BRAMLETT AGENCY STRIKES OIL IN THE BENEFITS FIELD    New niche becomes company's "savior" The Oklahoma oil fields are an American icon-a symbol of an era when wildcat drillers struck it rich with gushers of black gold. Oil and natural gas drilling and exploration companies gushed with jobs and revenue, creating opportunity for smaller support businesses and professional service firms. But all gushers dwindle eventually and by the beginning of the 1970s, the era of the black gold rush in Oklahoma was essentially over. The oil and gas industry is still a top employer in Oklahoma and Arkansas, but in the past 30 years or so, revenues and payrolls have shrunk, causing other area businesses to seek new markets and opportunities to sustain revenues. The Bramlett Agency in Ardmore, Oklahoma, still specializes in the risk management needs of the oil and gas industry, focusing on reducing the total cost of risk in the workers compensation-driven field. But the agency has also developed a new specialty to drive the future success of the agency-employee benefits. "As the oil and gas industry began to contract in Oklahoma some 20-plus years ago, it became clear that we would have to learn something else to sustain our business and allow us to continue to grow," recalls Robert M. (Bob) Bramlett Jr., president and chief executive officer. The Bramlett Agency was founded in 1948 by Jim and Mary Jane Bramlett. In 1975, their son, Bob, joined the firm. Upon his parents' retirement, Bob purchased the agency in 1982, with all of its future challenges. Click here for the complete article …

VOLUNTARY BUSINESS CONTINUES TO GROW    Workers and employers adapt to a variety of products Fear, doubt and uncertainty. What else can employees feel after a terrifying recession, job losses and employer cutbacks in the benefits most workers have come to rely on to provide personal and financial security? As employers search for ways to reduce their budgets and cut their employee benefits costs, they continue to recognize the need for supplementary benefits that can help their employees fill gaps in medical or disability coverages provided by employers. As a result, insurers that specialize in voluntary benefits marketed directly to employees say the group or individually rated programs are capturing more interest than ever from both employers and employees. Voluntary benefits are usually endorsed by employers but chosen by and paid for by employees. They include supplemental long or short-term disability insurance, supplemental life insurance, and a wide range of medical and hospital supplemental coverages, which can be group-rated for large employee groups or individually rated for single employees or small groups. Colonial Life & Accident Insurance Co. in Columbia, South Carolina, a division of Unum, is one of the largest voluntary benefits underwriters. The company provides individual accident and disability insurance coverage, critical illness and cancer insurance, hospital confinement indemnity insurance and other medical bridge insurance that pays expenses that may not be covered by group health plans. Click here for the complete article …

VOLUNTARY BENEFITS-THE WAY TO GO?    Costs and coverage gaps concern employees Health care reform looms over employer group benefits plans, and the recession still weighs heavily on employee wallets. Is this really the time to promote voluntary employee benefits programs? Conventional wisdom may say "no" but the latest research on health care costs and employee attitudes say otherwise. Fears about disruption caused by the Patient Protection and Affordable Care Act ("the Affordable Care Act") and the steady pattern of rising health care costs may be driving employees to think more carefully about their potential financial exposures and to seek protection from catastrophic expenses ignored by group health plans. And as their anxiety about their future health risks increases, workers report being more willing to take money from their paycheck to improve their security. As a result, voluntary benefits such as disability insurance, critical illness insurance, medical "gap" insurance products and hospital indemnity plans are getting more attention than ever from employers who want to improve their benefits without costs and employees who seek greater financial security. According to a new survey by employee benefits consultant Towers Watson in New York, employees find themselves struggling with a "health care affordability gap" that is eroding their satisfaction with the group health benefits. This growing dissatisfaction comes at a time when employees have become increasingly risk averse about their careers and family income, the study says. Click here for the complete article … MOVING EMPLOYEES FROM ENRAGED TO ENGAGED    Engagement = profits As you read this article, look at it from two perspectives. First, reflect on how your own agency may be impacted by employee engagement. Second, think of your clients and the impact they are experiencing, as well as how valuable a partner you would become if you could help them improve their current level of employee engagement. See if this sounds familiar: AnyCo is a mid-sized business. Things were humming along pretty well; the firm's future seemed bright. Then, almost overnight, the economy seemed to implode around it. Revenues were on a steady decline. Margins were evaporating even faster than revenue. The confidence employees once had in their future started to wane. Further investments to grow the business had to wait. They lost complete sight of the vision that once drove their efforts. In fact, all that mattered was the bottom line-keeping the doors open. Survival became their new definition of success. To ensure that survival, AnyCo had to lay off all but the most critically needed employees. The budget dollars for training and development were quickly eliminated. Salaries were initially frozen and eventually had to be cut. Employee benefits suffered the same fate. Increases in premiums had to be passed on to the employees, but soon even core benefits had to be eliminated. Click here for the complete article … Dearborn National Making a Name for Itself    Voluntary products, including dental, complement a P-C agency's offerings It is widely believed in financial circles that the more products you sell a client, the greater your likelihood of retaining that client over time. Craig Nordyke, FSA, vice president and chief actuary at Dearborn National, believes this to be true, and sees it as a good reason for P-C agents to explore the use of voluntary benefits to achieve greater stickiness with commercial insureds. "When you add voluntary coverages to a commercial policy, workers comp and other property/casualty coverages-and even employee benefits-you have yet another way to help cement a relationship," he says. Of course, he adds, another reason to consider voluntary benefits is additional commission income. "But the soft impact-strengthening the relationship with a particular employer customer-is something agents should not ignore," he notes. According to Nordyke, voluntary benefits are becoming increasingly popular. As employers look to curtail costs, they're switching some benefits to a voluntary structure. "That's been a tendency for quite some time," he explains. "For instance, if an employer is providing life insurance at three times salary, they could contain costs by transitioning to two-times and offering a voluntary life insurance plan, which employees can buy into easily, on top of that. Click here for the complete article …  Click here to unsubscribe This message was sent by The Rough Notes Company, Inc., 11690 Technology Drive, Carmel, Indiana, 46032 1-800-428-4384