Helping Partners to be “Cutting Edge”
Liazon’s Chief Revenue Officer Michael Karp recently offered his thoughts to Mainebiz magazine on why private exchanges are a broker’s best friend, if they embrace the technology to move their clients forward. His comments, along with those of Mike Deschaine, President, Cross Employee Benefits, are excerpted below.
“An entire infrastructure that works with our broker partners”
[Liazon’s] proprietary software, [Karp] says, uses algorithms that help guide the users’ decision-making process based on the responses they give to questions about health care needs, personality and financial considerations. Under “health,” users respond to questions about “expected utilization,” “health status” and “network preferences.” Under “personality,” they identify their “risk tolerance,” “health and financial concerns” and “health care consumerism.” And under “wealth,” they respond to questions about “income” and “savings.”
The algorithm crunches those replies to create a recommendation spelling out types of plans that match the respondent’s needs and wants, a cost that balances premiums with expected out-of-pocket expenses and a match to physician network preferences and overall objectives and concerns.
This is important, he says, because “I don’t think ‘one size fits all’ works very well…You need to give people an array of choices…The technology asks the right intelligent questions and then makes the recommendation that fits that person’s need.”
“The technology is only one piece of what we do,” he adds, pointing out that [Liazon’s] Bright Choices Exchange platform includes educational materials to help users make better-informed judgments about the health benefit that best meets their needs. “You’ve got an entire infrastructure that works with our broker partners in support of our technology.”
“The carriers view this as cutting edge”
Cross Employee Benefits is one such partner that’s embraced the technology and “the feedback has been tremendously positive” from their customers, according to Mike Deschaine, Cross Employee Benefits President. “The carriers view this as cutting edge. We’re trying to achieve 100% participation with the [health insurance] carriers in Maine and we’ll be forming strategic partnerships with ancillary carriers” as well.
“Our industry is very much in a transitional state,” says Deschaine. “We’re embracing it. We recognize it has to change. We want to position ourselves for what the future is bringing.”
Read the full article from Mainebiz magazine, “Cross Employee Benefits launches new health benefits tool for Maine employers,” which originally ran on August 17.
For more from Michael Karp on what makes Liazon “cutting edge” and what employers have had to say about their experience, see his blog post, “Time to Change the Way You Think About Private Exchanges.”