When considering any new technology implementation, one should always weight the challenges and pitfalls of making the shift against all the opportunities that shift will present.
Therefore, before making a decision to leverage a benefits marketplace platform, brokers should ask themselves the following questions.
- If I choose to leverage this new platform to grow my business, who/what could possibly steer me off path?
- Would a benefits marketplace be in competition with me? Is my benefits marketplace provider also writing business directly to individual and employer clients?
- Does my benefits marketplace provider take over my clients once they are enrolled? Or am I still their point of contact for Life Status Changes and the purchasing of additional coverage?
- Does my firm act as the Broker of Record? Or does the benefits marketplace provider?
- Does the benefits marketplace provider just provide leads? Are those same leads also going to co be competing brokers in my market?
- Has the benefits marketplace assured me they aren't running a manual process behind the scene?
- Does the benefits marketplace support trends in my market such as flexibilities in funding strategies- defined contribution v. defined benefits, self-insured v. fully-insured, etc.?
- Does the benefits marketplace allow me to capture part time employees for individual enrollments through a seamless process/
- Does the marketplace offer a "healthy" selection of health, financial and ancillary products relevant to individual and employer clients in my territory or market? And, are the carriers offering these products pre-integrated into the platform, ready to go?
Mike Baker is the Senior Vice President and GM of Commercial Products at hCentive. Mike is responsible for expanding hCentive's solutions and products into the employer and broker markets. Prior to joining hCentive, Mike had spent 18+ years in the managed care start up space working for a start-up HMO that was part of a large integrated delivery system, a venture capital backed Defined Contribution/ CDHP health plan and a start-up Speciality Benefits Management company focused on Sleep. Mike held various leadership roles in sales, business development, finance and operations at these organizations. Mike earned a Bachelor's degree in Business Administration from West Virginia University.