VESTA HEALTH & LIFE (h&l) BLOG - WELCOME

VOLUNTARY BENEFITS MARKETING STRATEGIES - WHAT'S NEXT?

2011-02-15T09:58:00.000-08:00

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!

2010-06-30T09:03:00.000-07:00

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

2010-05-06T04:45:00.000-07:00

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:

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:

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

2010-04-19T09:00:00.000-07:00

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!

2010-03-30T06:55:00.000-07:00

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!

2010-03-22T15:48:00.000-07:00

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!

2010-03-15T06:27:00.000-07:00

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!

VALUABLE CHOICES IN GROUP HEALTH & LIFE PLAN DESIGN!

2010-03-08T08:57:00.000-08:00

At our weekly meeting of affiliates that included - BenefitPlace, Vesta Worksite, and Vesta p&c - we continued our discussion about Benefit Credit/Defined Contribution benefit plan design strategies. Hence forth, we will refer to these strategies and plans as "Def-Con" based on the name we gave them during a Benefits related "Think Tank" we co-sponsored in 1995 and beyond. For a review of this discussion click on: BenefitPlace Blog.

Def-Con offers a number of unique opportunities to the H&L marketplace and those who have shaped Employer Based Group Plans for years - the Employee Benefit Specialist (EBS). As you will note from the BeneitPlace Blog, Def-Con strategies:

Are a strategy implemented by Employers, generally working with informed Brokers and Consultants, allocating "Benefit Credit Values" to the actual "Premium Cost" of plans offered to the Employees. It must be emphasized that the Premiums and the Credits are not necessarily equal! This differential in provides an opportunity to encourage Employee participation in one plan over another, ie. one health plan choice over another.
Provide Employers an opportunity to select a menu of "Best-in-Class" Carriers & Benefit Plans to offer Employees with an emphasis on "Choice". The "Choices" permit Employees to select plans from a variety of categories that best meet their individual and family's budget and needs.
Provide Employers the ability to budget the cost of benefits in current and future years.
Generate cost-savings for the Employer and Employees - if carefully designed.

Def-Con provides the EBS incredible opportunities to accomplish the above, including:

Employers are given greater Budgetary Control in the initial and following years
The benefits decision-making process becomes more focused on the selection of "Best-of-Class" programs, products, and services.
Price, while important, becomes secondary to meeting the Needs of Employees and their Families.
Multiple types of plans may be offered to meet the Specific Needs and Price-Points of Employees and their Families.
Def-Con can implemented with Fully Funded and Self-Funded Groups - ideal for Self-Funded Groups.
The Def-Con plan design can include Traditional Group Core Benefits, ie. Health, Dental, Vision, Term Life, etc. and Worksite/Voluntary Plans. This combination provides the Employer and Employees the greatest menu of "Choices".
The plan can be integrated with existing "Tax Advantaged Plans" including: Premium Conversion, Medical Medical Reimbursement, Dependent Care Transportation & Parking, HSAs, 401(k), etc.
The EBS can work with experienced Worksite Benefit Specialists (WBS) to select the "Best-of-Class" in Carrier and Plan choices. The Plan Design and menu of Choices will have Multiple Carriers and Plans to meet the needs and price-points of the Employees and their Families.
An experienced WBS can further assist by providing access to choices for the extremely important Education, Communication, Enrollment and Data Management Processes.
A more Secure Future with the client. While Carriers and Plans may come and go - if they do not continue to meet the needs and price points of the Employers and Employees - the EBS is well positioned as the trusted advisor for building and reviewing the menu and providing enrollment services.

The purpose of today's blog is to continue the discussions about Def-Con and this value-added concept. We will utilize this Blog, the BenefitPlace Blog, and the Vesta Worksite Blog - as well as several Social Media resources - to disseminate more information. We invite you to join our Linkedin Group, "Insurance Forum" for additional Discussions & Comments.

