Seeking Advice from Employee Benefit Brokers / Professionals

[Zohair]

Hi all,

I'm working with a fintech startup company that's launched a cloud based software designed to help employees create a budget for themselves and ultimately save money. The software is unique, in that it can help people manage their finances and it also has marketing elements integrated into it.

Healthcare might be the most focused employee benefit, but statistics on employee financial health do not lie. Employees are stressed about their finances and that stress directly affects their work and productivity. Our goal is to help employees manage their money better and to reduce their debt, which would result in higher employee productivity and less turnover for employers. Our product is not a financial advisor.

To Employee Benefit Brokers/Companies, where do you think a product like this could fit in? A lot of companies do use Fidelity and other financial advisors, but our product is completely different. Ideally we want our software to be included into existing benefit packages. I just want to get the opinion of professionals who are in the employee benefits realm. Would a product like this be appealing to brokers/ employee benefit companies?

P.S I explained our product in a nutshell. Bottom line is that it does a lot of things, is unique and user-friendly.

Thanks

 

[Mike Siegal]

You got lots of competition in this arena. Have you checked them out?

What are you offering that is better than existing services?

 

[Zohair]

Yeah there are a lot of FinTech companies coming into the Financial Wellness realm. I have seen several companies in this arena, and no one has a product quite like ours.

Our product is tangible, and has practical day-to-day implications. Employees can manage their cash flows and create a budget for themselves through our user-friendly dashboard. We have a debt-management system that will help employees pay off student loans, mortgages, credit card debt, etc.

We have built-in email/text alerts for upcoming payments and a built-in engagement system where employers can directly project their social feeds and communicate with their employees (API system integration).

One thing I've noticed with current offerings in the Financial Wellness arena is that most companies are focusing on the future: investment programs, financial planning, financial education.

These programs are great, however employees need something tangible. What good is an investment or planning program when most employees don't even know their cash flows or are in significant debt? Similarly, most employees could care less about financial education, they just want to know if they can afford that vacation 6 months from now.

Our product is practical and has features that will help employees manage their finances on a day-to-day basis. Our goal is to promote healthy financial behaviors and create financial prudence. Only then can other financial investment and planning programs reach their maximum efficiency.

 

[LeeV]

5 year old thread

 

[charlie2170]

Cloud-based software like the one your fintech startup offers could definitely fit into employee benefit packages, especially as financial wellness becomes a growing concern for companies. Unlike traditional financial advisors, your product's focus on budgeting and debt reduction offers a unique value. Employee Benefit Brokers might find it appealing because it addresses a significant pain point—financial stress—that affects employee productivity and retention. Positioning your software as a complementary tool to existing benefits could make it an attractive option for companies looking to enhance their employee wellness programs.

I'm looking for Group Benefit Brokers to offer a No Net Cost Comprehensive Wellness plan includes GI ULife with Living Benefits...let's connect

 

[scagnt83]

I'm looking for Group Benefit Brokers to offer a No Net Cost Comprehensive Wellness plan includes GI ULife with Living Benefits...let's connect

Sounds like the old zero premium insurance pitch. Hope your E&O is up to date.

Just to let you know. That exact sales pitch is literally outlawed. And to do it in a group setting, is asking for even more trouble.

 

[charlie2170]

Sounds like the old zero premium insurance pitch. Hope your E&O is up to date.

Just to let you know. That exact sales pitch is literally outlawed. And to do it in a group setting, is asking for even more trouble.

Apparently you do not read very well. "Outlawed" by whom? Group "setting"? ..lol...Are you just getting started with group "settings" or have you failed with group "settings?

 

[LeeV]

Ok, I will bite. Email me some information first, at [email protected], then call me at my office, 704-672-0576. Thanks.

 

[charlie2170]

Ok, I will bite. Email me some information first, at [email protected], then call me at my office, 704-672-0576. Thanks.

Great! Thank you Lee

 

[scagnt83]

Apparently you do not read very well. "Outlawed" by whom? Group "setting"? ..lol...Are you just getting started with group "settings" or have you failed with group "settings?

I've been in the business for almost 20 years.
Maintained many groups during that time.
Sold lots of WL/UL/IUL/Term/Annuities/DI to both individuals and groups.

State regulators are who banned that form of marketing Permanent Life Insurance.

Zero premium, vanishing premium, etc. It has gone by many names over the years. Regulators have made it very clear how they feel about it.

Carriers have as well. Many list banned forms of marketing, and that is often at the top of the list. And they will terminate your appointment if they find out you are marketing their product in that way.

Im not trying to be an a**. Just stating the facts. I love permanent life insurance. But that is something that could end your career.

And your product is not special. I can offer GI WL with LTC Rider (true LTC, not Chronic) starting at 5 lives in a group setting. With extremely strong Cash Value. But I would never risk my career by marketing it in a non-compliant manner.