Setting Expectation on Voluntary Supplemental Benefit Enrollments
As the employee benefits environment changes with healthcare reform, many brokers are interested in selling voluntary supplemental benefits. For brokers inexperienced with these benefits, the chief explanation behind an ineffective roll-out is not having the same expectation as your client on how a successful open enrollment should be structured.
Selling voluntary supplemental insurance is a two part sales process. First, it needs to be sold to the company benefits department, and then sold to the employees who have the ultimate decision on whether they will purchase the benefit.
Voluntary supplemental benefits can be an excellent way for a company to improve the benefits package it offers, great for the employee to obtain benefits not previously available, and great for the benefits broker.
The ideal arrangement for introducing voluntary supplemental benefits to employees is to have mandatory one-on-one meetings with the employee and explain in detail how the benefit works and what is available. This individualized format is conducive to getting the most participation and the greatest understanding of the benefits. Employees who have been thoroughly educated purchase more coverage on average than those who have received limited information.
With Warner Pacific, you are able to leverage exclusive underwriting offers for Guarantee Issue coverage at first eligibility only, so the education process is vital to long-term success and covering those who need it the most.
Education and communication are key success factors to selling supplemental benefits effectively. It is important to discuss with the benefits department how it will be introduced to employees ahead of time. Otherwise, the company may set up a casual and informal enrollment process which may not produce the best outcome.
Warner Pacific can help you design the best plan and carrier options for your clients. Partner with us for quoting, proposals, presentation and enrollment support.
For more information, contact Dawn Christensen at (800) 801- 2300 ext. 434 or firstname.lastname@example.org.