Essenture Broker Revised 2010

730 views

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
730
On SlideShare
0
From Embeds
0
Number of Embeds
5
Actions
Shares
0
Downloads
10
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Essenture Broker Revised 2010

  1. 1. The Next Generation of Worksite Marketing
  2. 2. The Next Generation of Worksite Marketing Who is Essenture? Essenture is a marketing and enrollment company that comprises over 150 years combined experience with their management team. With four principal founders and 9 Regional VP’s spread out in PA, OH, WV, VA, NC and NV, Essenture is a premiere organization in Workplace Benefits. Essenture works to: • Empower employees • Strengthen broker/client relationships • Save Employers’ time, money, and resources
  3. 3. The Next Generation of Worksite Marketing Brief History Essenture was founded in May of 2006 by four partners who spent most of their career in providing benefits at the workplace. It was born out of the following beliefs: • Felt there was a better structure than a single company structure • Recognized the important role Brokers play in the market and placed an emphasis on partnering with them to work as one unit to the client • Saw an increased need to be flexible to take advantage of a wide array of opportunities
  4. 4. The Next Generation of Worksite Marketing Mission Empower employees, strengthen broker relationships and save employers’ money.   Vision To redefine voluntary, supplemental, benefits as benefits that are essential to every employee’s future
  5. 5. Reality of Healthcare The Next Generation of Worksite Marketing <ul><li>Health Plans Face Cost Spike </li></ul><ul><li>Businesses Caught in Benefits Squeeze </li></ul><ul><li>The Shrinking Employer $$$$$ </li></ul><ul><li>Sky Rocketing Deductibles and Co-pays </li></ul><ul><li>Today’s employees are at great risk </li></ul><ul><li>Cost sharing is a must with ALL Benefits </li></ul>
  6. 6. Employer Need The Next Generation of Worksite Marketing <ul><li>No direct cost or contribution </li></ul><ul><li>Enhances benefit structure </li></ul><ul><li>Turn-key education and enrollment service </li></ul><ul><li>Delayed billing – no fronting of funds </li></ul><ul><li>No coordination of benefits </li></ul><ul><li>Bottom line tax savings – through pre tax deductions </li></ul>
  7. 7. The Next Generation of Worksite Marketing As medical bills mount, so does credit card debt 36 million Americans carry some amount of medical debt NEW YORK - Peggie Sherry is a cancer survivor. Her treatment took two years. Even with health insurance, she was left with $40,000 in uncovered medical bills. &quot;I would wake up and say, 'Oh my God, I have cancer,' and then the second thought is, 'How are we going to pay for this?'&quot; After depleting her savings, Sherry charged the rest of her medical expenses, some $10,000, to her credit card.
  8. 8. Cambridge Health Alliance/Harvard Medical Study June 2009 The Next Generation of Worksite Marketing <ul><li>60% of all bankruptcies caused by Illness and medical bills </li></ul><ul><li>Affected over 2 million Americans </li></ul><ul><li>Over 77% had health insurance </li></ul><ul><li>56% owned a home and attended college </li></ul><ul><li>92% direct result of high medical bills </li></ul><ul><ul><ul><li>$17,943 average out of pocket – insured </li></ul></ul></ul><ul><ul><ul><li>$26,971 average out of pocket - uninsured </li></ul></ul></ul>
  9. 9. Employee Need: The Next Generation of Worksite Marketing <ul><li>Convenience of payroll deduction </li></ul><ul><li>Affordability </li></ul><ul><li>Financial security </li></ul><ul><li>Benefits paid directly to employee </li></ul><ul><li>Portable into retirement </li></ul><ul><li>No coordination of benefits </li></ul><ul><li>Customization </li></ul>
  10. 10. Products <ul><li>Individual Worksite </li></ul><ul><li>Short & Long Term Di </li></ul><ul><li>Accident </li></ul><ul><li>Cancer </li></ul><ul><li>Critical Illness </li></ul><ul><li>Hospital Confinement </li></ul><ul><li>Dental </li></ul><ul><li>Vision </li></ul><ul><li>Life </li></ul><ul><li>Voluntary Group Products </li></ul><ul><li>Short & Long Term Di </li></ul><ul><li>Accident </li></ul><ul><li>Cancer </li></ul><ul><li>Critical Illness </li></ul><ul><li>Hospital Confinement </li></ul><ul><li>Dental </li></ul><ul><li>Vision </li></ul><ul><li>Life </li></ul>The Next Generation of Worksite Marketing
  11. 11. The Next Generation of Worksite Marketing
  12. 12. Services The Next Generation of Worksite Marketing <ul><li>Professional turn-key enrollment Services </li></ul><ul><li>Section 125 Cafeteria plans </li></ul><ul><li>Employee benefit communication </li></ul><ul><li>Employee benefit statements </li></ul><ul><li>New employee orientation </li></ul><ul><li>Billing administrative services </li></ul>
  13. 13. Services The Next Generation of Worksite Marketing <ul><li>Benefit survey assistance </li></ul><ul><li>Easy to administer payroll summaries </li></ul><ul><li>Multi-location/Multi-state capabilities </li></ul><ul><li>Comprehensive employee benefit menus </li></ul><ul><li>Voluntary case take-over </li></ul><ul><li>ACH Credit Union services </li></ul>
  14. 14. Why Essenture is Specializing in Worksite Voluntary Benefits: The Next Generation of Worksite Marketing <ul><li>Non competitive market with our current broker network </li></ul><ul><li>“ Niche” market that requires specialists </li></ul><ul><li>Brings value to all involved </li></ul><ul><li>Meets needs </li></ul><ul><li>Gives choice </li></ul><ul><li>We BELIEVE in what we do !!! </li></ul>
