My Benefit Advisor Partnership Opportunity Employee Benefit Consulting In A Post Health Care Reform Market
My Benefit Advisor • 1
My Benefit Advisor is an innovative solution for brokers and professional services firms to be successful in the employee benefits consulting market.
Change Brings
Opportunity The Changes Impacting Brokers Reform Is Daunting.
Carriers Are Changing.
Competition Is Fierce.
Brokers must prepare
Brokers must make business model adjustments to survive!
Brokers must offer stronger resources to compete!
The legislation is complex, difficult to understand, and still undefined in some areas. Helping employers comply with reform and navigate the value or need for individual, SHOP, and private exchanges is now a key component of a broker’s responsibility.
The impact of health care reform, MLR measures, and requirement to obtain state approval for rate increases has forced carriers to change their business models. Brokers are expected to carry more of the workload while carriers reduce or even eliminate broker compensation.
Larger insurance agencies with deeper resources are offering employers more services, resources, and greater technology to secure the account. Employers with as little as 50 employees are growing accustom to in-depth consultative advice and stronger service models.
Ask Yourself
Ask Yourself
Ask Yourself
clients for 1/1/2014 now!
How will I advise clients on health care reform decisions such as “Play or Pay”?
How will I replace my income from reductions in carrier commission?
How will I retain and secure large group accounts with my existing resources?
Your Opportunity with My Benefit Advisor Emerson Reid developed the My Benefit Advisor solution to position our partners for success in a post-health care reform market. Our solution focuses on two key areas:
Marketing & Sales Resources
Management & Retention Services
My Benefit Advisor provides our partners with the tools, resources, and client value proposition to secure new large group accounts.
My Benefit Advisor removes the burden of agency administration, account servicing, reform communication, and client retention from our partners.
My Benefit Advisor • 2
My Benefit Advisor guides employers through planning, communicating, and managing a successful employee benefits program.
The My Benefit Advisor Solution Our Partner The My Benefit Advisor model is a solution for brokers and other professionals such as accountants, financial advisors, and P&C agents to be successful in the employee benefits consulting market.
Partner Focuses On Relationships & Sales Opportunities
The role of the MBA partner is to generate sales opportunities through prospecting, referrals, and cross selling to non-health insurance clients. For partners who prefer to refer opportunities, an MBA Sales Specialist is available to facilitate the sale.
MBA Provides Marketing & Sales Resources
MBA provides partners with the resources and value proposition to attract the employer’s interest. Digital Marketing Center Online system for download of co-branded marketing material and email marketing
Sales Differentiators Innovative enrollment services including a call center, guidebooks, videos and on-line enrollment
Email Campaigns Featuring key messaging, documents, and videos with tracking reports for follow up
Compliance Tools Sample compliance bulletins, video presentations, self-help checklists, and online calculators Website & Partner Microsite Strong online company presence with partner specific microsite to support partnership
Printed Brochures Attractive, high quality brochures to present MBA’s capabilities to employers
The My Benefit Advisor’s Team The role of the MBA team is to provide first-in-class service and support directly to the client on behalf of our partner. Our objective is to remove the burden of agency administration so our partner can concentrate on securing new accounts.
MBA Handles Account Management & Retention
The MBA approach to managing and retaining clients consists of four core categories. Consulting
Enrollment
Management
Compliance
The Advisory Team’s
Innovative technology and
A designated Account
As health care reform unfolds,
deep understanding of the
the unique experience of an
Manager equipped with a
our on-staff Benefits Counsel
marketplace, health care
Implementation Specialist help
proactive 12 month service
prepares insightful guidance
reform, and strategies for
ensure the plan information
calendar provides continuous
around the employer’s
multi-year cost containment
and value of the benefits are
assistance with the
responsibilities, options, and
leads to a successful
properly communicated to
ongoing administration and
potential consequences for
employee benefits program.
employees.
optimization of the program.
non-compliance.
For more information on our approach, ask to see our client capabilities presentation.
My Benefit Advisor employs knowledgeable and proactive professionals to provide our partners with first-class service and support.
Company Infrastructure The most pressing question on every employer’s mind is “How am I affected by health care reform?”. Let our team of experts answer this question on your behalf. It’s complex and ever changing, but we will stay on top of it for you and your clients.
Join Our Team Of Health Care Reform Experts A key component to our model is our ability to deliver insight and guidance on complex issues related to health care reform. As our partner, you will have a talented team of professionals with wide-ranging areas of expertise who are focused on delivering our value proposition to you and your clients.
Executive Management Responsible for the strategic vision and oversight of operations inclusive of staying ahead of industry trends, managing carrier relationships, and ensuring key personnel are successfully delivering the MBA value proposition.
Compliance Counsel Responsible for monitoring industry news and proactively providing easy to understand guidance on complex benefit legislation and health care reform topics.
Our carrier contracts typically qualify for the most favorable commission schedules due to the volume of our business. We have all relevant medical, DBL, and ancillary carrier appointments and contracts in the tri-state area as well as some carriers on a national level.
Account Executives Responsible for working alongside the partner to prepare, present, and secure new large group opportunities.
