brokers:

64% were more interested in fees and commissions than what was right for the client
41% could assist with a wide range of products
32% provided clear explanation of policies and
25% were trustworthy

We ended our meeting with our affiliates by reaffirming the need for:

Continual Communications with Clients
A Consultative Approach and Thorough Fact Finding with Prospects
Need Selling
Following Up with Clients and an Open-Door Policy
Transparency About Fees and Commissions

I would further add to the above what we at BenefitPlace have recently learned from our research into Social Media Marketing and this New form of Marketing. The important changes in this form of marketing include a focus on:

Adding Value First
Creating Trust Next
Filling a Need / Alleviating a Pain
Aligning Marketing & Sales
Creating a Dialogue - These lead to:
Demand Generation
High Quality Inbound Leads
Optimizing Results
High Quality Inbound Referrals

We firmly believe that Social Media, especially Linkedin, provides an exciting new frontier for better serving clients and attracting new clients. Should you have any questions about our Social Media research and our vision for Social Media please email - max@benefitplace.biz or call - 216.921.1583.

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

SOCIAL MEDIA - A MARKETING TOOL FOR THE BENEFITS AND INSURANCE INDUSTRIES?

2010-01-22T14:41:00.000-08:00

Last week BenefitPlace sponsored a meeting that focused on "Marketing for 2010 and Beyond". Attending were: Vesta Worksite - that focuses on the Worksite/Voluntary Benefit Markets; Vesta p&c - that focuses on the Property and Casualty Industry - and other Affiliates.

The discussion quickly centered on questions about Social Media - its Implications and Applications. The specific questions included:

What is Social Media?
Social Media for Insurance Relationships and Marketing? - Is it viable?
Social Media Outlets? - Which of the 50, or more, are most appropriate for Agencies and Brokers?
Social Media vs Traditional Insurance Marketing? - What differentiates Social Media?
Strategies for Using Social Media? - What are they and which ones are best?
Rules Surrounding Social Media? - What are they?
Start-up Cost For Creating a "Social Media" Initiative?
Getting Started?
Getting Information & Help? - What and who are the resources?

Let's start with the 1st question - What is Social Media?

According to http://blog.socialmedia.com : "Social media are primarily Internet-and mobile-based tools for sharing and discussing information among human beings." Participants from BenefitPlace, who were already involved in developing a Social Media strategy, mentioned that Blogs and Media Websites - like Linkedin and Twitter - provide a number of cost-effective opportunities. These, and other forms of Social Media, embrace a number of accessible and affordabe tools that include:

Providing quality content and information to clients and potential clients
Answering questions with speed, accuracy and efficiency
Forming interest groups with common interests
Creating and participating in conversations
Disseminating industry related news to interested parties
Providing access to products and services for current and potential clients.

In future postings we will pass along additional answers we have generated to the above questions. We would appreciate your input to assist our community in better understanding the use of Social Media in the Insurance and Benefits Sectors! Please share your input!

"Windows of Opportunity" For Carriers & Brokers?

2010-01-15T09:50:00.000-08:00

Our two affiliates, Vesta Worksite and Vesta p&c recently published their thoughts on some significant "Windows of Opportunity" for Carriers and Brokers in their respective market segments. We thought these would be worth your review and possibly action.

The Vesta Worksite's posting is titled: "Insuring the Uninsured - 25 Million Policies and $300 Billion in Premiums?" The information posted provides insights into the potential market that will be created with the creation of Health Insurance Exchanges under the pending merged House and Senate Health Care legislation. By all indicators, some form of Health Care Legislation will pass and be signed by the President in the near term and Exchanges of some form will be included. We at BenefitPlace be working with Vesta Worksite to follow the legislation and the opportunities that Exchanges will provide Carriers and Brokers.

