Massachusetts Representative Richard Neal has introduced a federal paid family and medical leave program that rivals that of the program in his home state. President Joe Biden has also introduced paid family and medical leave provisions in his American Families Plan Act but is getting pushback from Republicans in both the Senate and the House.
If either Biden’s plan or Neal’s plan, which was presented by the House Ways and Means Committee, pass what will this mean for private insurance brokers and carriers who are currently writing paid family and medical leave policies? And what is a federal plan likely to look like?
Here’s what we know so far.
In addition to generous child care for low-to-middle income families, extended public preschool for three and four year olds, and extended child tax credits, Biden’s plan includes a proposed 12 weeks of paid family and medical leave.
The plan calls for 66% income replacement, with up to 80% for lower wage workers. There would be a monthly cap of $4,000, which means that higher wage workers would undoubtedly have to rely on additional means of income replacement to maintain their standard of living and pay their bills if they take leave because they are ill or injured or to take care of family members.
Neal’s plan, called “the Building an Economy for Families Act” dives deeper into specifics for income replacement. It would be based on wages earned and provide up to 85% income replacement. Those at higher income tiers of $8,334 to $20,833 in monthly income would receive just 5% of their income as a paid benefit, while those earning less than $1,256 per month would receive 85% of their wages.
Again, higher income earners would need to plan ahead and rely on savings, investments or other income to continue bringing in the money they need.
The chart below shows the benefits.
The leave could be taken for the same reasons as FMLA (Family Medical Leave Act) job protection, which includes medical leave for an accident, illness or injury that occurred off-the-job, or family leave to care for an ill or injured family member or to care for or bond with an infant in their first year of life or a newly adopted or foster child within the first 12 months.
The definition of family member, now, varies by state. Neal’s federal plan would expand family to include siblings, grandparents, grandchildren, spouses of family members, and also “chosen family.” This mimics the Massachusetts Paid Family and Medical Leave Act, which also has a brought definition of family that includes anyone the claimant considers as family.
As of now, details for Biden’s program aren’t clear. However, the House Ways & Means Committee proposal details three options to fund PFML. Employers could write their policy through a public program managed by the U.S. Treasury Department. In states with existing PFL or PFML programs, employers could opt to continue with these legacy programs. There may also be employer-provided coverage options, which represents an opportunity for insurance carriers and brokers. It is unclear whether the benefit would be employer-funded, employee-funded, or shared costs.
Given the lower payouts for high-wage earners, there may also be opportunities to enrich private policies, similar to the way business owners in New York enrich DBL benefits now. Should a top worker become ill or injured, enriched DBL coverage in New York is one of the best ways to supplement income without having to tap into valuable investments – especially considering new capital gains tax laws.
Additionally, in a highly competitive job market where there are not enough skilled workers to fill available positions, business owners may want to consider offering private short-term and long-term disability policies as an added benefit for managers and c-suite executives. This can help recruit and retain top employees in a variety of industries and provide added value to top talent, as federal programs ensure that lower-income workers have the benefits they need if they are unable to work.
As always, The DBL Center remains your source for news as it develops regarding employee benefits and PFML at the state and federal levels. Top finance site GoBankingRates recently interviewed me as an expert resource for an article detailing everything people need to know about state paid family and medical leave programs and potential federal programs. You can read it here.
by Michael Cohen
As many companies went out of business in 2020 and others saw substantial revenue reductions, insurance brokers have struggled to collect payments for New York and New Jersey statutory disability insurance policies. The DBL Center is the first and only wholesale insurance broker to deliver a list of your pending cancellations and renewals directly to your inbox via our industry-first Broker Dashboard: Net Revenue Tracker app.
Every year, a handful or more of companies will push the limits of their disability insurance renewals. They know we can always backdate the policy if they pay even after cancellation. But brokers’ commissions get delayed and it can wreak havoc on cash flow.
