Expert Perspective Presented by BenefitsPro Expo
What the C-suite really thinks about their health plans: BenefitsPRO Expo preview
Do executives believe advisors engage effectively with leadership? Do they feel their health plans are fairly priced, expensive or extremely expensive? And what does the C-suite really think about you?
Do executives believe advisors engage effectively with leadership? Do they feel their health plans are fairly priced, expensive or extremely expensive? And what does the C-suite really think about you? To find out, join our education session: C-suite Secrets: What CEOs and CFOs Really Think About Their Health Plans on April 29 at the BenefitsPRO Broker Expo in Denver.
Jason Hamelin of Werfen and Rebecca Randles from Imagine360 will take you beyond the boardroom and into the minds of executive leadership to pull back the curtain on how they evaluate health plans. Jason will share the new ways he and his CFO peers measure success and how leaders in the space now consider their health plans as viable avenues for optimizing financial health.
In addition, attendees will get exclusive access to the results of a new C-suite survey, conducted jointly with BenefitsPRO and Imagine360, which will be unveiled for the first time during the session. Seventy percent of the respondents were CFOs and finance professionals, while the other 30% consisted of CEOs, HR leaders, and other operational roles. More than half of the respondents were from mid-sized companies, ranging from 100-1,999 employees.
Here is a preview of some of those findings:
The broker relationship
Over half of the survey respondents have been working with their broker for over four years. This indicates a fair level of satisfaction and trust in the broker-client relationship.
For example, when asked whose interests brokers were representing, 57% of respondents noted they felt brokers were looking out for both themselves and their clients while 33% felt brokers were looking out for their clients.
Cost concerns and broker strategies
The average health insurance cost increase for the survey sampling was just over 7%, which aligns with the national average. The 2023 benchmark KFF Employer Health Benefits Survey noted an annual family premium around $23,968.
About half of respondents feel that their brokers have introduced viable strategies to help mitigate annual cost increases. But 6 in 10 respondents expressed doubt or uncertainty about their broker’s long-term strategy to address rising costs. This lack of confidence in a long-term plan highlights an opportunity for improving broker-client communications and planning.
Session preview
This session will also feature insights from speaker, Jason Hamelin, Director of Financial Planning & Analysis at Werfen. Jason will highlight opportunities for increased transparency, alignment, and communication between brokers and clients. Additionally, we will dive even deeper into the survey findings and offer tangible takeaways to empower brokers. Brokers will have the opportunity to ask questions, and the experts will share how brokers can best work with business leaders to optimize the renewal process and strengthen their relationships.
We hope you will join us for what is sure to be a rich dialogue, offering a deeper understanding of the challenges and opportunities in managing health plans in today’s corporate landscape. Our panel experts include:
Jason Hamelin, Director, Financial Planning & Analysis at Werfen
Jason has spent more than 25 years focused on financial planning and analysis, process improvement, and mergers & acquisitions. He enables companies to grow by helping people to understand the financial health of the business and where to continuously improve.
Rebeccah Randles, Director of National Business Development for Imagine360
Rebeccah has spent more than 25 years in the insurance industry, with deep expertise in the self-funded and fully insured markets both nationally and internationally. She is passionate about helping brokers and employers take better control of their health plans, the ability to provide a higher level of benefits, and transparency in healthcare costs.