A recipe for great enrollment results
A master of voluntary enrollment must understand all variables to construct a successful employee benefit program.
I’m always skeptical when someone claims their processes, products or systems result in great enrollment participation. Don’t misunderstand. I’m sure that on a specific case, great participation results can be achieved and measured. However, enrollment participation results are subject to so many independent variables that there’s no single strategy that is highly probable to succeed for a given case.
However, there are a set of strategies that, in combination, will result in industry-leading participation over a book of business. But keep in mind that high participation is not always the best result for all parties. The best results need to be defined in terms of employer and employee needs, and obtaining them requires strategies that will vary by situation.
Related: 5 ways brokers can personalize the client experience
Obtaining optimum results requires an enrollment strategy aligning every element of the benefit value chain: employees, employers, advisors, enrollment/communication specialists, ben admin providers, and insurers or other product providers. In general, someone has to be charged with the responsibility of coordinating and creating this strategy.
A master of voluntary enrollment must understand all variables to construct a successful employee benefit program. Here’s a partial list of items to consider.
- Employer characteristics – Locations, shifts and associated schedules, numbers of remote workers, demographics, type of business, employer goals and priorities for their plans, union member subgroups
- Employee benefit plans offered – Classes of employees, current products available by class, funding type for benefits (employer-paid, contributory, voluntary), current participation, new products to be added during this enrollment
- Employee characteristics – Pay scales, special language needs, communications preferences
- Employer benefit communication standards and practices – How can employer communication with employees be improved during this enrollment? Ben admin/enrollment systems – What are the characteristics and capabilities? Can it support mobile enrollment? Which communications/engagement tools can the system support?
- The enrollment process – What type of in-person assistance? Personal sessions with an enrollment counselor, group meetings with an enrollment professional, webinars, interactive online meetings, call center support, email or text responses?
- The relationship of employers and employees – Enrollments that had all the elements for success have failed because of lingering resentment or mistrust between the employer and employees. This should be addressed during enrollment, or it will subvert the results.
There are two goals for enrollment: success and satisfaction. Success for insurers and advisors is generally measured by participation or premium generated. Success from the employer and employee perspective is usually based on understanding the products and services, choosing those that meet their areas of need, and that employees did not get oversold benefits they’re unlikely to use.
The recipe is complex, but the results are rewarding to all.
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