This year could have been even worse when it comes to lost commissions and a shrinking book of business due to the pandemic. But the Broker Dashboard: Net Revenue Tracker app helps DBL Center brokers stay on top of pending cancellations for non-pay, so they can get paid faster and keep the money coming in. After all, we all know that nickels, dimes, and quarters make dollars. Every disability insurance policy your customers pay on time, before multiple cancellation notices, represents money in your pocket.
“I think the annual billing cycle that just closed has been as successful as it could have been given all the other [economic] circumstances,” said Valmaria Strobel, Vice President – DBL Underwriting for Standard Security Life Ins. Co. of NY.
She added that The DBL Center’s reminders to Standard Security brokers were instrumental in avoiding a host of non-pay cancellations. “We billed these policies at the end of 2020, and although some were slow to pay, more have paid than would have without those reminders he was sending.”
Standard Security started in the business 30 years ago with The DBL Center, led by founder David Cohen, as one of the carrier’s top wholesale insurance brokers. “If you ask me what [DBL Center President and CEO] Mike Cohen has brought to the table, it’s the technology, for sure,” Strobel said.
Every month, The DBL Center delivers a list of all policyholders, including in-force policies, renewals, pending cancellations, and cancellations to brokers’ inboxes, making it easy for brokers to track down pending cancellations to keep revenue streams flowing. “It’s hand-packaged and tied in a bow, essentially,” Strobel said.
Strobel explained that the Broker Dashboard reminders go out to brokers on the heels of Standard Security reminders. “It’s been effective in getting policy holders to pay and avoiding some unnecessary cancellations,” she says.
It’s not just carriers who love the way the Broker Dashboard keeps cash flow moving and helps prevent cancellations for non-pay.
Over the past years since The DBL Center introduced this technology, brokers have expressed gratitude for the monthly reports and easy, remote access to their entire book of business.
Calling the list of renewals and pending cancellations “very helpful,” Anthony Villani, managing director for Avanti Associates, a Pelham, NY, disability insurance broker, said. “We do a lot hand-holding with insureds on these renewal audits and are presently working on these accounts, I am pretty sure we will be saving most of them and this list facilitates our process.”
Similarly, Tom Murray, commercial lines account executive for JSM Brokerage Inc. in East Hills, NY said, “I appreciate you reaching out and letting me know about all these.” Having a list of pending cancellations and non-renewals allows brokers to focus on bill collection in a timely manner, while the Broker Dashboard tracks it all for them.
The DBL Center is the only wholesale insurance broker that provides the technology and service to help you stay on top of cancellations and improve cash flow.
Not using the Broker Dashboard yet? Watch our video and then schedule your free demo here!
We’re all busy and it’s not always easy to stay up on the latest statutory and ancillary employee benefit insurance industry news – or to get the helpful tips you need to grow your book of business. The DBL Center understands, which is why we’ve launched our In The News section.
Watch an overview of how to use your Broker Dashboard: Net Revenue Tracker to easily track renewals, cancellations and commissions from any internet-enabled device. You can also schedule a demo of this cloud-based app using the easy-to-access chat feature directly on the page. If you’re not already using the Broker Dashboard, you’re missing out on a key benefit of working with The DBL Center as your wholesale general agency. The Broker Dashboard provides up-to-the-minute information on all the accounts you write with us, so you can gain better control of your business and track your direct billed policies.
Read More: Six Steps Insurance Brokers Should Take Today to Start 2021 Right
Get to know the people behind our wholesale general agency better in our one-on-one video series. DBL Center President and CEO Michael Cohen puts his years of stage experience and his passion for film to work as he interviews The DBL Center team, revealing their motivations, goals, and a few fun facts.
Our Rep Roundtable series achieved industry-wide recognition. These short-form video podcasts launched in 2019, bringing together reps from our top insurance carriers to discuss industry trends and offer tips for brokers.
If you want to learn more about Paid Family Leave’s expansion into New England and beyond, examine the implications of technology on the statutory insurance industry, or find out how top carriers got their start in the field, this is the place to look.
