Better Together; Technology and Insurance Agencies

Transcription

1 Better Together; Technology and Insurance Agencies 2018 Health A Palooza Bryan S. Derheim, CRPC Regional Managing Director Ameritas Life Does Technology = Disruption? This Was Mobile Enrollment 60 years ago. 1

2 This Is Mobile Enrollment Today. Brokers are not going away. rumors of my death have been grossly exaggerated Better together; Technology and Insurance agencies AGENDA What s Happening in Silicon Valley/Insurtech Technology Tools for the modern day agencies Concerns with security and data privacy Technology that improves the customer experience 2

3 1979: Group Benefit Shoppers. (Fax Proposals) 1989: AOL is launched 1995: the first year the web became commercialized. Echo Bay and Amazon 1996: First web-based (webmail) service 1996: HIPAA mandates that all covered entities that electronically transmit data must use the electronic data interchange (EDI) protocol X : Centerstone (BenefitMall) Online quoting A Brief Timeline in Technology. 1998: Google! 2004: The Facebook 2005: YouTube 2006: Twitter 2007: The iphone and the Mobile Web 2009: The ACA Passed 2009: The American Recovery and Reinvestment Act - Medicare & Medicaid EHR Incentive Program, administered by CMS. Financial incentives to adopt certified EHR technology systems and requires providers meaningfully use these systems. 2010: Amazon, IBM, Salesforce.com, Facebook, and Google, substantial API releases - developers can build new applications or businesses. *APPLICATION PROGRAMMING INTERFACE 2012: The InsurTech Wave! In Just The Past 10 Years Benefits Technology. 2013: Public Exchanges Launch : More Money, More InsurTech Startups 2018: Next-gen carriers using API s over EDI 3

4 InsurTech is here to stay And more are investing in the agent channel too! 1. Big Money ($1.7B) 2. Attracts Top Talent 3. Almost 250 start up s funded in 2017 Don t judge insurtech by their failures. This is standard practice for startups. Amazon Insurance, Zenefits, Castlight Fail fast and try again. The VC s love InsurTech A focus on the data, tech and the consumer experience $1.7 Billion invested in disruptive insurance in 2016 $295M $160M Clover lost 34.6 million dollars in 2016, seven times more than the previous year. For unicorns what is important is future promise, not present reality. $892M Bright Health founded in Minneapolis by an insurance industry veteran, former CEO of United Healthcare; combines big data and customer experience. $119M \ \ Oscar made their first underwriting profit in Q3 of 2017, of 4MM. The same quarter in 2016, they loss 36MM. Collective Health, CEO Ali Diab, was denied reimbursement from his health insurance despite having risked life for an intestinal problem. Amazon + Berkshire + JPMorgan 1.1 Million Employees Combined Knocking out middlemen CVS and Aetna Cigna and Express Scripts Walmart and Humana $67 billion Is this consolidation good? 4

5 What s Next? 1. Insert info on Blockchain and contractual efficienc What s Next? 1. Insert info on A.I Better together; Technology and Insurance agencies AGENDA What s Happening in Silicon Valley/Insurtech Technology Tools for the modern day agencies Concerns with security and data privacy Technology that improves the customer experience 5

6 Technology for the Modern Agency Customer Relationship Management (CRM) Ben Admin Marketplace Tools Customer Acquisition CRM Maintain an updated CRM tool track which leads results in sales and how quickly Connected data Know your data you cannot be effective without Ben Admin Ben Admin More connected carriers than initially Decision support Integrated payroll, compliance and on/off boarding 6

7 Marketplace Tools (Quote & Enroll) Marketplace Tools Insert info on CSG Marketplace Tools Marketplace Tools (Quote & Enroll) Insert info on Quotit Customer Acquisition Customer Acquisition Online Leads Mailers Referral Strategy SEO/PPC 7

8 AGENDA Better together; Technology and Insurance agencies What s Happening in Silicon Valley/Insurtech Technology Tools for the modern day agencies Concerns with security and data privacy Technology that improves the customer experience Data Privacy Insert info on Data Privacy/Security. Case study of data leak? How best to avoid Technology to help with such AGENDA Better together; Technology and Insurance agencies What s Happening in Silicon Valley/Insurtech Technology Tools for the modern day agencies Concerns with security and data privacy Technology that improves the customer experience 8

9 Customer Experience Insert back end experience related technology InsurTech "Disruption" Reinventing Health Insurance Mark Bertolini Aetna CEO Health insurance companies as we know it today will end by 2020 but we re not going away. Challenging cliches: Healthy people are more profitable than sick people. Health care costs always go up. Waste in health care risk is unavoidable. Underwriting methods are 160 years old. What if we changed this? ACA and technology opened huge new opportunities $750B wasted each year in healthcare (30%) Solving this could pay for ACA or whatever we call it. 9

10 Your future agency Staff must be tech savvy Solutions not products Accessible; Live chat Clear customer acquisition strategy Web function; DIY features Virtual presentations Metric driven; Work your plan Smart flow automate the front end Value based compensation The Agency of The Future Thank You! Bryan S. Derheim, CRPC Regional Managing Director AMERITAS LIFE