April 2   4 15pm - brian harrigan
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  • 1. Creating a Winning Solution  for Voluntary W. Brian Harrigan Founder & CEO, GBO
  • 2. Reinventing Insurance Our Clients: Consumers, Distributors & Manufacturers Technology Solutions: Private Exchanges Product Management & Administration Platforms
  • 3.  38 Years in the industry  Union Mutual (Unum)  Johnson & Higgins  CEO, UICI, Inc. (NYSE)  CEO, ZON-Re, USA  CEO, Group Benefit Options
  • 4. The Landscape is Changing…
  • 5. Sometimes Quickly…the ‘before’
  • 6. …and the ‘after’
  • 7. Sometimes Slowly…
  • 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. 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.  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. 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.  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.  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. 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. Voluntary Products Raising Awareness / Becoming Top of Mind
  • 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. Amazon.com  Home Page  1995
  • 18.  One-Stop Shopping solutions  What is the Insurance Solution???
  • 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. Benefits  Landscape Erosion of  Employer‐ Coverage New  Distribution  Options Product  Awareness Technology
  • 21. Erosion of  Employer‐ Coverage New  Distribution  Options Product  Awareness Technology Benefits  Landscape
  • 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. 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. Where do we go from here? Consumers Brokers & Agents Carriers Employers
  • 25. W. Brian Harrigan 203.446.8054 www.groupbenefitoptions.com Brian.Harrigan@groupbenefitoptions.com