Read More: New York Paid Family Leave Resource Center
Take a look, too, as The DBL Center marketing team “turns the tables” on Michael Cohen to interview him in a virtual series produced during the pandemic. Cohen discusses how the industry changed dramatically in 2020 and what brokers can do to network successfully and grow their business through enriched DBL and ancillary benefits, including Group Life / AD&D, which has seen increased demand in the past year.
Of course, scroll down to our Press Release section to see the latest breaking news, from the Broker Dashboard app release on the iPhone App Store to PFL expansion across New England and, soon, into the western states of Colorado and Oregon. We’ll release more information about these new Paid Family Leave programs as it becomes available, and you can find it here in our press release section first.
Since our website’s revamp four years ago, we have aimed to give you the information and resources you need to run your insurance business. Our In The News section brings together some of our most valuable media in one place, so you can browse easily during short spurts of down time. We hope you’ll discover information, inspiration, and maybe even a laugh or two.
by Dawn Allcot
The DBL Center is always on the lookout for creative tools to help you address your clients’ pain points when it comes to essential insurance coverage. While we specialize in DBL coverage and other temporary disability benefits, we know that many of our brokers also deal with major medical.
Even if you don’t, P&C brokers are in a unique position to help their clients address the painful medical renewals they face every year, as coverage levels decrease and premiums rise. In fact, the solution may be easier than you think, and it’s right in the wheelhouse of P&C brokers.
DBL Center President and CEO Michael S. Cohen sat down with Simon Klarides, Director of Business Development at ShelterPoint Life1 to answer our questions on how ShelterPoint Life’s recently updated Hospital Cash program fits in the picture – and to help you sell this commissionable coverage.
Michael S. Cohen: Simon, why do you think Hospital Cash indemnity insurance is a good option?
Simon Klarides: Let’s face it: Looks like high deductible medical plans are here to stay and they are placing more and more of a financial burden on the employees. Although Supplemental Medical Gap policies are not available as a solution in New York, simple, indemnity-based Hospital Cash insurance may present an option. In fact, we’ve configured our Hospital Cash2 product so that you don’t have to go through the full, traditional underwriting process: an alternative, much more streamlined way to get it is by selling it with DBL.
That sounds intriguing, but before we go into those mechanics, can you explain what exactly Hospital Cash indemnity insurance is?
Sure. Hospital Cash pays a fixed amount per day while confined to the hospital for at least 24 hours. This helps with expenses that result– such as copays and deductibles. I remember a Business Insurance article stating that 43 percent of adults said their deductible is difficult or impossible to afford.3
Anyway, our Hospital Cash benefits are paid for an unlimited continuous number of days per hospital stay, and they are paid independently from any other insurance. The nice thing is that benefits are paid directly to covered individuals and can be used however they choose, whether to help with medical bills or everyday expenses like groceries or the phone bill. And what’s even better – our plans cover not only the employee but the whole family!
So how much does Hospital Cash indemnity insurance pay?
New York State regulates the maximum daily benefit by region. The maximum for NY metro areas is $240 per day and $165 per day everywhere else in New York.4 As I mentioned before, there’s no cap for the number of continuous days per hospital stay. Skilled Nursing Facility stays are covered at the same benefit level but are limited to a maximum of 5 consecutive days.
Let’s circle back to how Hospital Cash indemnity insurance can be sold by brokers and in conjunction with DBL. Can you explain, Simon?
Yes! The easiest way of giving clients this coverage is by getting it at time of DBL application. We’ve created a simplified version as part of our BaseLine suite of products that is issued on a non-roster basis with flat per-capita rates – just by checking a box. This means, no enrollments are required while all active employees and their family members are automatically covered.
While Hospital Cash may certainly benefit groups regardless of how robust their medical coverage is, we typically see the sweet spot for this coverage with micro groups that have minimal medical coverage with high deductibles, if any coverage at all. Many times, these types of groups don’t have a benefit broker at all and look to their business insurance broker for guidance. That’s where you can differentiate your approach as a P&C broker to be more consultative and provide extra value to your clients, all while making more commission.
That’s very insightful. Now, for brokers who are looking to sell Hospital Cash, what if their clients already have DBL, whether through ShelterPoint or not?
