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To paraphrase an old TV advertising campaign: When you talk, people listen. Evidence? Consider your clients and their choice of voluntary carriers. According to our most recent "MarketVisionTM The Employer Viewpoint©" report, your recommendation is a key factor employers consider when choosing a voluntary carrier. That's particularly true for larger accounts: 77% of employers with 1,000–2,499 employees and those with 10,000-plus employees rate your nod as very or extremely important in their decision.
It's key to focus on carriers through the same lens as your clients to ensure you create the best match.
The price is right
The price/value of a carrier's products is the highest-rated factor, with 81% saying it's very or extremely important. But employers also value administrative practices like claims integration, billing, and service. Support of claims integration ranks second for 76% of employers, followed by ease of billing and service administration at 75%.
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Larger clients (500-10,000+ employees) are likely to feel strongly about administrative support. Ease of billing and service administration ranks highly for 83% to 87%, while claims integration is highly valued by 89% of employers with 1,000–2,499 workers and 87% of those with 2,500–9,999 workers. But even employers with 10–49 employees value administrative services, with more than 3 out of 4 ranking them very/extremely important.
Other recent surveys show carriers are enhancing self-administered billing capabilities and direct billing services for employees who want to port and keep their coverage. Carriers are also working to integrate types of coverage to automatically open or pay claims, and provide employers easier access to certificates, claims status and other information.
Size matters — sometimes
Other valued factors include carriers' communication and enrollment strategies; access to claim forms, status, and info about coverage; tools, calculators and advice; and quality of enrollment and communication materials.
Read more: Choose products by value, not price
But employers vary in which factors they value: 93% of the largest employers (10,000+) rank a website for claims forms and coverage info highly, but only 58% of small employers (10–49) agree. Decision-support tools matter to 92% of employers in the 2,500–9,999 group, but to fewer employers in the 50–99 size (61%).
Clearly, each client is different and each has different needs. Meanwhile, carriers also differ in strengths and capabilities. It's key to understand those differences so you can help match clients with the best carrier for their unique situation.
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