The trend of bleisure, blending business and leisure while you’re away, is on the rise. One recent statistic found that 60% of all long-distance business trips in the U.S. turn into bleisure trips.
When we’re not setting trends in the insurance industry here at DBL Center, we’re always willing to hop on trends that mean more flexibility, fun, and inspiration. So, when I visited Colorado recently to meet with insurance brokers and help them understand the new Colorado Paid Family and Medical Leave Act, FAMLI, I decided to bring along my wife and spend some time sightseeing and reconnecting with nature.
What I called the Colorado Paid Family Leave tour brought us from Denver to Vail. I enjoyed the time on the trails and in some of Denver’s finest restaurants with my wife. We pushed outside our physical comfort zones on hikes through the Rockies.
Then I took time to help Colorado insurance brokers get comfortable with the new statutory benefits in their state. I was encouraged by the response and warm welcome I received from Colorado brokers.
DBL Center: Paving the Way for Paid Leave Across the U.S.
When New York rolled out its Paid Family Leave program in 2017, The DBL Center led the way to help companies across the state write these benefits through private carriers. We helped our brokers save their clients money by bundling ancillary benefits with enriched DBL to create a comprehensive benefits package for employees.
The introduction of Colorado FAMLI, the paid family and medical leave insurance program for the state of Colorado, goes into effect January 1, 2022. For statutory insurance brokers, this represents an opportunity that’s growing increasingly common as paid family leave programs spread across the U.S.
But it helps if brokers understand the nuances of writing paid family and medical leave packages and the various ways they can save their clients can save money with private plans. That’s where the DBL Center staff comes in. We are your insurance wholesaler to help you manage paid leave policies, as well as ancillary benefits.
Why Your Customers Should Privatize FAMLI
Privatizing FAMLI is a smart move. Companies who privatize paid leave in other states, including Massachusetts and Connecticut, get:
- Better service
- Faster, flexible payouts
- Cost-saving opportunities
As a Colorado broker, when your clients privatize FAMLI and you rely on The DBL Center, your insurance wholesaler, to manage and administrate the benefits, you can take advantage of generous commissions. Keep in mind, FAMLI is a statutory benefit. Business owners need to provide this benefit to their employees on a cost-shared basis through payroll deductions.
Note that businesses under 10 lives must still provide the benefit, but employers do not have to cover the premiums. Workers cover their portion of the premium through payroll deductions and the state covers the rest.
Since the benefit is mandatory for all businesses in the state, it’s just up to the brokers to show Colorado business owners the advantages of writing a private policy. Annual renewals should be simple, and The DBL Center’s Broker Dashboard: Net Revenue Tracker will make it easy for you to track cancellations, renewals and – most importantly – your commissions as they continue to grow.
Help Your Clients Privatize FAMLI Now for a One-Time Savings Opportunity
That’s because the state is requiring contributions to the state insurance fund to be paid January 1, 2023. Except if you write the plan through a private carrier. Then your clients can pay q- uarterly, just as they will for subsequent years of coverage.
This is the only time Colorado business owners will have this opportunity for cost-savings. And you can begin quoting policies now.
The DBL Center is here to help. We blazed this trail in New York and, today, we’re helping brokers across the New England states increase commissions and build client loyalty and relationships. That’s what this industry is about – building relationships to help brokers usher in a new era of benefits.
The commissions Colorado brokers can discover through privatizing statutory benefits and bundling them with ancillary benefits and voluntary worksite benefits could be the true pot of gold at the end of the rainbow.
