Zywave’s Overtime Cost Calculator and Fee-for-Service Tool arm partners with timely support and extra revenue streams.
Milwaukee, June 21, 2016 — Zywave, a leading provider of software solutions for insurance brokers, announced the launch of a new Overtime Cost Calculator and Fee-for-Service Tool today. Both the tools are part of continuous improvements made to Zywave’s flagship product, Broker Briefcase®.
Zywave’s Overtime Cost Calculator
On May 18, 2016, the Department of Labor (DOL) released a new rule regarding overtime wage payment in the United States, more than doubling the previous salary threshold that employees needed to meet in order to qualify for an overtime wage payment exemption. Zywave responded to this shift in the regulatory environment by creating the Overtime Cost Calculator—a tool that brokers can use to assist current clients and to win new business. After entering information about employee wages and hours of work, the Overtime Cost Calculator will show the financial impact as it pertains to the organization and its employment practices.
“With this rule affecting more than 4 million employees, and the DOL estimating that employers will spend more than $592 million to comply, employers will be looking to their broker for support,” says Mike Yeh, Product Manager at Zywave. “The main goal of the cost calculator, along with the overtime compliance content, is to give brokers an efficient way to provide additional guidance to clients regarding the DOL regulation. We want brokers to have the capacity and the know-how to offer additional resources and assistance so they can add value to their current client relationships and differentiate themselves from the competition.”
Provided exclusively through Zywave, and available to partners with either Broker Briefcase Benefits.
Zywave’s Fee-for-Service Tool
The Fee-for-Service Tool and supplementary Fee-for-Service Sales Presentation were created in response to the continued downward pressure that has been placed on brokers’ commissions.
“Brokers began moving to a fee-for-service model as a result of the Affordable Care Act (ACA) Medical Loss Ratio rules. Over the past year, in particular, many carriers have significantly reduced or eliminated the commissions that they used to pay brokers for health insurance policies,” explains Jacob Hanke, Senior Market Analyst at Zywave. “The new, fully customizable Fee-for-Service Tool and resources will help our partners build out a new revenue stream by allowing them to better execute on offering their services for a fee instead of strictly being compensated on a commission basis.”
“The market is changing. Zywave will continually look for new ways to support our partners and help them face the headwinds brought on by shifts in the industry and changes in the regulatory environment,” says Dave O’Brien, Zywave’s CEO. “The development of these new tools exemplifies our continual commitment to helping brokers succeed. What makes Zywave different is our ‘people power.’ We have teams dedicated to keeping a pulse on market trends and changes, and an entire company of employees who work together to create practical solutions, and to support our partners in executing with those solutions. We’re excited to bring these new offerings to the table.”
Provided exclusively through Zywave, and available to partners with Broker Briefcase Benefits Edition.
To learn more about Zywave’s full suite of solutions for brokers, visit www.zywave.com.
Zywave is a leading provider of software-as-a-service (SaaS) technology solutions for the insurance industry. The company’s products include web-enabled marketing communications, business intelligence and analytics, client resource portals and agency management tools. More than 3,500 brokerages worldwide—including more than 90 of the top 100 U.S. insurance firms—use Zywave’s proven solutions to differentiate themselves from the competition, enhance client services, improve efficiencies and achieve organic growth. To learn more, visit www.zywave.com.