Workplace benefits distribution: 5 factors driving change

The world of work has changed in recent years, and workplace benefits retail distribution models are changing to keep up. A panel of experts will explore the themes driving change in workplace benefits distribution during the LIMRA Annual Conference.

Pat Leary, LIMRA and LOMA corporate vice president of workplace benefits research and moderator of the session, said the panel will look at five factors impacting workplace benefits retail distribution. The other panelists are Philip Trzcinski, director of distribution strategy, execution and business development with Transamerica, and Adam Zuckerberg, vice president, worksite solutions with Western and Southern Financial Group.

Leary outlined some of the themes the panel will discuss.

1. Evolution of business partners and methods. “We’ll talk about things such as the role of brokers and how their practices are changing, and the role of other firms in the ecosystem,” Leary said. “We’ll discuss payroll firms, fintech firms. We’ll look at how those partners and methods are evolving.”
2. Distribution economics. Leary said the panel will discuss compensation strategies, key revenue drivers, and expenses and expense management. “We will look at what’s driving revenue and distribution expenses and how companies manage those,” he said.
3. Sales operations and support. Leary said he will share results of LIMRA research on where carriers are investing to support distribution and where carriers predict those investments will change in the next five years. “We look at what services carriers find are most valued by brokers in areas such as training, point of sale support, operations support and technology support.”
4. Talent. “We’ll talk about how carriers’ talent needs are changing to support workplace distribution,” he said. “What roles are going away? What roles are emerging? How are certain roles transforming? What is the role of technology and how is artificial intelligence influencing these roles?” Leary said he also will present LIMRA research on attracting and retaining talent, and what positions are easier or more difficult to fill.
5. Digital transformation. “We’ll look at how technology is changing the business and how tech is being leveraged around effective and efficient distribution,” he said. “What role is AI playing? Where is it seen as most impactful to support distribution?”

Leary said he and his panelists have some other ideas to discuss but decided to end the presentation as a “wild card” session in which members of the audience can ask them questions about other topics related to workplace benefits distribution.

“We’re going to have kind of a free for all and see where it goes,” he said.

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