  15. 15. Which issues are your clients facing? The Next Generation of Worksite Marketing
  16. 16. Rising Cost Of Benefits? <ul><li>Which issues are your clients facing? </li></ul>The Next Generation of Worksite Marketing
  17. 17. RISING COST OF BENEFITS? The Next Generation of Worksite Marketing Health insurance premium grew 30 times faster than the growth of real earnings during 1999–2007 1 Source: (1) Kaiser Family Foundation, 2007; (2) Watson Wyatt
  18. 18. Participation in HDHP/HSA health plans <ul><ul><li>24% implemented a medical plan with a deductible over $1000 in 2007. </li></ul></ul><ul><ul><li>15% of employers implemented a high-deductible health plan in 2008. </li></ul></ul><ul><ul><li>Of employers surveyed, 80% believed that HDHP/HSAs would help control costs; however, 65% also said they expected these plans would cause consumers to forgo needed health care*. </li></ul></ul>The Next Generation of Worksite Marketing Source: Harris Interactive Study, 2007 www.nejm.org
  19. 19. The Benefit Enrollment Process? <ul><li>Which issues are your clients facing? </li></ul>The Next Generation of Worksite Marketing
  20. 20. The Benefit Enrollment Process? <ul><li>76% agreed that employees would be more informed of their benefits choices if they speak with an insurance consultant during enrollment. </li></ul><ul><li>From 2005 to 2007 the number of employees interested in having benefit advisors at the workplace increased from 11% to 47%. </li></ul>The Next Generation of Worksite Marketing Source: Carrier Proprietary Broker Study 2008 Enrollment Study
  21. 21. Communicating Benefits & Educating Employees Effectively? <ul><li>Which issues are your clients facing? </li></ul>The Next Generation of Worksite Marketing
  22. 22. Communicating Benefits & Educating Employees Effectively? <ul><ul><li>In a recent Watson Wyatt study the following was concluded… </li></ul></ul>The Next Generation of Worksite Marketing Source: “Benefits 101: Would Your Employees Pass the Course?, 2007” Communications Perception of Employee Strong benefit package Poorly communicated 22% happy with benefits A less rich benefit package Strong communication 75% happy with Benefits
  23. 23. Communicating Benefits & Educating Employees Effectively? <ul><ul><li>85% agreed that one of their biggest challenges is getting employees to understand their benefits. </li></ul></ul><ul><ul><li>76% agreed that employees would be more informed with their benefit choices if they sat with an insurance consultant during enrollment . </li></ul></ul><ul><ul><li>Over 75% agree that a well communicated benefits program leads to reduced turnover . </li></ul></ul><ul><ul><li>65% stated they do not have the HR staff to effectively communicate the benefits. </li></ul></ul>The Next Generation of Worksite Marketing Source: “Benefits 101: Would Your Employees Pass the Course?, 2007”
  24. 24. Worker’s Comp Challenges? <ul><li>Which issues are your clients facing? </li></ul>The Next Generation of Worksite Marketing
  25. 25. Worker’s comp challenges? <ul><li>Workers’ comp claims are lower when voluntary accident and disability is offered, especially among mid to large size employers. </li></ul>The Next Generation of Worksite Marketing Source: American Family Life Assurance Company of Columbus Proprietary Broker Study 2008 Source: LIMRA Survey 2008 for American Family Life Assurance Company of Columbus Company Size Strongly Agree 100-999 46% 1,000-4,999 65% 5,000+ 58%
  26. 26. Worker’s comp challenges? <ul><li>What day of the week are approximately 60% of comp claims filed? </li></ul><ul><li>Larger deductibles implemented due to rising cost of healthcare and employees not having Accident, Short Term Disability coverage leaves opportunity for a weekend accident to become a fraudulent worker’s comp claim. </li></ul><ul><li>This has an adverse affect on the business and the employees as a result of less revenue, increased overhead expenses and lower pay for employees. </li></ul>The Next Generation of Worksite Marketing Source: American Family Life
  27. 27. Employee Request For More Benefits? <ul><li>Which issues are your clients facing? </li></ul>The Next Generation of Worksite Marketing
  28. 28. Employee Request For More Benefits? The Next Generation of Worksite Marketing Source: “Worksite Solutions Strategic View for Cambridge Advisory Group Inc”, 2007
  29. 29. HOW CAN ESSENTURE HELP? <ul><li>Which issues are your clients facing? </li></ul>The Next Generation of Worksite Marketing Review Case Studies
  30. 30. Why Use Essenture? The Next Generation of Worksite Marketing <ul><li>TIME! – How much time do you spend meeting with various carrier reps and looking over products to see what fits for your client? </li></ul><ul><li>MONEY! – How much more money can you make by prospecting new clients are serving your existing ones instead of doing voluntary benefit research and comparisons? </li></ul><ul><li>DUE DILIGENCE! - Have the piece of mind of knowing that you are taking the best value and product fit back to your client in black & white. </li></ul>
  31. 31. Why Use Essenture? The Next Generation of Worksite Marketing <ul><li>Experience – Our management team brings over 100 years of practical experience in the field in VA alone. </li></ul><ul><li>Professionalism – “seasoned enrollers” </li></ul><ul><li>Dedication –The market we know the best …… voluntary benefits !! </li></ul><ul><li>Commitment – To our Business Partners, Business Providers and to those we serve !! </li></ul>

×