2011 Leadership Awards Recipient Profile

This award recognizes a leader in the Voluntary Benefits industry for providing an exemplary program or innovation consistent with the vision of the Voluntary Benefits Association’s goals; to advance Voluntary Benefits, initiate improvement and education by engaging plan members, and promote proven strategies. The award also honors an individual whose professional accomplishments embody such qualities that drives the voluntary benefits industry forward. Voluntary Benefits Magazine will be featuring our stellar leadership awardees throughout the year to recognize their invaluable commitment to the industry.

The Voluntary Benefits Leadership Award Ceremony took place on October 26, 2011 at the annual Employer Healthcare Congress and the Voluntary Benefits Conference.  The ceremony was flowing with supporters there to honor the winners of this prestigious award.  Our first featured 2011 Leadership Awards Recipient is Robert Shestack, Chairman of the VBA and Managing Director of Employer Benefits at Marsh U.S. Consumer.

Shestack, a 22-year industry veteran, holds a Workplace Benefits Consultant certification and a degree in Actuarial Science. He particularly works in a sales, product development, carrier relations, strategic innovation, client communication, and enrollment capacity within the Voluntary Benefits field. Shestack’s product knowledge spans widely along the lines of traditional voluntary benefits programs such as Life, Disability, Medical Gap, Cancer and Critical Illness. Additionally, he serves as an Executive Board Member for the Workplace Benefits Association, is the association’s 2010 President and was elected into the Workplace Benefits Hall of Fame in July 2010, joining an elite group of Voluntary Benefit industry leaders. Another noted achievement, Mr. Shestack has contributed to a few published industry books including “Worksite Marketing: A Promise to Deliver –How to Turn Voluntary Benefits Into Visible Results,” and “Critical Illness Insurance: Coverage That Can Save Your Life,” and has been quoted in many leading industry publications. It is for these reasons Shestack was recognized amongst a few select others at this year’s conference.

Robert Shestack: With more than 20 years of experience behind me, and hopefully 20 more to come, I continue to be passionate about the Voluntary Benefits business.

My experience dates back to my days as the President  & COO of AmeriFlex, where I strategically worked with many of the industry’s best Voluntary Benefit brokers, providing them with COBRA, FSA and other third-party benefit administrative services. After I sold my interest in AmeriFlex, I joined Univers Workplace Benefits, a company where I gained a significant amount of experience by working with some of the industry’s best Voluntary Benefits professionals and strategists. I continued gathering valuable experience after I joined The Trion Group (a Marsh & McLennan Agency) and in my current role as the National Sales Leader for Marsh US Consumer, a service of Seabury & Smith and a division of Marsh Inc., a subsidiary of Marsh & McLennan Companies.

But my real desire to enter into the Voluntary Benefits vertical dates back to 1998 when my wife Debbie was diagnosed with breast cancer. With over $13,000 in out-of-pocket nonmedical expenses, I said to Debbie: “If only we had an insurance program that covered expenses major medical normally excludes.” Ironically, I then discovered something called Critical Illness Insurance, and to this day, I am a huge advocate for CI/Cancer coverage and the entire Voluntary Benefits portfolio that carriers offer today.

RS: Carriers, enrollment firms and technology companies are constantly creating new products and developing enhancements to existing products. The industry is also using enhanced enrollment methodologies, as well as improvements to enrollment software that utilizes new concepts such as avatars and other types of graphic user interfaces (GUI). These advancements are significant for the industry, as they introduce more methods employees can use to garner a better understanding of the value proposition for their needs by participating in one or more Voluntary Benefits programs.

And then there is Healthcare Reform, which in my opinion will reopen the door to true Cafeteria-type programs. Back in 1978, the IRS issued proposed regulations that allowed employers to give their employees a bucket of money, or benefits bank that would allocate funds to the programs that best fit an individual employee’s insurance needs. If an employee allocated more than their employer provided in the bank, money could be deducted pretax through payroll deduction. If the employee did not spend the entire allotment, those funds would either be forfeited or given back to the employee as taxable compensation - all depending on how the employer established its plan document.

I see this concept, which has been around for 34 years, as the manner and method in which employers will consider to impart their benefit programs to employees. So, education and communication will be a vital part of the success of these programs (created by enhancements in technology) and more choices will be critical, as well as allowing employees to custom-design their own benefits package (new products and enhancements to existing programs).

Bottom line: This is a great time to be in the Voluntary Benefits business.

RS: I am passionate about this business and enjoy every day of my job. I have a true admiration for the people I work with, including Marsh colleagues and other industry professionals. I enjoy solving problems for our clients and giving their employees a better understanding of the programs that can benefit and protect their families financially. We all have those days that are challenging, but the friends I have made, the people I work with on a daily basis, and the clients I have helped succeed with their desired strategies keeps my fire burning day in and day out.

RS: We have all read those books on how to maximize your potential in the business world. I have many takeaways from those readings and feel there are a few basic key elements to any successful business venture; listen to your client, be honest with your client, ask effective questions to get to know your client and deliver what you promise.

The following ideals have also contributed to my success over the years:

·        Network. Don’t go to conferences for the free food and giveaways. It’s imperative to network with your industry peers to see if you can collaborate on strategies and ideas. Some of my best sales strategies have come through working with my peers, gaining their expert advice on challenging initiatives.

 

·         Respect. It’s important to treat any vendor as a strategic partner. Be honest and show respect as you collaborate with them for your desired outcome. This is especially important on the carrier side of the ledger. Without our carrier partners, we have no products to sell.

 

·         Get Involved. You don’t have to be a keynote speaker, but attend and learn what others are doing, and how they are doing it, at various benefit associations in the marketplace. The Voluntary Benefits world is not a secret society; ideas and concepts are often shared that will help all members grow.

RS: My advice is simple: First determine how you want to be involved in the Voluntary Benefits space. You could become a sales professional, consultant, marketing and communications specialist, or you could provide administrative solutions. Once you have determined your path, research the leaders in that specific segmentation and pursue any opportunities exist.

There are several verticals you can follow, such as the core Health Benefits market, the Retirement Plan market and the Voluntary Benefits market, among others. In fact, several Risk Management and Insurance programs available in college curriculums are beginning to offer courses related to Voluntary Benefits. My Alma Matter, Temple University Fox School of Business, offers courses specific to Voluntary Benefits. This increase in offered curriculums will likely lead to more individuals entering the insurance vertical profession.

VBM: As a leader in the Voluntary Benefits Industry, what is a personal motto or inspirational quote you live by?

RS:"If you just work for money, you'll never make it. But if you love what you're doing and you always put the customer first, success will be yours."