Milwaukee, WI – April 13, 2015
Zywave has just released its annual Health Plan Design Benchmark Report. Backed by the largest database of plan designs in the United States (more than 31,000 employers and over 50,000 plans), the report offers powerful insights that brokers can use to position themselves as trusted advisors to clients and prospects.
The most notable trend this year? Diverging health plan offerings. “The middle-ground is really hollowing out, and group size seems to be the determining factor,” notes Jake Hanke, Zywave’s employee benefits market analyst. “In general, we’re noticing that larger organizations (more than 500 lives) are starting to offer more generous plans, in what we suspect is an effort to recruit top talent in a market that is becoming increasingly fierce. Conversely, smaller organizations are seeking additional ways to cost-share with employees, likely as a means of balancing out rising health care costs and other costs associated with ACA.”
The benchmark report breaks data down by region, industry, group size and plan type, and includes several key plan design measures. The interactive, online tool allows a Zywave broker to input their clients’ plan information and demographics, and create a custom, branded report that shows how the particular group matches up with similar employers. Business owners are concerned about remaining competitive with their benefit offerings while still effectively managing their costs, and Zywave brokers have a powerful tool in their pockets to deliver this valuable information to clients.
“Benchmarking is invaluable for brokers,” CEO Dave O’Brien says. “Brokers who can drill down and figure out where clients fall compared to other employers in their region, industry and group size are going to command some serious attention. This report arms Zywave brokers with yet another tool to speak to their value in prospecting meetings or during pre-renewal plan design analysis.”
About Zywave
Zywave is the leading provider of software-as-a-service (SaaS) technology solutions for the insurance industry. The company’s products include Web-enabled marketing communications, business intelligence, and analytics and agency automation tools. More than 2,700 brokerages worldwide, including 95 of the top 100 U.S. insurance firms, use Zywave’s proven solutions to differentiate themselves from the competition, enhance client services, improve efficiencies and achieve organic growth. To learn more, visit www.zywave.com.