benefits-as-a-service: who wants to go baas fishing? · great west life’s flexbox league inc....

The opinions expressed in this presentation are those of the speaker. The International Society and International Foundation disclaim responsibility for views expressed and statements made by the program speakers.

Benefits-as-a-Service: Who Wants to Go BAAS Fishing?

Michael McClenahan, GBAManaging PartnerBenefits by Design, Inc.Port Coquitlam, British Columbia

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Agenda

Benefits as a Service (BaaS)A little history trip and current stateHow will BaaS transform the employee benefits industry?What are the threats and opportunities?Taking advantage of the BaaS transformation

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So, what does BaaS look like?

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28 Years Ago

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What was happening in 1991?

• | The end of the Cold War• | Operation Desert Storm

• | Terminator 2 was released

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DEMUTUALIZATION

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1

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What about today?

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What about today?

Technology is transforming benefits as a service. This encompasses programs like:

● Great West Life’s Flexbox● League Inc.

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Meanwhile . . .

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Meanwhile...

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ROBOTS

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Will robots take my job?Insurance Underwriters 1

Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.

99%Automation Risk Level

YOU ARE DOOMED

1 www.willrobotstakemyjob.com

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Will robots take my job?Insurance Sales Agents 1

Sell life, property, casualty, health, automotive or other types of insurance. May offer clients to independent broker, or be employed by an insurance company.

92%Automation Risk Level

YOU ARE DOOMED

1 www.willrobotstakemyjob.com

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Will robots take my job?Personal Financial Advisors 1

Advise clients on financial claims using knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate.

58%Automation Risk Level

ROBOTS ARE WATCHING

1 www.willrobotstakemyjob.com

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What do customers want?

1 Swiss Re: Digital Distribution in Insurance: a quiet revolution

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Maybe we should look at this

differently . . .

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HALOSPORT

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So, that’s all great Mike . . .

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I’m too young to retire . . . . . . and I love my job!

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Be curious!

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Read

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Read

A short and interesting weekly blog that gets you thinking about what’s possible:

https://www.diamandis.com/

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Listen

● Akimbo● Exponential Wisdom● Masters of Scale● The Tim Ferriss Show● Green Shield Canada—

And Now for Something Completely Indifferent

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What makes you stand out . . .

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FrameworkLet’s go back to the first principles and ask:

01 | Who do we serve?02 | What do they need?03 | What do we own?04 | What do we know?

1 The Blockbuster store in Bend, Ore. (Photo Credit: Sandi Harding). Retrieved on April 23, 2019 from https://www.washingtonpost.com/news/business/wp/2018/07/14/why-are-you-still-here-inside-the-last-blockbuster-left-in-america/

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What makes you stand out?

Unbundle from the Supplier

Price is Only One Factor

Provide Value to Your Clients

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Checklist ✔✔✔✔

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How Should Advisors Approach Technology?

Nice to have Nice to haveShould have Should haveMust have (Core)

Digital enrolment

E-CommunicationCarrier Uploads (APIs)

PayrollManagement

Total RewardsStatements

Online HR Records

Benefits Marketplace (Voluntary)

Flexible Benefits

PerformanceReviews

HR Advice

Time Tracking

ShiftManagement

HourBank

1

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Advantages of an Unbundled TPA Model

01 | Best-in-class

02 | Separation of admin from risk

03 | Access to data for you and your client

04 | Removes insurer handcuff

05 | Facilitates greater transparency

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Technology and Processes

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Technology and Processes

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Telehealth

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Can you find a niche?

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Can you find a niche?

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What did we catch with our BaaS fishing?01 | Robots are watching but independent advice is valued02 | Revisit your first principles to define your value03 | Be curious and never stop learning04 | Develop your tool belt05 | Partner strategically06 | Find a niche

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What did we catch with our BaaS fishing?01 | Robots are watching but independent advice is valued02 | Revisit your first principles to define your value03 | Be curious and never stop learning04 | Develop your tool belt05 | Partner strategically06 | Find a PASSIONATE niche

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