Sales Specialists
Brokers who have lost or been unable to obtain a particular carrier contract can now earn commission by leveraging the MBA model.
Licenses
Responsible for handling the sales process for small group opportunities on behalf of the partner.
Account Managers Responsible to assist with the daily administration of the client’s employee benefits program.
Marketing Professionals
Speciality Departments
Responsible for developing effective sales collateral, sending timely client communication pieces, maintaining the MBA website, and advancing our Digital Marketing Center.
Responsible for providing expertise in the areas of ancillary, DBL, technology, and worksite programs.
Implementation Specialists
Responsible for processing commission payments to partners and contacting carriers with commission issues/errors.
Responsible for coordinating the on-boarding of new clients and the installation of enrollment resources.
Top of Scale Carrier Contracts
Commission Department
My Benefit Advisor is licensed in almost all states, providing our partners with the ability to capitalize on out-of-area opportunities that they may normally pass up due to non-licensing.
Digital Marketing Center Online, Ready-to-Go Marketing Material Co-Branded With Your Logo Our Digital Marketing Center is an easy-to-use online system featuring MBA and Partner co-branded marketing material, including brochures, email campaigns, compliance bulletins, micro websites, sell sheets, and video presentations. The material is written, designed, and maintained by our marketing and compliance departments. Our marketing team will build the partner’s profile into the system, which will enable marketing pieces to automatically feature the partner’s logo and contact information.
Partner Microsite
Email Campaigns
Our marketing team will develop a co-branded website about our partnership with a strong focus on our partner and promoting the MBA value proposition.
Partners can deploy an email campaign from a variety of topics, including introducing MBA, compliance bulletins, newsletters, and video presentations.
Grab-and-Go Documents
Partners can browse or search our system for a desired marketing piece. With a few clicks, a PDF of the document can be downloaded, printed, or emailed.
Tracking Reports
Email campaigns feature real-time tracking results of who opened the email and who clicked on which link. These reports allow for efficient follow up sales calls.
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Account Management & Retention Partners choose My Benefit Advisor so our Advisory Team can handle the day-to-day activities of managing and retaining the account, enabling the partner to focus on additional sales. Our approach to client retention focuses on delivering a great first impression with our knowledge of health care reform, the successful delivery of employee enrollment tools, proactive account management, and timely guidance on complex compliance topics.
Health Care Reform Consulting
Our role in benefits consulting has changed with the adaption of health care reform. As an advisor, our responsibility is no longer primarily limited to evaluating and recommending carriers, plan options, and funding strategies. In today’s market, our role begins with ensuring our clients understand the impact of health care reform and formulating a benefits strategy that is in-line with reform, organizational culture and financial objectives.
Compliance Assistance
As new compliance and reform topics come forward, our on-staff counsel prepares insightful bulletins, self-help tools, and/or video presentations to provide guidance on these complicated benefit and legislative issues.
12 Month Service Calendar
Clients are assigned a designated Account Manager, who has a structured 12 month service calendar with automatic reminders to help ensure we are proactively managing and communicating the renewal process to our clients. 12 Month Service Calendar: AcmeWORKS, Inc.
Information Details Information
300+ Renewal Calendar
Renewal Details
Notes
6 Months Prior
Activities
1. Request updated data from the client for RFP.
Complete
History
2. Coverage checklist completed.
Complete
Workflows
3. Additional vendor services requested.
Complete
4. Compile RFP for client review and submission to markets.
Complete
5. Confirm enrollment method.
Complete
Our enrollment tools help improve the communication of the client’s benefits program to their employees. A key differentiator in our solution is the MBA Implementation Specialist, who is responsible for coordinating the installation of these tools directly with the client.
Online Enrollment System The MBA enrollment system enables employers to manage employee data online and provide employees with a faster, more convenient, and paperless enrollment experience. The system features plan summaries, comparisons, rates, and resources.
Employee Hotline MBA will provide wallet-sized cards to distribute to employees highlighting an 800 number for answers about their benefits program. The line is activated 30 days before and remains on 30 days after the effective date. Benefits
Guidebook
MBA will develop a benefits guidebook for distribution to employees. The guidebook is typically provided electronically in a PDF format and helps improve the overall communication of benefits and plan details. On-Demand
Census Template
5 Months Prior 1. Deliver renewal to client in person.
Complete
2. Discuss target rate change, funding, contribution and plan design strategies.
Complete
3. Obtain provider listing for distruption reporting.
Complete
Standard Contribution Analysis
4 Months Prior 1. Deliver marketing results to client with benefits and cost analysis.
Complete
2. Negotiate final renewal from incumbent carrier.
Complete
3. Finalist presentations from carriers.
Complete
4. Final decision from client on carrier selection.
Complete
5. Confirm enrollment schedule.
Complete
Enrollment Schedule Template
Enrollment & Communication Tools
Benefits Video
MBA can replicate the open enrollment meeting in an on-demand video format complete with web links and supporting documents. This is useful for employees who are unable to attend, are hired at a later date, or those who want to review the information.
My Benefit Advisor is your solution for success in the post-health care reform market. Join our team.
My Benefit Advisor • 10
www.mybenefitadvisor.com New York | New Jersey | Pennsylvania