At a time when the Health Insurance and Benefits Marketplaces are in turmoil, we firmly believe it is an appropriate time to bring the concept of Def-Con back to life!

Please share your thoughts with our community and Have a Great Week!

NEW - AN INTEGRATED PLAN DESIGN - THE OLD IS NEW!

2010-02-28T14:49:00.000-08:00

At our weekly meeting of affiliates that included - BenefitPlace, Vesta Worksite, and Vesta p&c - , a press release by Unum was brought to our attention. In brief, Unum announced that their Simply Unum division had rolled out a new "Benefit Credits" Plan Design that would be introduced nationally in 2010.

Unum is a Fortune 500 company that provides LTD, STD, Group Life & a menu of Worksite/Voluntary Plans. They compete with their own Colonial Life Division in the Worksite/Voluntary Market.

Our significant interest in this announcement by Unum is that our founding company, Vesta Ltd., co-sponsored a "Think Tank" beginning in 1995 to study and sponsor the utilization of "Benefit Credits" in what we called "Defined Contribution Plans" - as they applied to the integration of Core and Voluntary benefit choices. One of our group members shortened the name to "Def-Con"!

The "Big Claim" we, the Tink Tank, utilized to invite select Brokers to participate in 4 day seminars to introduce and discuss the Def-Con concepts and designs was: "We can assist you in delivering 'Tomorrow's Benefit Concepts Today'. We can save your client substantial Benefit Expenditures while Dramatically Increasing their 'Return on Invested Benefit Dollars'". We noted that Def-Con could do for Employee Benefit Plans what Defined Contribution did to Retirement Plans. These meetings, and the ongoing activities of the Think Tank, were in depth, interactive and extremely productive. These activities lead to "Field Testing" the Def-Con plan designs with the Brokers and their select clients.

We at Vesta h&l firmly believe that Def-Con utilizing Benefit Credits - as an integrated strategic benefit planning tool - can make a significant contribution to benefits marketplace efficiencies and in controlling costs.

In the most simplistic terms, Def-Con allows Brokers and Employers to:

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.
Build a "menu of benefits"made available to the Employees to provide "choice".
Value one choice over another to promote "Consumerism" and "Wellness".
Promote Employee Education and Participation in the decision-making process.
Empower the Employees and their Families
Reduce the Time and Cost of "Benefits Decision-Making".

We complement Unum on resurrecting this valuable plan design concept. One of their subsidiaries, Colonial Life & Accident, co-sponsored our original Think Tank.

The purpose of today's blog is to begin a series of posts & discussions about Def-Con and this value-added concept. We will utilize this Blog, the BenefitPlace Blog, and the Vesta Worksite Blog - as well as several Social Media resources - to disseminate more information. We invite you to join our Linkedin Group, "Insurance Forum" for additional Discussions & Comments.

At a time when the Health Insurance and Benefits Marketplaces are in turmoil, we firmly believe it is an appropriate time to bring the concept of Def-Con back to life!

Please share your thoughts with our community and Have a Great Week!

TRADE SHOWS - ARE THEY WORTH IT? & IS THERE AN ALTERNATIVE?

2010-02-22T11:08:00.000-08:00

Following Vesta h&l's weekly meeting with affiliates and friends including: BenefitPlace, Vesta Worksite, and Vesta p&c, we continued the discussion about Trade Shows - There value and there affordability!

At that meeting, we isolated 24 shows that seemed worthy of attending - or possibly becoming an exhibitor. The question then became "How to best utilize limited time and dollars for the maximum return?" Other questions were: "Are they really worth it?" and "What is the ROI?"

One affiliate produced an article by Julia O'Connor, president of TradeShowplanning.com, that estimated the cost of attending a trade show - four days and three nights - to be over $4,000. The amount did not include entertaining, staff replacements or out-of-pocket expenses. D&B's - Small Business Solutions estimates Exhibitor Costs to be about $10,000.

