Private Exchange

Overview


Bright Choices®

Instead of the usual “one-size-fits-all” approach, personalize and right-size each employee’s benefits portfolio.

North Risk Partners is proud to be a certified distributor of Liazon’s Bright Choices® Exchange, a revolution in buying and delivering employee benefits. Bright Choices®  is a private benefits exchange (similar to an online store) where your employees can use the dollars you give them to buy the benefits they actually want.

Bright Choices Exchange

When it comes to employee benefits, people have very different needs.

Research indicates that businesses will quickly move to private exchanges.

47%

A recent J.D. Power and Associates survey indicates that 47% of employers are likely to adopt a Defined Contribution approach and utilize private exchanges.

80%

Another study by Oliver Wyman shows almost 80% of employers were willing to choose a private health care exchange.

Advantages


What you have now

Misaligned coverage
Give everyone a “one-size-fits-all” health plan and limit other forms of protection.

Annual juggle of rising benefits costs
Each year, either pay more, change carriers and plans, limit coverage, or shift costs to employees.

Less satisfied employees
Hide the value of your benefits spending from employees and choose for them.

Benefits administration headaches
Track down paper enrollment forms, answer employee questions, manage carrier reporting needs.

With Bright Choices

Balanced coverage for diverse risks
Your employees choose the coverage that meets their individual needs across a range of insurance products.

You set your benefits budget
Allocate fixed dollars to your employees and let them buy what they value.

Increase employee satisfaction
Allow employees to build a personalized benefits portfolio that meets their specific needs.

Streamlined benefits administration
We streamline benefits administration and handle employee questions; you use efficient online tools for changes and reports.

Why it matters

Your employees are better protected.

You control your budget, and your employees control their budgets – people spend money more wisely when it’s their own.

Employees understand and value every dollar you spend on benefits.

You save time and your employees get better service.

With Bright Choices, employees can personalize a portfolio of benefits to fit the specific needs of their families.

When employees choose the coverage they need, they choose more efficiently. They don’t buy the “rich” plans they don’t need.

They save

They save money for the whole healthcare system, their employers, and themselves.

You save

You save money on benefits and make your employees happy by giving them purchasing power and choice.

How It Works

Bright Choices®.
A better way to buy benefits.

With the Bright Choices Exchange, you determine the dollar amount to give your employees. They go shopping in an online store to get a benefits portfolio that fits them best.


How do you choose the plans that go in the Bright Choices store?

Liazon and North Risk Partners have formed unique relationships with the top national and regional carriers you know and trust to bring your employees a selection of top-notch benefit plans.  North Risk Partners works with each employer to recommend the best carriers and plan offerings so that employees have access to a variety of plan options to ensure each family’s diverse needs are met.

How does Bright Choices help determine the best plans for employees and their families?

When employees log in to Bright Choices, they will have access to a sophisticated questionnaire which leads them through a series of questions, and then makes recommendations given their health profile, financial status, risk tolerance, and preferences. It reveals the actual costs of benefits and educates them to make informed decisions.

Do employees have to take the recommended product?

With Bright Choices, the employee is in control. They can choose the plans recommended by Bright Choices, or pick anything else in the store.

Getting Started

We’ll walk you through the process step-by-step.

North Risk Partners will provide you with all the necessary information including a personalized funding analysis, an overview of Bright Choices®, and a quote of the plans in your area. Here is what you can expect from the process:

Determine your budget
We will help you determine your budget based on your business needs and desired level of purchasing power. Most employers save 10%-30% in the first year alone.

Employees go shopping
You will gain access to the Bright Choices Exchange where each employee will login and make their own benefits selections.

Complete program administration
Everything from eligibility to reporting to ongoing support.

Comprehensive support for your employees
Education materials and dedicated experts available to help with employee questions during enrollment and throughout the year, so you can focus on your business.