In recent years, voluntary benefits carriers have focused on expanding what they provide, especially by adding new benefits offerings and enrollment technology solutions. This has helped fuel industry growth, and voluntary sales have increased each year since 2010.
Related: 5 voluntary trends to keep an eye on
To continue this sustained growth, brokers may need to revisit how they approach voluntary sales once again this year. While expanded benefits options and advanced technology are important components of offering voluntary benefits, it's becoming increasingly important for brokers to take a step back and consider how to personalize these options and technology to individual employers and employees.
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Here are five ways you can implement this individual approach as you look to grow your voluntary business in 2017.
Strategic rollout plan
Selling voluntary products isn't only about adding countless benefits. In fact, adding too many benefits at one time may defeat what your client is trying to accomplish. Employers want employees to appreciate what they are being offered. In fact, a recent LIMRA study found 7 in 10 employers offer voluntary benefits to improve morale for their existing employees, and to attract and retain new talent.
By taking this into consideration, you can help your clients develop a strategic rollout plan for their benefits offering. The key here is counseling employers when to add benefits — avoiding adding too many new benefits at once — and implementing a communications strategy to engage employees effectively.
Multimethod communications strategies
Communication is the next step in the trend toward a more individualized approach, as a one-size-fits-all communications strategy no longer works for all employees within a client's organization.
To help ensure the effectiveness of a benefits offering, the new trend in communication will be a multipronged approach.
This approach incorporates multiple forms of communication — such as email, text messages, direct mail and face-to-face meetings — to match different individual preferences. Popular among the large-group market, multimethod enrollment strategies are growing with small to midsize employers, too, with numerous vendors available to support both employers and brokers.
Decision support technology
Many employees aren't aware of what voluntary benefits provide and what's in it for them. Decision Support Tools, which can be accessed through mobile or desktop channels, can help employees understand the need for certain coverage in everyday terms and in the way that they each want to consume information.
Decision Support Tools can help drive informed benefits decisions and deliver better outcomes for employees and employers alike.
Face-to-face support
Although digital enrollment tools are a focus for employers, the presence of technology doesn't solve the whole enrollment equation. While many people like online shopping, many don't trust a computer for something as important as selecting their benefits options.
Again, in looking at each individual and their needs, brokers will need to incorporate face-to-face support options as well as online access. Benefits counselors and effective on-site presentations can be incredibly helpful for companies with employees who may want more personalized assistance.
Integrating with customers' current technology platforms
When considering individuals, it's not only about the employees. Employers have individual needs as well. Many employers have already purchased and implemented technology platforms to help automate benefits administration, from payroll to enrollment to carrier billing.
As you approach your clients about voluntary products, ask them about their current technology and look for ways to maximize existing capabilities for things like benefits administration and carrier billing.
By taking this into consideration, employers can often save money and time by leveraging existing systems. Brokers and carriers will need to be more nimble and commit the right kinds of resources to get voluntary products built and work on legacy systems in order to help secure a sale.
The foundation that has been built by expanded benefits options and advanced technology can provide a launch pad for 2017. Bringing it all together and combining the right benefits with the right technology and enrollment approach for each individual, brokers can go into 2017 better poised for success.
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