We all agreed that participation in some Trade Shows is valuable and integral to learning about new programs, products and services, maintaining relationships, and establishing new contacts. We also agreed with Ms. O'Connor that, "It's somebody's responsibility to take trade shows seriously". Polling our group, we all admitted to being less than efficient in following-up on contacts and business cards generated from Trade Shows. Materials we collected often ended up in stacks or filed away. BenefitPlace suggested there might be an alternative!

BenefitPlace has been investigating the value of Virtual Trade Shows for over a year. It was noted that technology for these events has been dramatically improving in capacity and reducing in cost for the sponsoring group, the exhibitors and attendees. While a shift to a virtual marketplace will never replace the advantages of personal contact of traditional Trade Shows, the efficiencies and cost-savings of presenting programs, products, and services "online" on a 24/7/365 basis is intriguing.

While we did decide to continue participating in some of the 24 shows, we also agreed to further investigate the opportunities and potentials offered by the emerging Virtual Trade Show technologies. A suggestion from one of our affiliates was to have BenefitPlace and/or each of the Vesta Cos. "Joint Venture" with existing industry related traditional Trade Show sponsors to broaden and extend their reach while creating affordability for a greater number of interested parties!

Note: We found this a little strange, the Virtual Trade Show Industry had their Virtual Edge Summit 2010 in Santa Clara, CA. from Feb. 22-23. I guess they are not ready to go virtual!

NOTE: We, with Benefitpalce, have created the "Insurance Forum" on Linkedin. Join on the Linkedin site or contact us for information - 216.921.1583 or email max@benefitpalce.biz!

We, and our community, would appreciate your input on this topic. Have a Great Week!

WHAT IS VESTA h&l & WHO IS IT FOR?

2010-02-15T11:02:00.000-08:00

At a recent meeting with our Affiliates, including BenefitPlace, Vesta Worksite, and Vesta p&c, a participant noted he had received several calls asking "What is BenefitPlace" and "Who is it for"? This question has been answered on the BenefitPlace Blog.

As the President of Vesta h&l (Health & Life), I wanted to answer the same questions about Vesta h&l. I believe these are important questions to answer with clarity!

Vesta h&l has developed and evolved over the past several years to provide Brokers, Agents, Consultants, Employers, Employees, and Individuals access to "Best-of-Class" Carriers, Plans and Services on an unbiased basis.

Vesta h&l acts as a conduit between the Carrier/Providers in the H&L Marketplace and the Brokers, Agents and Consultants who are introducing, evaluating, or expanding the Plans and Services offered to Employer Groups and Individuals. We do not work directly with Employers or Individuals. Our compensation is either "Fee Based" or through the Carrier/Provider - much like the Wholesale Marketplace.

The Vesta h&l's Mission Statement Includes:

Centralizing a market for the H&L Benefits Industry - A Permanent Trade Show
Maintaining an open and convenient marketplace for Carriers and Brokers
Providing an ever expanding Resource Center focused on the H&L Plans
Expediting the H&L decision-making process
Assisting with the selection of Education, Communication, Enrollment & Data Management Providers
Creating an enhanced and cost-effective experience for Employers, Employees & Individuals
Establishing a set of "Social Media" platforms utilizing Blogs, Linkedin, Twitter, etc. to encourage and expedite industry related discussions, social interaction, discussions, etc. I invite you to join this valuable Industry Group - Click on INSURANCE FORUM.

I hope the above provides some clarity! If you have any questions, please give me a call at 216.921.1583 or Email Us.

Have a Great Week!

HEART HEALTH - FEBRUARY FOCUS

2010-02-08T08:06:00.000-08:00

Our weekly meeting with affiliates and friends including: BenefitPlace, Vesta Worksite, and Vesta p&c, was to be focused on wellness plans. The meeting gravitated to a discussion of Heart Health! This shift was inspired by the month of February being American Heart Month and the coming decisions for Valentine's Day!