The BaseLine version of Hospital Cash can be added at time of DBL renewal for existing ShelterPoint customers, and I know your team, Mike, can help with that. For groups with DBL elsewhere or groups that want customized benefits and riders, we still offer Hospital Cash on a traditionally underwritten basis.
Hospital Cash indemnity insurance will help differentiate yourself from other brokers. Call us here at The DBL Center to add this coverage for your existing clients or chat with us about options how to assure that this gets added to your future cases.
Learn more about ShelterPoint Life’s Hospital Cash here.
Reference Notes: 1 ShelterPoint Life Insurance Company, a NY-domiciled insurance carrier with principal office in Garden City, NY 2 BaseLine version of Hospital Cash policy available in NY only and underwritten by: ShelterPoint Life Insurance Company, Form# SPL GHC115 P NY. The policy described in this post provides limited hospital cash benefits only. It does not provide basic hospital, basic medical or major medical insurance as defined by the New York State Department of Financial Services. Lack of major medical coverage (or other minimum essential coverage) may result in an additional payment with your taxes. Policy provisions, conditions, and exclusions apply. Download this BaseLine Hospital Cash brochure for more information on the BaseLine (non-roster) version. Download this brochure for details and state availability of the FlexLine (traditionally underwritten) Hospital Cash version; this version is available in and underwritten by ShelterPoint Life Insurance Company in NY (SPL GHC115 P NY) and MI; ShelterPoint Insurance Company (licensed in 48 jurisdictions, not including NY) in all other available states outside NY and MI. 3 Livingston, Shelby. Business Insurance 11/25/15 and Commonwealth Fund & Kaiser Foundation, 2017 4 Metro New York area: Bronx, Kings (Brooklyn), Manhattan, Nassau, Queens, Richmond (Staten Island), Rockland, Suffolk, and Westchester Counties. All other New York counties are considered non-Metro.
Photo by RawPixel.com from Pexels
The DBL Center held a summer celebration at Prime in Huntington on the Long Island Sound.
The team, led by Michael Cohen, has plenty to celebrate in 2018. We have a new office in Melville and we’re getting set for the launch of our Broker Dashboard this fall, followed by the introduction of our Net Revenue Tracker (NRT) software.
We’d like to take this chance to give you a peek into life at DBL Center.
You’ll get to know us a little bit better. And maybe understand exactly how – and why – white-glove service is a core part of our company mission and how important our brokers are to us.
The DBL Center has always been a family-owned company. And our employees are a lot like family, too.
With this in mind, picture your most boisterous family meal, and you could imagine our lunch at Prime.
There was lots of great food, many laughs, and great stories from great storytellers. (We have many in the DBL extended family). As the conversation meandered to family traditions, there were strong reminders of where we came from and some talk of where we are going.
Our new office at 155 Pinelawn Road in Melville, a few miles south of our prior location and near prestigious Long Island companies like Newsday and Estee Lauder, gives The DBL Center more space and more amenities. With room to grow within our suite, the office boasts an open floor plan that allows our team to work more closely in alignment. We are all here to help each other.
On a summer Friday afternoon, the office spaces are filled with laughter. The atmosphere makes us more eager to work and happy to provide our brokers with the service they expect. Productivity, creativity, and idea-sharing are all enhanced as DBL Center prepares to enter its next stage of growth.
In the doorway of the office suite to greet visitors and employees is an original drawn portrait of founder David Cohen by local artist and family friend John D. Herz, who David often called, “the Michelangelo of the #2 pencil.” The image reminds us, daily, of why it’s so important to continue living up to our founder’s vision of white-glove service.
Of course, the new office space boasts all the expected amenities. New, ergonomic office chairs were specially chosen for our employees’ comfort and enhanced productivity. In addition to the large conference table in the common area, there is a conference space in president Michael Cohen’s office, where he records our popular webinar series that covers topics like Paid Family Leave, and a screen to show WebEx demos of our new NRT software to brokers.