TheVesta p&c posting is titled: "Introducing Errors & Omissions Coverage for Main Stream America!" The information posted provides insights into the large and often overlooked market of smaller business owners who are at substantial risk of litigation and generally are unaware of Errors & Omissions plans. While we in the Insurance and Benefits Industry are often required to have the coverage by our Carriers, Brokers often forget to discuss these plans with clients and potential clients. The introduction of E&O Plans could be a great way to meet clients needs while generating new premiums and commissions!

Please review these blogs and share your thoughts with our Community! Have a Great Week!

Disability Coverage - There are Defined Needs, Markets & Choices!

2010-01-07T15:24:00.000-08:00

On the same day that I nearly took a tumble on 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 BenefitPlace, Vesta Worksite, and Vesta p&c 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.

We have been an aggressive proponent of disability coverage for all income groups on a core or 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!

2009-12-31T08:07:00.000-08:00

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 BenefitPlace, and with our affiliates - Vesta Worksite and Vesta p&c - 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!

A Happy & Healthy Holidays To All!

2009-12-24T06:54:00.000-08:00

As we end another year, and enjoy the Holidays, we hope that all involved in the Benefits and Insurance industry, and those who depend on our Programs, Products and Services, will reflect on how blessed we are. While the media would have us believe everything is a crisis, and certainly there are a number of situations and economies that require informed action, there are solutions.

As the New Year gets under way, we at BenefitPlace, Vesta Worksite and Vesta p&c hope the energy of those who can make a difference will be focused on solutions rather than dwelling on financial self interest, concentrating power, being re-elected and spinning diatribes. While solutions may require time to take effect, sacrifices, and uncomfortable change from a deteriorating but comfortable norm, the results could have a positive impact on all.

One of the 60's outcries was "If your not part of the Solution, you are part of the Problem", is as true as ever!

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

Value Added Services - Plan Integration and Working with other Brokers?

2009-12-16T10:39:00.000-08:00

As we at BenefitPlace, Vesta Worksite, and Vesta P&C have ongoing conversations with:

Traditional Employee Benefit Brokers
Worksite Benefit Specialists
Individual Insurance Specialists, and
Brokers in the P&C Industry

about working together among themselves to integrate their client's plans, there is one common and pervasive concern - Client Retention! While most agree that working together with others could better serve the client's needs, and help integrate their client's benefits and insurance portfolios, they fear that working with others outside of their areas of expertise could jeopardize the established relations with their clients.

We at BenefitPlace suggest there may be a greater potential for losing clients from not taking the lead in introducing, embracing, and integrating plans from non-competitive Brokers and Consultants.
While it may take time to establish relationships of trust with these parties, the ultimate goal should be to better assist clients, build on opportunities through reciprocal referrals, and generate additional revenue streams.

The keys to success is in establishing and monitoring these relationships, and the plans that are integrated, are communications, written agreements, and follow-up. All parties, including the clients, must take responsibility.

We at BenefitPlace, and the members of our business community, appreciate your input! Have a Great Week!

The Season for Giving!!!

2009-12-08T09:26:00.000-08:00

While this is the season for parties and gift giving, it is also the time for meeting with clients, reviewing plans, answering questions, and Giving Advice! Generally, professionals in the Benefits and Insurance Industry look forward to meeting clients, strengthening relationships, getting referrals, and introducing new opportunities. These "get togethers" can also involve questions that may be difficult to answer!

Our experience working with Brokers and Carriers indicates these questions can lead to positive results when several steps are taken:

Review the client's information and plans prior to the meeting. Anticipate questions and pre-think answers.
When questions are product/plan related, be prepared to offer specifics that apply directly to the client's situation. Have related case studies availabe to reassure the client that the concept is viable.
If the cost of plans, services, or fees are becoming a factor, be prepared to offer viable alternatives and schedule a near-term meeting to review these alternatives.
If you do not have answers to questions - but they are in your area of expertise - schedule a specific time to deliver answers, or solutions - by phone, email, or in person. Get back with the client before someone else does!
If the question is outside your area of expertise, or the focus of your business, be prepared to make a qualified referral to an affiliate that you trust with your client. These could be accountants, lawyers, TPAs, industry specialists, etc. Contact the person you referred and explain the client's situation. Suggest they follow-up ASAP, let you know the results, and track the progress with the client.
Remember! When a client asks questions, they are seeking advice. This one-on-one contact places you in the category of a "Trusted Advisor". Giving client's well thought out advice can be the best way to retain a client during the best and the most difficult financial times.

