Mike Goldman, COO at NFP, joins WRIN.tv to discuss some of the challenges facing the life and benefits sector, from the economy, pricing, technology, transparency and more.
According to Mr. Goldman, “Everything is affecting us from the economy, to legislation to regulation…(it has) put a premium on being a sophisticated advisor in the marketplace.“ For NFP, which is involved in benefits, life insurance and wealth management, it has meant an investment in actuarial, legal, compliance, and wellness areas, Mr. Goldman says, “to give our clients the most thorough advice that we can.”
Mr. Goldman says pricing in the life and benefits market is affected by claims and medical trends. This has “caused more of the employers to shift the burden of costs on to employees to combat the trends they see in the marketplace today. “
Looking ahead, Mr. Goldman sees a “continuing shift towards consumerism” with better technology and transparency-allowing employees to make better decisions about the quality and cost of their health plans.