The list of voluntary benefits is long; in addition to traditional offerings such as disability coverage, as well as dental and optometry insurance, carriers now have hospital insurance, accident insurance, and critical care insurance. These products are often popular with employees who have high deductible health plans such as HSAs, to fill possible coverage gaps. Other voluntary benefits can include long-term care, legal services, student loan reimbursement, protection against identify theft, and more.

Talk to your clients

Experts say an important step in expanding voluntary benefits is to talk to clients to find out what their employees are asking for, and figure out what will fit with their current plans. “I would say, sit down with clients and ask them what they'd like to see that isn't being offered today,” says Marty Traynor, senior vice president of voluntary benefits and workplace solutions at Mutual of Omaha. “I always start with customer feedback.”

There are also a number of companies and consultants that specialize in voluntary benefits. “When a brokerage is starting, they really should engage a voluntary benefits subject matter expert, someone who is experienced in not just insurance products, but a range of products,” says Robert Shestack, CEO of the Voluntary Benefits Association and chief strategy officer of Paylogix.

Estep points out that insurance companies have many resources for brokers. “Carriers help out with this quite a bit,” he says. “Our account management team can really look at who you're working with, what's being offered, and what is being used by employers with similar employees. Working with a carrier with a deep understanding of the market is a good place to start.”

Pay attention to communication, administration

As noted in the first article, a crucial part of having a successful voluntary benefits menu is making sure the administration of those benefits runs smoothly. And that means having good education tools, strong enrollment platforms and excellent customer service. These are all things brokers should look for as they talk to carriers.

According to Traynor, voluntary benefits providers have done some groundbreaking work in developing platforms to administer their services in convenient ways. “I see where a lot of the individual medical insurance carriers are trying to figure out how to do more automated processing of underwriting, and in the voluntary world we've had that for years. In terms of employee communications, we're getting better and better at communicating through multiple media; the ways we communicate with employees have just gotten richer and richer.

“Voluntary benefits gives employers a lot of flexibility, and for middle Americans, it's an important part of financial security for themselves and their families,” Traynor says.