VOLUNTARY BENEFITS MARKETING STRATEGIES - WHAT'S NEXT?

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

Markets include - Voluntary / Worksite Plans; Health & Life (H&L); 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 Vesta H&L, BenefitPlace & BP Trade Show & would appreciate your Input, Questions & Thoughts!  Please Comment,

                             Email - max@bptradeshow.com.biz or

                             Call Phil - 216.921.1583  

SHORTENING YOUR SELLING CYCLES & DRIVING REVENUES IN THE HEALTH & LIFE MARKETS!

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, BenefitPlace, Vesta Worksite, 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, BP Trade Show and Vesta handl?

~ 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.

~ Vesta h&l is a consulting arm of BenefitPlace and BP Trade Show focusing on the health and life insurance marketplaces.  When individuals or organizations have questions, Vesta h&l refers the decision-makers to the appropriate Broker, GA, or Carrier. 

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!

BENEFITPLACE & BP TRADE SHOW - "SHORTEN YOUR SELLING CYCLES" - From Prospect to Client

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 BenefitPlace, Vesta Worksite, 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:

• About Us
• Exhibitor Pricing
• Your "Inbound Marketing" Resource
• Landing Pages
• Sample Landing Page

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:

1. Click on topics above to learn more!
2. Contact BP Trade Show for more information or call 216.921.1583!
3. Become an Exhibitor - Direct traffic to your plans, programs, and Services to convert them into buyers!
4. Drive Sales & Revenues at Reduced Costs!
5. 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!

GRAND OPENING - BP TRADE SHOW!

BP h&l 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: BenefitPlace, Vesta Worksite, 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.

A New H&L Marketplace - BP Trade Show - Inbound Marketing vs Outbound!

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

A New Marketplace! Grand Opening Date for the New Virtual Insurance & Benefits Trade Show Announced!

The BP Trade Show Grand Opening Date Announced!

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

This virtual trade show will provide a new meeting place for both the suppliers of Insurance and Benefit related plans, products and services and those who purchase and manage Insurance and Benefit Plans.  The trade show will act as a hub/portal to assist in sellers and buyers in "Shortening the Selling & Buying Cycles".      

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! 

CORE BENEFITS, WORKSITE/VOLUNTARY PLANS & CAFETERIA PLAN MERGE TO CREATE DEF-CON PLAN DESIGN!

This weeks meeting with affiliates included - BenefitPlace, Vesta Worksite, 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 cosponsored 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 individuals 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 on 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 has 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 from certain 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 being 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 for 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  the "Benefits Decision-Making Process".  

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