- Craft the value proposition. Though the solution or offer to employers may seem inherently enticing and like a sure-fire win, brokers and benefit administrators would do well to approach the ...
- Focus on cost-saving benefit options. Benefit administrators who sell consumer-directed healthcare (CDH) have an opportunity to sell employee benefits to brokers and employers by pushing for alternative plan design and ...
- Put new technology front and center. Next-generation technology has become more important than ever in the health benefits world – and in helping sell employee benefits.
- Build excitement around this new approach. No one wants to sell benefits during a recession, but there’s still plenty of reason for optimism. ...
Full Answer
Are You selling benefits or advantages?
While "selling benefits" is more effective than "selling features," it isn't always clear to the customer why that benefit is important in the larger context of the customer's business.
How to select an employee benefits provider?
Choose the right insurance provider like Vested Risk Strategies for your employee benefits to make the best decision as this has been seen to really matter. The team need to be reliable so that you can deliver the best benefits that will attract top talent in your organization as well as retain the best team, check out here for more info .
Do you offer employee benefits?
Yes, benefits matter. A good benefits program helps you attract and keep the best employees, leads to happier and more productive workers, and ultimately can help your business thrive. To show you what we mean, let’s dive into the top five reasons you should offer an employee benefits package.
Are employee benefits worth it?
Health insurance is definitely something to consider if you are switching jobs. Commuter benefits are worth something different to employees and employers. Employees save up to 40 percent on commuting costs. Since they can set aside $265 per month, it’s possible to “save” up to $3180 per year on the commute.
How to improve employee benefits?
1. Make Benefits a Part of Overall Employee Compensation Communication.
Why do companies need to make employee benefit marketing a priority?
Companies need to make employee benefit marketing a priority in order to attract and retain their best employees. Employee benefit premiums are on the rise, again: According to the Society for Human Resource Management, 2017 health premium costs rise at least 6% over 2016’s figures. Since the Affordable Care Act, premiums have nearly doubled.
What is the purpose of conducting a regular analysis of employee benefits?
As a standard practice, all employee benefits plan managers need to be evaluating the use of benefits as they pertain to employees. There are some benefits that are not worth offering because employees simply do not use them.
When sending out employee benefits communication, is it important to use the right medium?
When sending out employee benefits communication it is important to use the right medium. Email can be good, but to reach individuals by phone, early mornings are the best; by tablet and online use late afternoon and evening messages. 4. Convey Positive Messaging Around Benefit Use.
Do companies limit benefit discussions?
Companies often limit their benefit discussions to when they introduce them to new hires. Or they keep them separate from other forms of compensation. However, this doesn't give employees the full impact of their total compensation.
Do brokers and benefit administrators do well to approach the value proposition in a more thoughtful way?
Though the solution or offer to employers may seem inherently enticing and like a sure-fire win, brokers and benefit administrators would do well to approach the value proposition in a more thoughtful way.
Can you sell benefits during a recession?
No one wants to sell benefits during a recession, but there’s still plenty of reason for optimism. Employers are counting on brokers and benefit administrators to deliver the encouragement – and solutions – needed to help them through this time. To make sure you deliver a winning presentation:
How long has Fred Haglund been selling health insurance?
Although Haglund has been selling health insurance for 24 years, he only began selling these additional policies in 2010. His success is indicative of a huge shift occurring as voluntary benefits evolve and become mainstream.
What were voluntary benefits in the past?
In the past, many voluntary benefits were sold directly by the carrier to the employee. There were few intermediaries to compare plans from a variety of insurers or to help discern what type of coverage dovetailed with the health plan offered by an employer. Other factors also were at play. Health insurance was less expensive, and deductibles were lower. Higher-compensated employees often were able to self-fund unexpected medical expenses, and voluntary benefits were primarily the province of the working class and underinsured who wanted to protect themselves from financial ruin if a health crisis occurred.
What is integrated benefits?
The one-two punch. Integrated benefits have one more distinction: It’s necessary to sell to two targets. First, you must sell the employer; then you must sell the employee. Agents are developing a variety of approaches, but it helps to work with clients who see the advantage of a strategic partnership.
Why were voluntary benefits primarily the province of the working class and underinsured?
Higher-compensated employees often were able to self-fund unexpected medical expenses, and voluntary benefits were primarily the province of the working class and underinsured who wanted to protect themselves from financial ruin if a health crisis occurred.
Do employers see value in providing a combination of coverage?
Employers now see the value in providing a combination of coverage—particularly when there is no cost to them, or if they can fund policies for a reasonable sum. In fact, while many companies continue to reduce health benefits, an increasing number are paying for additional forms of coverage.
1. Leverage pre-existing P&C relationships
At Marshall & Sterling, where 20% of its annual revenue comes from benefits, the 150-year-old brokerage turns to its established P&C relationships to bring in new group benefits accounts. For agents, it’s the easiest way to develop new opportunities, says Diamond.
2. Prepare for a condensed market
In the P&C world, agents and brokers have many carriers with which to place coverage, but in the group benefits space, there are just four national players—Blue Cross Blue Shield, Aetna, United Healthcare and Cigna. And in some areas, access is restricted to two or three of the health carriers, Diamond says.
3. Do more than quote
Giblin estimates that the work she performs for her employee benefits clients, which typically are businesses with 500 to 2,000 employees, has gone up by 30% since the ACA was implemented.
4. Give HR a hand
Take consulting a step further. How do you—as an agent or broker—ease benefits administration and take that burden off of an HR department? You have to become an expert in technology.
5. Market to millennials
Just like in the P&C space, millennials are disrupting group benefits. “They don’t want an employer who says, ‘This is your plan, take it or leave it,’” says David Contorno, president of Lake Norman Benefits, a member of the Hilb Group, located just outside Charlotte, N.C.
6. Know that the government is watching
It’s imperative for agents and brokers to understand all of the regulations relating to healthcare and benefits. And if you don’t, hire an attorney who does. Giblin says that Lockton has five attorneys on staff to review ACA compliance.
8. Get your E&O coverage updated
State laws vary as to what advice agents and brokers are allowed to give with a Life & Health license, and most E&O products cover only activities that one can perform under that license. In Texas, McLaughlin says that a Life & Health license does not cover discussions pertaining to COBRA, cafeteria plans or flexible spending accounts.
