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Bruce Bahn, Vice President, Product Development shares a day-in-the-life of the Product Development team at BCS, and provides additional insights into the recent launch of our EssentialCare Accident and Critical Illness policies.

Q: Describe your/your team’s role at BCS.
A: The Product function at BCS Financial contributes to the growth and profitability of the organization by leading the selection, development, and maintenance of the BCS product portfolio. We are involved in a wide variety of projects which can range from strategic investments and partnerships in new businesses to new and improved features of our current product portfolio. Our key value-add is (to collaborate with business and a functional leaders) to ensure that BCS makes the best decisions in selecting and developing new and improved products incorporating a fact-based view of the customer, the marketplace, competitive set and industry environment.

Q: Tell us about a project you are working on now.
A: While I’ve had the opportunity to work on a very diverse set of projects in my first four years at BCS, the most significant project I’ve been involved with is leading the development of our new portfolio of supplemental health products including Hospital Indemnity, Critical Illness, and Accident Insurance. Like BCBS health insurance, these are products that are sold via expert agents and brokers to employers who in turn offer them to their employees as part of their benefits package. Over the last couple of years, a BCS cross-functional team has worked diligently to develop, file, and launch market-leading products that offer innovative benefits, product features, and broker / customer support capabilities. The effort to design comprehensive and flexible products for a broad range of employer sizes and needs (100-10,000+ employees) and obtain approval for all three products in all 51 states and jurisdictions has been a significant undertaking. July 2019 is the milestone month for our formal market launch with approved products in as many as 75% of country with the expectation for full nationwide availability by the end of the year. Because we are a relatively new competitor, I suspect it will take some time for the market to recognize everything BCS is bringing to the market with this new portfolio. However, given the scale of the opportunity and continued growth of the supplemental health benefits market, I see tremendous future opportunity for BCS and its’ owners.

Q: What’s your favorite project you’ve worked on?
A: For me, the most rewarding aspects of new product development are those somewhat rare occasions when you can meaningfully add to the value that a product provides a customer in new or unique way. In reviewing numerous critical illness insurance product filings from established competitors, it was apparent that they all did a very good in providing customers with the essential financial support in the event of a serious physical ailment. However, none of the products I reviewed included a benefit for those inflicted with a serious mental illness. To me this was a clear gap in the coverage that BCS had the opportunity to address. So with the help of our actuarial partners, we developed a special rider that provides a benefit when a BCS EssentialCare critical illness policyholder is diagnosed with the three most common kinds of serious mental health conditions: Major Depressive Disorder, Obsessive Compulsive Disorder, and Schizophrenia. This new-to-market solution can provide a needed financial support if a person’s mental illness disrupts their life in the same way as a physical condition.

Q: Describe the perfect day off.
A: A walk along the Lake Michigan shore on a beautiful summer day with my family and our dogs.

Q: What’s one non-insurance product you can’t live without?
A: The amount and pace of innovation is the greatest it’s ever been. So many new products will be emerging in the 5-10 years that will address needs we didn’t even know we had. The process of exchanging information will be at the heart of many of these new solutions for daily living, health care delivery, financial services, etc. So while it’s a predictable answer, I’m going to say the product I couldn’t live without is the smartphone. It is and will continue to be at the very center of information exchange at a personal level.

Our June Meet the Team post features Michele O’Doherty, Manager, Policy Development and Issuance. Read on as Michele gives us a peek into the Compliance Department.

Q: Describe your/your team’s role at BCS.

A: The Compliance team’s role in the organization is very diverse. We provide direction and support in the development and filing of new products to ensure product forms are compliant with federal and state laws, and approved by the applicable state regulatory agencies. In addition, the Compliance Department is responsible for review of managed care requirements and reporting, state annual reporting and data calls, coordinating state market conduct exams, tracking and responding to consumer complaints, and disseminating new laws and regulations to maintain and ensure existing products are in compliance. We work with all internal operational departments and external business partners to provide support, guidance, and oversight.

Q: What does a typical day at BCS look like for you?

A: Busy – Every day brings on new challenges, opportunities, and collaboration in seeking solutions to situations that need to be dealt with.

Q: What skills does someone need to succeed in your role?

A: Strong interpersonal skills such as team work, dependability, and flexibility; good written and oral communication skills, analytical skills, and attention to detail.

Q: What do you like most about working at BCS?

A: The people, the opportunities, and the collaboration with a group of dedicated people.

Q: The Compliance department ensures the company follows insurance regulation and rules. What’s the “golden rule” you live by? 

A: Always do what is right.

This month, Hilda Ayala, Voluntary Benefits Analyst, shares insights to her job in Underwriting, and what she’s experienced since joining Team BCS in November 2018.

Q: What does a typical day at BCS look like for you?

A: There’s no typical day at BCS, everything depends on the time of year. Fourth quarter is our busiest season for new business and renewals; during the first and second quarter, we focus on updating underwriting and related business materials, cross training in all areas of our department, and creating a more efficient workflow for the coming fourth quarter.

Q: What do you like most about your job?

A: I love the challenge, and how my manager constantly believes in me. She has pushed me on projects that I thought were way beyond my abilities.

Q: What’s your favorite project you’ve worked on?

A: In my short 7 months, I have participated in many projects, but my favorite was my first project on “policy fulfillment”. Contracts and Underwriting had recently joined as one team, and cross training was crucial and completed in less than two weeks. The goal was to release over 400 policies, which was accomplished in less than two months! It was a great satisfaction to know I had joined the best team.

Q: What skills does someone need to succeed in your role?

A: Willingness to learn and the ability to work as part of a team is very important.

Q: Describe your department in three words.

A: Teamwork, Fun, and Fast-paced

Meet Anthony Bongiorno, Manager, Investments and Client Relations and get to know his role at BCS.

Q: Describe your major responsibilities at BCS.

A: My role at BCS is dual focused. I am responsible for managing the investment assets of BCS.  I am also a part of the Financial Services Solutions segment at BCS, which includes operating and marketing Plan Investment Fund, a SEC registered mutual fund company with a singular focus on Blue Cross Blue Shield entities.

Q: What key projects are you working on now?

A: We are currently exploring creating a BCS Cash Portal exclusively for Blue Cross and Blue Shield, which would allow Blues to invest in a diversified suite of liquidity products.

Q: What does a typical day at BCS look like for you?

A: One of the things I enjoy most about my job is that each day is different from the next. Depending on what time of year it is my focus can either be on our investment performance and manager evaluation, marketing Plan Investment Fund, exploring ways we can add value to Blue Plans through our Financial Services Solutions or helping to foster the “having fun, getting things done” culture we have at BCS through my work on the Culture Team.

Q: What drew you to work for BCS?

A: I was interested in a company where I could dive deeper into the investment world and also be a part of a firm where I could make an impact. Coming from a large company where it was much harder to make an impression, I was drawn to the opportunity that BCS presented of working on a small team within Financial Services at a company with a very unique mission. BCS is a community of individuals working together versus a hierarchy of different roles and responsibilities. Everyone’s work and opinions matter and are integral to the success and culture of the organization.

Q: What’s your favorite way to invest in yourself?

A: My favorite way to invest in myself is through reading, always asking questions and putting the work in. There are certain people you come across in life that it seems like things come as second nature to them, whether it be in their career or a hobby. I have always been a person where if I have a desire to learn or get better at something, I need to read, talk to people about it and practice at it. I believe that any person can succeed in any career or hobby if they put their mind to it. For me to do that I need to continue learning.