voluntary benefits - Commissions on major medical plans are decreasing because of market pressures, while voluntary benefits continue to be one of the fastest growing products
- Voluntary benefits provide a new, substantial source of revenue and can help replace decreasing revenue from major medical plans
- Cross-selling to existing clients is significantly less expensive than developing new clients
- Employees are asking for it
- The revenue potential
- The unique value propositions
- The value of the benefits to both employer and employee
- How to sell voluntary
- The “how” of voluntary benefits— the nuts-and-bolts enrollment and billing
- Recognize the revenue potential. Voluntary has a reputation for producing insignificant “marginal revenue” that isn't worth the effort. But when done right, voluntary can create substantial revenue dollars.
- Understand the value proposition. Voluntary benefits range from critical illness and accident plans to short-term disability and permanent life insurance. Many voluntary carriers offer high-value health and life plans that fit the needs and lifestyles of today's employee.
- Learn how to sell voluntary. Once you understand the value proposition, the key is to not present voluntary as an additional product to offer employees.
- Unwieldy paper enrollments
- Ineffective benefit communication
- High turnover rate
- Poor participation in programs like retirement plans and FSAs
- Outdated employee data
- Low employee morale
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