Please give us your input on the above and how you best "field" questions and prepare for giving the the best advice.

Have a Great Week!

'Tis the Season - Employee Benefits: Education , Communication & Enrollment

2009-12-01T10:38:00.000-08:00

Carriers, Brokers, and Employers share one mutual understanding! The investment in the entire benefits strategy and package by the employer and the employee has little value - ROI - if the employees do not understand their choices and value. Without a well planned education, communication, and enrollment for the employees and their families, the potential value of the benefit package is lost. The benefits package should generate positive morale and a potential for increased productivity.

There are number of choices for education, communication, and enrollment. These include:

One-On-One
Personalized Enrollment Forms and/or Distributed Forms
Call Center Based
Web Based
An Integration of the Above

Each of the above choices can be accomplished internally or be outsourced to a variety of qualified vendors. Whatever the method, there is a substantial time and cost involvement. The purpose should be to gain a greater employee understanding of the benefits being offered, how to utilize the plans, and an understanding of there value.

BenefitPlace would like to suggest that often too little time is spent on, or emphasis given to, another piece of the education, communication, and enrollment process - Group Meetings! Well planned and structured group meetings can:

Reduce "Down-Time" cost while providing employees benefits information - shorten one-on-one meetings and reduce number of questions that burden HR.
Explain the "Cost Factors" for both the organization and the employees.
Differentiate the Plan Vendors and the Plan Choices and the Cost Factors.
Implement cost-saving strategies including Wellness Plans.
Provide various plan vendors controlled access to the employee population - or a vast majority.
Limit misunderstandings about the plans and the choices.
Explain the paper work required, time-lines, and the process.
Explain eligibility and interim enrollments when employees become eligible.
Explain the claims process.

We at BenefitPlace would like you to share your experience and provide input to assist in making the enrollment process more effective.

Health Insurance Legislation - May change the Face of Benefits!

2009-11-22T12:19:00.000-08:00

Senate Majority Leader, Harry Reid, has rolled out the Senate version of health legislation. The Senate leislation is officially known as the Patient Protection and Affordable Care Act (PPACA). While speculation on various proposals has swirled through media channels for months, the House Bill now combined with the Senate Legislation, may be bringing some inevitable "changes" to the benefits marketplace.

For this posting, BenefitPlace would like to put several topics regarding proposed legislation on the table for investigation and comment:

With potentially reduced revenues from health plan premiums and commissions for carriers and brokers in the Employer-based market, especially with groups from 25 to 500, who will take on the responsibility and cost for the education, communication, enrollment and data management? If commissions are diminished or capitated, who will cover the often invisible cost of service.
While President Obama desires to promote "wellness" as a logical long term cost management tool, what incentives can be built into the proposed system to adopt wellness behaviors into their everyday lives?
What is the future of Consumer Driven Health Plans (CDHP), Health Saving Accounts (HSAs), and Health Reimbursement Arrangements (HRAs) that have been growing slowly in popularity and do function to promote wellness as well as consumerism?
What will be the impact of legislation on Traditional Employee Benefit Brokers?
Does the market shift to "Fee Based" broker/consulting work as it did in the financial services marketplace? If so, what controls are, or should be put into place, to oversee this new marketplace?
What is the future of the self-funded marketplace and the Consultants, TPAs, etc. that service this market?
What will be the impact on the FSA marketplace and the TPA service companies that serve the Employers and Employees?
Will the worksite market grow to fill in the "Gaps-and-Holes" in the legislatively mandated plans as it did to work with the cut backs in traditional health care plans?
Are Traditional Health Insurance Brokerage Firms and Brokers equipped, or willing to change, to service a marketplace that essentially provides individual coverage under PPACA?
Will the reduced revenues from health insurance premiums and commissions drive the benefits market to further consolidation?

