April 2 4 15pm - brian harrigan

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April 2 4 15pm - brian harrigan

  1. 1. Creating a Winning Solution  for Voluntary W. Brian Harrigan Founder & CEO, GBO
  2. 2. Reinventing Insurance Our Clients: Consumers, Distributors & Manufacturers Technology Solutions: Private Exchanges Product Management & Administration Platforms
  3. 3.  38 Years in the industry  Union Mutual (Unum)  Johnson & Higgins  CEO, UICI, Inc. (NYSE)  CEO, ZON-Re, USA  CEO, Group Benefit Options
  4. 4. The Landscape is Changing…
  5. 5. Sometimes Quickly…the ‘before’
  6. 6. …and the ‘after’
  7. 7. Sometimes Slowly…
  8. 8. The landscape is changing for all: Consumers (Employees) Employers Distributors – Agents/Brokers Carriers/Product Manufacturers – Learning every day – Less is more – Shifting focus – Product mix More rapidly than you think!
  9. 9. 73% 38% 25% 0% 10% 20% 30% 40% 50% 60% 70% 80% 2007 2010 2014 Source: Towers Watson & National Business Group on Health Survey, March 2014 % of employers “Certain they will be offering company‐ sponsored health insurance a decade from now”
  10. 10.  Employee Benefits Advisors Survey (LIMRA) 70% negatively impact sales of group medical 77% in small group 55% fewer employers offer medical benefits 60% in small group 75% non-medical products 100% voluntary Source: LIMRA Survey, February 2014
  11. 11. 12% 14% 20% 23% 43% 0% 10% 20% 30% 40% 50% Car Dealers Retailers Cable/Security Google/Amazon Banks % Willing to Buy From Business Other than Insurers Source: Accenture,  February 2014
  12. 12.  LIFE Foundation Study 17% would buy life insurance from a retail outlet 11% from a wholesale club (e.g., Costco, Sam’s) 7% from a superstore (e.g., Wal-Mart, Target) 5% from a drug store 4% from grocery & convenience stores Source: LIFE Foundation, 2013
  13. 13.  LIFE Foundation Study – Why buy from Superstore? (e.g., Walmart, Target) Simple Process Convenient No Pressure Able to reach someone Research already done Product would be easy to understand Source: LIFE Foundation, 2013
  14. 14. I want to avoid pushy sales people I find it more convenient to research and purchase through the 24-hr web. I can understand the product without assistance Source: E&Y Voice of Customer Study, 2012 Why consumers don’t want personal interaction
  15. 15. Voluntary Products Raising Awareness / Becoming Top of Mind
  16. 16. Health Dental Vision Legal Accident Hospital  Cash Critical  Illness Life Motor  Clubs Health  Screening Pet  Insurance Travel  Discounts Cell Phone  Warranty Auto &  Home ID Theft Event  Liability Trip  Cancellation Emergency  Travel Home  Warranty Traditional  Voluntary The New  Voluntary
  17. 17. Amazon.com  Home Page  1995
  18. 18.  One-Stop Shopping solutions  What is the Insurance Solution???
  19. 19. 50 departments of insurance Regulatory oversight Compliance requirements Licensing, appointments No “Amazon” Experience for Insurance Complex Industry 3,500+ carriers 400,000+ agents Countless products Fragmented Market Carriers and agents concentrate in product niches Auto, Home, Life, Employer, Individual, etc. Product‐centric Agents must use carrier systems Cost prohibitive for agents to create their own systems Carrier systems are not consumer focused Carrier‐controlled
  20. 20. Benefits  Landscape Erosion of  Employer‐ Coverage New  Distribution  Options Product  Awareness Technology
  21. 21. Erosion of  Employer‐ Coverage New  Distribution  Options Product  Awareness Technology Benefits  Landscape
  22. 22. Carrier  Solutions Comparative Raters PPACA  Solutions Employer Solutions Examples Target Market Product Set Distribution  Impact Product  Model Single carrier,  limited products Consumer‐ direct P&C  Focused Multi‐carrier,  limited  products Multi‐carrier,  multiple  products Multi‐carrier,  limited  products Consumer‐ direct Consumer‐ direct Health  Focused A&H  Focused A&H Focused Employer‐ Focused Agent  Displacing Agent  Displacing Agent Displacing Group Agent  Supporting Agent / Broker  Supporting & Enabling Multi‐carrier,  multiple  products Life, A&H and P&C Consumers, Employees,  Affinity Members Optimal Solution
  23. 23. Attributes of the Optimal Private Exchange Solution Multiple carriers in multiple lines Individually owned and fully portable A consistent “learn/quote/buy” process across all products Open 24/7/365 – not just in open enrollment Paid for directly by individuals or through payroll deduction Instant product notification and delivery Self-service capabilities, access to all information, single account
  24. 24. Where do we go from here? Consumers Brokers & Agents Carriers Employers
  25. 25. W. Brian Harrigan 203.446.8054 www.groupbenefitoptions.com Brian.Harrigan@groupbenefitoptions.com

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