Lockton Hosts Summit on Private Health Insurance Exchanges Health benefits market and various employer models discussed
KANSAS CITY, Mo., Jan. 30, 2014 /PRNewswire/ -- Kansas City-based broker and employee benefits consultant Lockton Companies hosted a Private Exchange Summit on Wednesday, Jan. 29th to discuss the private health insurance exchange market and models. The Private Exchange Summit included expert speakers from Lockton Benefit Group, as well as private exchange leaders Liazon, and SelectQuote Benefit Solutions.
Simply put, a marketplace or exchange is a new way to find insurance coverage. Because the simplicity of the solution ends there, Lockton hosted the summit to further discuss how employers are considering a variety of approaches to manage costs, remain compliant, and still provide employees the benefits that they need to offer to remain competitive.
Rick Kahle, President of Lockton Employee Benefits Kansas City stated that, "with most plan sponsors opting to remain in the business of sponsoring group health plans, the focus has turned to innovations that will maximize their investment in these offerings. Private health exchanges are garnering interest as an alternative to meet this objective, offering options for actives, retirees (pre and post-65), COBRA eligibles, and non-benefit eligible employees."
The summit provided attendees with information on market conditions, retiree solutions, and strategies to consider for the active employee population.
During the summit Ashok Subramanian, President, CEO, and Co-Founder of Liazon discussed the employees' roles in the private exchange market. "The only way to get individuals to take better care of themselves and change employers underlying cost profile is to give employees access to information and options. This empowers employees to make choices and change outcomes." Subramanian said.
As the landscape of health insurance continues to change, migration toward private exchanges is also increasing. The Private Exchange Summit educated Lockton clients on the meaningful differences between various markets and models, and how Lockton can help them understand if a private exchange is a good fit.
"Lockton's client-centric exchange strategy puts clients' interests at the forefront rather than our own," said Mike Smith, Director of Exchange Solutions for Lockton Benefit Group. "With that in mind, we offer several strategies that best meet the varying needs of our clients. One size fits all is not the right solution."
As a trusted client advisor, Lockton aims to bring its expertise, innovation and market clout to bear, guiding employers through the analysis and decision-making process to ensure that the private exchange decisions made are best suited to specific employers' business needs.
More than 4,950 professionals at Lockton provide 35,000 clients around the world with risk management, insurance, and employee benefits consulting services that improve their businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held insurance broker in the world and 9th largest overall.
Independent researcher Greenwich Associates has awarded Lockton its Service Excellence Award for risk management for large companies. For five consecutive years, Business Insurance has recognized Lockton as a "Best Place to Work in Insurance."
Founded in 2007, Liazon operates the industry-leading private benefits exchange for businesses. Its flagship product, the Bright Choices® Exchange, is an online benefits store that is changing the way employers and employees buy benefits. Bright Choices helps employers manage their healthcare costs by setting predictable budgets through a defined contribution funding strategy while guiding employees to purchase better coverage of health, dental, vision, life, disability, and other benefits. Advanced cloud computer infrastructure and robust security protection ensures continual access and safeguards confidentiality of data transmission. Liazon works with top national and regional insurance providers and supports more than 2,400 businesses nationwide through a distribution network of leading broker partners.
About SelectQuote Benefit Solutions
SelectQuote was founded in 1985 and has been an innovative and established leader in building and operating insurance exchanges for auto and home, term life, and Medicare insurance products. Through its insurance exchanges, SelectQuote offers voluntary benefit programs that provide substantial cost savings to corporations, public sector employers, unions, associations and their employees, members, or retirees. SelectQuote has delivered business solutions to companies and organizations such as Hallmark, VFW (Veterans of Foreign Wars), and Transamerica, resulting in more than 140,000 policies annually and 800,000 active customers.