We look forward to your input on questions raised above! BenefitPlace will be addressing these topics and questions in future posts. Have a Great Week!

Where Have the Benefits & Insurance Marketplaces Been and Where are they Going?

2009-11-13T08:30:00.000-08:00

The Benefits and Insurance Marketplace have been evolving at an ever-increasing rate in recent years! For this post we are referring to the Health & Life(H&L) and Worksite Markets; BenefitPlace will take a look at the Property & Casualty(P&C) market at another time - for our affiliate's thoughts on the P&C Market click on: Vesta p&c Blog.

The Way Things Were!
When we became involved in the market over 20 years ago, the players in the marketplace were reasonably well defined.

Insurance Carriers isolated their specific areas of expertise and created product lines.
Group products were offered to employers and there were only a handful of "Payroll Deducted" Plan Carriers who worked through a well-defined "field force" to offer "Individual Plans" sold on a voluntary group basis.
Individual products were available to individuals and families through their local brokers and agents.
Brokers and Agents could be identified by their focus: products, group size or individual.
Technology had not emerged and the face-to-face meeting with the Employer, or the individual prospect at the dining room table, were the norm.
Prospecting focused on relationships, referrals, printed advertising, the phone and knocking on doors.
For the carriers there was only limited governmental intervention and for the well-managed carriers there were substantial profit margins.
States were, for the most part, responsible for insurance regulation.
The successful brokers and agents enjoyed lucrative commissions, reliable renewals and Carrier loyalty.

Those times have passed and are never to return!

The landscapes of Benefits and Insurance have changed dramatically: the boundaries between the players have disappeared; clients and potential clients have become cost conscious and demanding. The following are only examples of the changes:

Insurance Carriers have diversified into multiple insurance sectors in search of diversified market share and revenues.
Group Plans can now be offered individually to employees on an individual basis.
The old "Voluntary Plans" are now referred to as "Worksite Plans" and the number of Carriers in the marketplace have increased dramatically. Major insurance carriers are beginning to dominate the marketplace - for our affiliate's thoughts on the Worksite Marketplace click on: Vesta Worksite.
The types of worksite plans have increased dramatically and they are now being filed on a group chassis to be sold on an individual basis through the employer - much like traditional Core Benefit Plans.
The number of plans available to individuals and their families have increased dramatically while the availability of agents and brokers has decreased substantially - the internet is becoming the new intermediary.
Brokers and Agents offer a wide variety of programs and services and compete with financial planners, large financial and brokerage institutions, banks, the internet, and at times with the Carriers home office sales force.
Technology has become a driving force from training, communications, marketing and prospecting, plan enrollments, to claims and data management.
Territorial sizes, competition, pricing, and new modes of communication have made the direct relationship with clients more tenuous and fleeting.
Governmental intervention, regulation and the constant threat from new proposals have made strategic long term planning extremely difficult for carriers, brokers, agents, employers, etc.
The Federal Government is working to usurp the States' authority. These measures , if enacted, could have their upsides and/or downsides.
Brokers and Agents face increased operating costs, demands for state-of-the-art technology, the need for in-depth product knowledge about multiple product lines, increasing governmental regulation, and shrinking commissions and disappearing renewals.

How have you and your Organization positioned for these changes? How can BenefitPlace help you put the ever-expanding Puzzle together? Whether you are a Carrier, GA, Broker, Agent for a Worksite Carrier, Employee Benefit Specialist, Employer, Employee, or Individual the number of players and choices can be confusing. Please share your thoughts and experiences!

You may also choose to participate in the Poll on the right side of this page to help you and BenefitPlace better understand Benefits and Insurance community concerns!