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Life Health > Health Insurance

Fidelity private exchange to compete with brokers

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Fidelity Investments wants to use a private exchange program to capture more employee benefits brokerage business.

The mutual fund company unveiled the Fidelity Health Marketplace, a private exchange system based on technology from hCentive.

In a set of answers to employer questions about the program, Fidelity includes the question, “Can I use Fidelity Health Marketplace through my current broker?”

“No,” Fidelity says. “We work directly with you and serve as your insurance broker. You can expect the same level of service (we hope even better) from your account manager as you received from your broker, all at no additional cost to you.”

Fidelity says an inside account manager will help an employer with customer service issues.

See also: Web Brokerage Works With Traditional Brokers

An employer can use the Fidelity exchange to offer group health, dental and vision benefits; life insurance; accidental death and dismemberment (AD&D) insurance; long-term disability and short-term disability insurance; flexible spending arrangements; and health savings accounts (HSAs) and health reimbursement arrangements (HRAs).

At employers that offer the Fidelity exchange, the plan enrollees can use the exchange to manage their Fidelity HSA accounts, Fidelity says.

Fidelity is promoting the exchange with a video featuring animated monkeys.

Several employers in Massachusetts and New York state are already using the Fidelity Health Marketplace, the company says.

In a description of the products and services the exchange offers, Fidelity says the program can offer “the benefits package you want, whether you have 20 or 2,000 employees.”

Employers using the exchange can connect their exchange programs with either Fidelity’s own payroll services unit or an outside payroll services provider.

See also:

California exchange chief proposes agent comp floor

Feds shape Web broker battleground


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