Private exchanges present brokers with a tremendous opening to increase voluntary sales. A broker who is on the offensive will use private exchanges to better place such products to individuals and groups, says Grant Hoffman, general manager and vice president of exchanges at Connecture, a health insurance distributor.
Since private exchanges often use decision-support tools that ask individualized questions, they can better tailor benefit decisions and voluntary options for participants. That ability adds to the toolkit of a broker, Hoffman says.
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