The Evolution Of Private Exchanges

By: Tom Dimmer, Vice President Business Development, Individual Markets & Exchanges The Value Meal Is Coming Since the beginning of private exchanges people have been asked to buy insurance à la carte. You want medical? Go here. You want dental? Go there. For vision, try this. Today, consumers are demanding an easier process, and Renaissance is committed to delivering that. As a company born in the exchanges, Renaissance has a history of adapting to what consumers want. That’s why we’re very proud of our new partnership with industry leader VSP^® Vision Care. We can now offer vision along with our flagship dental product, making the buying process easier. This bundled approach also gives us the ability to offer price breaks for customers who turn to us for all of their ancillary insurance needs. A One-Click Purchase Whether you’re a broker or a consumer, our goal has always been to be easy to work with. Our bundled plan means consumers can find exactly what they’re looking for with one click of the mouse, making buying insurance a seamless process. In today’s environment, consumers expect customizable insurance options. Renaissance recognizes that and is ready to offer it to them. Soon, we’ll have a low-cost plan for the young professional who is not concerned about the possibility of needing dentures in the near future. At the same time, we’ll have a full-service plan for retirees who just signed up for Medicare and understand the importance of continuing with the dental coverage that has allowed them to have good oral health their entire lives. The Broker One of the big changes to private exchanges has been the role of the broker. We value the broker relationships in the marketplace and know they play an integral role in helping to explain benefits. There is no doubt the process is still confusing, and consumers and brokers are finding new ways to work together. That new relationship is helping brokers make up lost revenue. Brokers were hesitant to get involved when private exchanges were first introduced. Now, we’re seeing agents who use the exchange as a tool to drive sales. Our bundled services approach will go a long way in helping to increase revenue for brokers by making ancillary insurance an easy purchase. At Renaissance, we are nimble enough to adapt as the insurance climate changes to make sure we offer the best product for our customers. Changes happen fast, and we are able to keep up with them thanks to a forward-thinking approach that helps us stay ahead of the game when it comes to changes to the private exchanges. That ability to adapt through strategic planning is why consumers continue to look to Renaissance as a leader in ancillary insurance coverage.