In 1963 the Congress passed a resolution that required th President to proclaim February as American Heart Month. It was noted at our meeting that back then Congress actually acted on something! Juxtaposing the floundering Health Care Reform with the out-of-control increases in Health Care Costs, we all agreed that it was appropriate to focus on cardiovascular disease that was and is the Nation's Number 1 killer.

According to the American Heart Association "heart disease and stroke kill one in every 3.7 men" and "one in 2.4 women lose their lives to heart disease and stroke". Another startling statistic is provided by the Center for Disease Control and Prevention (CDC) - "About every 25 seconds, an American will have a coronary event".

So what should we celebrate on Valentine's Day!

Number 1 - It's Ok to give Chocolate and toast with Red Wine! Dark chocolate contains a group of compounds called plant flavonoids - these help reduce cholesterol from accumulating in the blood vessels. Red wine provide the same antioxidant properties!

Number 2 - You can Control the Risk! According to the CDC your should:

Know the Signs and Symptoms!
Stop Smoking and Reduce exposure to Secondhand Smoke!
Improve your Lifestyle!

With the above in mind, we all agreed to have a healthy week, not forget Valentine's Day, and further discuss Wellness Plans at another time!

Have a Great Week and Please Share Your Thoughts with our community!

H&L Brokers and the Consumers - Is There a Disconnect?

2010-01-30T13:22:00.000-08:00

At a recent meeting with our affiliates that included: BenefitPlace, Vesta Worksite, and Vesta p&c, we reviewed a December article in "InsuranceNewsNet Magazine" that reviewed the LIMRA annual meeting and statistics provided by LIMRA's Robert Baranoff, Senior Vice President-Member Benefits.

We were startled by some of these statistics! Statistics included that of polled Consumers seeking advice for Life Insurance:

34% would want the advice of a financial advisor
27% from partents
15% form agents or brokers
14% from HR Departments and
10% from Suze Orman, Clark Howard, Jim Cramer

Robert Barnoff further discussed the "lack of trust" between Consumers and Agent/Brokers as tied to statistics about the Consumer's perception of Agents and Brokers:

64% were more interested in fees and commissions than what was right for the client
41% could assist with a wide range of products
32% provided clear explanation of policies and
25% were trustworthy

We ended our meeting with our affiliates by reaffirming the need for:

Continual Communications with Clients
A Consultative Approach and Thorough Fact Finding with Prospects
Need Selling
Following Up with Clients and an Open-Door Policy
Transparency About Fees and Commissions

I would further add to the above what we at Vesta h&l have recently learned from our research into Social Media Marketing and this New form of Marketing. The important changes in this form of marketing include a focus on:

Adding Value First
Creating Trust Next
Filling a Need / Alleviating a Pain
Aligning Marketing & Sales
Creating a Dialogue - These lead to:
Demand Generation
High Quality Inbound Leads
Optimizing Results
High Quality Inbound Referrals

We firmly believe that Social Media, especially Linkedin, provides an exciting new frontier for better serving clients and attracting new clients. Should you have any questions about our Social Media research and our vision for Social Media please email - Vesta h&l or call - 216.921.1583.

NOTE: Please CLICK ON - AVATAR to view BenefitPlace's new avatar. This incredible technology is efficient, effective, and affordable! For more information give us a call!

Have a Great Week and Please share your thoughts and questions with our Community!

Welcome To Our New Blog and First Posting!

2010-01-26T14:17:00.000-08:00

The purpose of this and ongoing posts will be to posit information, opinions, and timely issues.

With the current turmoil in Washington over Health Care legislation, the proposed new controls for the financial sectors, pending anti-trust legislation, and the economy, there are endless areas for discussion. We at Vesta h&l with our affiliates including: BenefitPlace, Vesta Worksite, and Vesta p&c will touch on all of these and more in future posts.

For the purpose of this post we would like to know what specific current issues most concern you and what could be their impact in 2010 and beyond?

Please share your thoughts and ideas! Have a Great Week!

Should you have any questions or suggestions, please email us: vesta-handl@benefitplace.biz.