For those in the industry that are ready to transform their business, it's time to shine. Two benefit pros who attended the 7th Annual Employee Benefit Summit in Phoenix in September shared their thoughts about the upcoming year and how they're preparing.
LAMBERT HSU
Principal, BenefitPro
Insurance Services
I think that 2013 and 2014 will bring some rather significant changes, but I think, for those that are ready for it, we can transform our businesses to thrive in this particular environment. In terms of adding products to our portfolio, I think it's actually about taking a step back and doing a true evaluation of where we are, where we want to go, and building a path to get there. I think at the highest level instead of learning about products or new laws it's more about taking that step and doing strategic planning, which has the greatest impact on our business. It's how we can serve our clients.
SAM FLEET
President and CEO,
AmWINS Group Benefits
2013 is going to be the biggest health care policy year ever. We have an election going on now and, no matter what the result of that election, it is imperative we reform entitlements. When you take a look at health care spend in the U.S., 49% is spent by the government - Medicare, Medicaid and CHIP. Those are great programs since they take care of older people, children and those who cannot take care of themselves, but clearly the economic conditions need to change. We have to find a better way to fund those entitlements and we're going to be forced to do that. I think that's one reason why Rep. Paul Ryan was put on the Republican ticket with Mitt Romney, since he talks a lot about Medicare reform. Even if President Obama gets reelected and is in the White House for four more years, there's going to be this momentum to look at entitlement reform, and I think 2013 is going to be the year this happens.