As DBL Center continues to expand in every way, we have more resources to serve our brokers better, faster, and with the level of attention you expect and deserve. Our webinars and website are just a few examples of how we’ve evolved for the better in the past few years, and our new office is the next step in that evolution.
As our sales volume increases, it puts us in an even better position to negotiate with carriers to secure the best deals for our brokers.
Yet, DBL Center will never forget our roots and will never neglect the personalized service we have offered for more than 40 years. We may grow larger, with nicer offices and more personnel, but we won’t ever become a “big box” insurance wholesaler.
We maintain true to David Cohen’s vision of a “boutique” insurance agency dedicated to serving our brokers, even as we leverage today’s technology to do so in new and more effective ways.
Drop us a line and let us know how we can serve you today.
As an insurance agent, you understand the intricacies of the employee benefits you sell, including maternity leave benefits available through Paid Family Leave (PFL) in New York. You can show customers how to file a DBL or PFL claim, tell them when their disability leave benefits will kick in, and how much money they are eligible to receive.
When you don’t know the answer, The DBL Center Ltd is just a phone call, email, or text away.
We sell employee benefits packages to the decision-makers, but employees don’t always receive the information they need to make important life decisions. For instance, maternity leave benefits may be a deciding factor in how soon a parent returns to the workplace, or even whether a couple can afford to have a child or not.
As an industry, we have an obligation to ensure that information on PFL and other benefits is being passed on to our customers – the company executives, HR departments, and the employees we serve.
An eye-opening article in Glamour magazine shares a “worst-case scenario” of what can happen when an employee doesn’t understand their maternity leave benefits.
Like any employee would do, the writer of the article spoke to her boss regarding her maternity leave benefits. She found out that she was eligible to receive 60 percent of her salary through her company’s short-term disability insurance plan. (The writer lived in Florida, so DBL was not a “given” as it is here in New York.)
She also learned she was entitled to 12 weeks off under the federal Family and Medical Leave Act, which protects employees’ jobs while they are out on leave after having a baby or to care for a sick, aging, or disabled family member.
However, the writer never thought to ask (and her employer didn’t volunteer the information) if her insurance paid for a 12-week leave. When she realized it didn’t, it was too late. The couple’s savings had run out. She began freelancing when her son was only four weeks old to supplement her husband’s income and make the money her family needed to live.
The story resonated strongly with us here at The DBL Center, as a family-friendly company with many employees who are also parents. It underscored the importance of educating not just brokers, but the employers and employees who use PFL benefits.
As a broker, you can (and should) take steps to educate your customers on maternity leave / PFL and other employee benefits. You’ll become a trusted resource, and the company they turn to when they want advice on other insurance-related topics.
If you aren’t already being proactive about educating your customers about paid family leave, here are some steps you can take.
There is nothing like making yourself available to your customers, in person, to answer their questions and explain their employee benefits packages. Set aside an hour of time to host a live seminar with the HR department and any employees who would like to hear about their options for employee benefits.
You can also reach out to your customers without ever leaving your office. Host a webinar detailing the new PFL benefits, as well as any other ancillary benefits your customers receive.
Invest in low-cost, cloud-based software like Zoom or GoToMeeting to host webinars for up to 100 people. Or your organization may already have videoconferencing and webinar software already in place. Most of these programs are easy to set up and simple to use.
Hosting a webinar makes it easy to accommodate the schedules of multiple employees and eliminates travel time and expenses. You may even be able to provide recordings of the webinar, afterwards, for employees who could not attend.
A personalized touch, either through live meetings or webinars, is often best to connect with your customers and upsell enriched DBL or ancillary benefits.
But you can make the information your customers need available to them when they need it by launching a resource center or blog on your website. Providing written information explaining the differences between PFL and FMLA and the extent of PFL benefits will help establish your insurance agency as a trusted resource.
You can even get creative and produce videos that you post on your website as well as on YouTube and Vimeo.
Not only do these articles and videos deliver the information your customers need when it’s convenient for them. It can also give your search engine rankings a boost, making it easier for people in your area to find you when they do a Google search for an insurance agency.
When it comes to marketing, it’s a win-win.
PFL is so important on so many levels, and it is crucial for employers and employees to understand the benefits. It is the responsibility of brokers to educate their customers, and the Glamour article details what can happen if insurance brokers don’t take a proactive stance. Employees don’t necessarily know the right questions to ask to make the right decisions for their financial future.
Fortunately, what is good for employee retention and for working families is also good for your bottom line. And customer education in the digital age is easier than ever.
If you can be the resource your customers need, your business will continue to grow through the sale of enriched benefits packages and word-of-mouth referrals.
It’s tax season once again and for insurance brokers, it’s also a good time to reflect on ways to improve business efficiency in your insurance agency.
For small to mid-size businesses in New York and New Jersey, including many DBL Center brokers, March means working with your tax accountant, sorting through receipts and expenses, running QuickBooks reports, and reviewing your annual revenue.
But there is a lot of data hidden inside those numbers besides just how much you owe the I.R.S. Are you tracking and leveraging your business analytics to their full capacity? The DBL Center is introducing a tool that will allow property & casualty and other licensed agents the ability to do just that.
QuickBooks and other accounting software provides reports to help you track income and expenses, but it is not tailored to an insurance agency. You can’t view the profitability of different types of insurance or different types of customers. You can’t track cancellation trends so you can improve customer retention. And you can’t reliably predict cash flow or opportunities for growth without a way to track renewals.
CRM software can help your insurance agency sales team track leads to generate new business. But someone in your office has to input the data and your sales team has to be invested enough in the process to use it.
Our new Net Revenue Tracker is tailored to P&C insurance brokers to help you manage all your accounts and spot opportunities for growth. It connects directly to your DBL Center back office so all the analytics you need are at your fingertips at any time, wherever you may be. The cloud-based software functions seamlessly and securely on any internet-enabled device, including a desktop PC or Mac, laptop, or Android- or iOs-based smartphone or tablet.
The Net Revenue Tracker provides the information most important to help you grow your book of business, enabling you to track the profitability of specific accounts, track policy renewal dates so you can be proactive about renewals and up-sells, and view important business metrics at a glance.
You can view accounts by carrier to see where you might want to diversify to protect your business interests, and where it might benefit your customers to consolidate for better coverage and lower premiums.
And because it is based on software we’ve used here at The DBL Center for years, we know it is user-friendly to help you increase efficiency and streamline your business processes.
As you’re assessing your business processes to increase efficiencies and track your revenue more effectively, it’s also important to begin thinking about tax strategies for 2018.
This year’s tax season should be straightforward for most insurance brokers, or at least business as usual. The big changes went into effect beginning this year and will be reflected on corporate taxes filed in March 2019. Talk to your tax accountant about the new tax laws and how they may affect your business — and your customers’ businesses, for that matter.
With reduced or eliminated deductions for fringe benefits like transportation, meals and entertainment, employers and HR directors may be looking to enrich disability coverage and ancillary benefits to recruit and retain top talent. Our Net Revenue Tracker can help you spot these opportunities for increased sales with existing customers at your New York insurance agency.
Be one of the first brokers to catch a sneak preview of the software in a live webinar demonstration.
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We are well into 2018 and, as a New York insurance broker, you’ve got the basics of Paid Family Leave down.
It’s the new comprehensive, mandatory insurance that provides the financial support needed for new parents, military spouses, and those caring for aging or ill loved ones. It’s added as rider to your customer’s existing DBL policies in New York. That part should have already been done.
But now the fun for brokers begins, because your customers still have questions.
This is new territory for CEOs, HR directors, and insurance brokers, too.
But the DBL Center, with our commitment to white glove service, has the answers and PFL claim forms our brokers and their customers need.
We recently launched a new Paid Family Leave resource center. It’s a single-scroll page within our InsuranceWholesaler.net website that provides a host of information about Paid Family Leave in New York, including PFL claim forms, handy PDFs, and more.
We’ve heard from our brokers that many of their customers are looking for PFL claim forms. It’s important to note that The DBL Center does not process insurance claims. We are an insurance wholesaler dedicated to providing the best service to our brokers.
Because our job is to serve our brokers, we’ve stocked our Paid Family Leave Resource Center with handy links and PDFs, including the IRS form that describe the tax ramifications of PFL, and a document showing the current PFL rates.
We’ve also provided links to PFL claim forms. There are multiple PFL Claim forms. Which one you use depends on whether the paid leave is for bonding with an infant or adopted child, caring for a sick or aging relative, or caring for a family while a military spouse is deployed. We’ve provided links to all of them.
Finally, we’ve uploaded PFL claim forms branded for each of the three major carriers and have them housed in Dropbox for easy download. Get Shelterpoint, AmTrust, and Standard Security PFL claim forms here.
The DBL Center is proud to be the first insurance wholesaler to provide an interactive PFL calculator right on our website. HR directors, accountants, and CEOs can know the costs of PFL coverage before they call their broker.
Using our PFL calculator, employers will know how much their premiums will be so there are no surprises. After using our calculator, they will have gathered all the necessary information they need to provide so you can write the policy quickly and easily.
Change can be scary. We started talking about changes in our industry back in February 2017. Now it’s here.
In addition to publishing our PFL Resource Center, we are also partnering with top carriers like Standard Security, Shelterpoint, AmTrust, Hartford, and Guardian to present webinars explaining the specifics of PFL coverage and to better help their brokers answer specific customer questions.
Our marketing team is hard at work sharing our knowledge on LinkedIn and on our blog, and we are even publishing consumer-facing articles on top insurance carriers’ websites to provide actionable insights on transitioning to a world with Paid Family Leave while keeping workflow consistent and maintaining employee morale.
In short, we are deploying all our resources to make it easier for our brokers to continue providing stellar service to their customers, answers to their questions, and the resources and PFL claim forms they need to make a smooth transition.
Earlier this year, The DBL Center announced the upcoming launch of a mobile app and dedicated website that provides our brokers access to a DBL Center app dashboard to manage all your accounts easily online, from anywhere with Internet access.
By the beginning of Fall 2017, DBL Center brokers can look forward to seeing the app rolled out and fully functional. “We’re on the time frame we expected for the successful launch of this app by the end of the third quarter, beginning of the fourth,” says DBL Center President Michael Cohen. “I couldn’t be prouder of our team for meeting our very ambitious interim deadlines. As we round the turn to completion, I’m excited to see the app change the way our brokers conduct their daily business in faster, more convenient ways.”
Cohen wants to clarify the functionality of the DBL Center app and desktop site, based on feedback he’s heard from those who have viewed the beta version. “This is not a portal,” he says. “This is a dashboard that provides our brokers with everything they need from an account management basis to compare premiums and bind policies easily from anywhere they happen to be.”
Of course, The DBL Center employees are still available to answer questions and provide the same level of white-glove service we always have. But the app gives brokers a more convenient way to conduct business, whether they are at home, in their office, or on the road.
When you log in to the DBL Center app or desktop site, you will see your personalized insurance dashboard. Depending on the choices you select, you’ll be taken to the carrier’s site to get a quote or bind a policy.
For brokers who work with multiple carriers, the app makes it easy to access all their accounts from one central location. “It’s similar to the way someone would use their Universal Remote to control their TV, Blu-ray, and Netflix, all from one device,” says Cohen, relying on an equally high-tech analogy to pinpoint the convenience and ease-of-use the app will provide to brokers.
Additionally, brokers can view other choices from the dashboard—options they may not have previously considered for their clients. “Property and casualty brokers who normally write disability will now have the opportunity to view ancillary benefits or Paid Family Leave policies directly from the app’s central dashboard. It’s all integrated, which makes it easier to manage existing policies and look at ways to expand your book of business.”
In addition, brokers can consider different carriers and see the vast range of choices in A+ rated carriers The DBL Center offers its customers.
When DBL Center brokers sign online to bind a policy with fewer than 50 lives, they will be prompted to establish a login and password for the DBL Center Dashboard and mobile app. “We want to make sure every one of our brokers has the opportunity to hear about our new dashboard and mobile app and to sign up as soon as they are ready,” says Cohen.
The DBL Center will also host live webinars and provide instructional material to guide brokers’ through the use of the app, which is already incredibly intuitive and designed to address the brokers’ needs with an easy-to-navigate interface.
Finally, The DBL Center app will allow brokers to sign up for direct deposit, to have commission deposited electronically into their bank accounts, eliminating the hassle and stress of waiting for paper checks. While direct deposit has been common in many industries for years, few brokers have had the chance to appreciate the convenience and peace-of-mind they will enjoy receiving commissions through direct pay methods.
“We are taking what my father, David Cohen, created 40 years ago and we are using the latest technology to bring The DBL Center into the future, ahead of our competitors, and on the cutting edge for insurance sales,” says Cohen. “We can’t wait to hear the feedback from our brokers when they log in for the first time and discover how their back office processes are streamlined thanks to the app.”
The DBL Center… More than Just Disability Coverage… Discover the benefits of our white-glove service …
One of The DBL Center’s preferred carrier partners, AmTrust, offers the information you need to help your clients get ready for PFL and ensure compliance. “At the early stage of any new insurance regulation, education is key.” This is how Joy Maas, Director of Marketing, Sales, and Accountant Management for AmTrust Financial Services, a top provider of New York and NJ state disability benefits, began our recent conversation about the Paid Family Leave regulations going into effect January 1, 2018.
For employers, education means learning how to ensure compliance with the new regulations, understanding what the PFL benefit covers, and knowing where to turn with questions they might have.
For our insurance brokers, it means partnering with carriers, through The DBL Center, who are prepared to offer PFL as a rider to existing DBL policies. More importantly, it means taking advantage of the tools and resources available so that you can continue to educate your clients on what they need to know.
“One of the best ways brokers can get more attention and write more business, right now, is to be the expert on the topic of PFL,” Maas continues. “Be the educator.”
Resources for Brokers Since the day the news broke about PFL, The DBL Center has kept our brokers updated with information via our blog, newsletters, and a seminar series hosted and sponsored by The DBL Center and featuring our top carriers.
Brokers who show their customers they are well-versed in PFL will be in a position to earn additional business by writing PFL riders to existing DBL policies, and brokers who write their business with The DBL Center have a choice of top carriers and a host of resources at their fingertips.
PFL Compliance is Key Of all the details available about PFL, compliance is, perhaps, the most critical. Brokers can use consultative selling techniques to build trust and explain how employers can purchase PFL coverage to avoid hefty fines and liabilities.
Employers should know, PFL compliance requires that they:
Penalties for Non-Compliance Additionally, employers should know that the Workers’ Comp Board is allowed to assess non-compliance penalties up to ½ of 1 percent of the employers’ weekly payroll for the period of non-compliance, as well as mandating that the employer pay any PFL claims. An additional penalty of up to $500 may also be assessed.
Non-compliance is pricey, while PFL compliance is simple. And although we don’t know the premium rates at this time, we should know soon. When the rate is announced, you’ll be sure to read about it here on The DBL Center blog and in our newsletter.
Let the Education Continue Maas asserts that the brokers who are willing to educate their clients on PFL are the ones who will win the business—and possibly even sell enriched DBL policies at the same time. “Let your clients know what PFL means, how it looks, and what they can do to prepare,” she tells brokers.
Maas and her colleague, David Clark, will co-present a seminar sponsored by The DBL Center Ltd. and hosted by DBL Center Partner Michael Cohen on June 7, 2017, from 2 to 4 PM at The DBL Center headquarters in Melville, NY. For details please send an email to firstname.lastname@example.org. Space is limited.
At this fun and informative event, both AmTrust and DBL Center representatives will answer our brokers’ questions about PFL and share all the details you need to sell this new mandatory benefit knowledgeably.