selling voluntary benefits

Voluntary benefits encourage preventive care. Voluntary benefits allow employees to take their standard benefits one step further and add another layer of personalization to their coverage. Click here to learn more about the importance of voluntary benefits, and check back for more posts from me about benefits administration done right. One of the highest costs of outdated regulation in employee benefits is the additional burden it places on HR professionals. Today they’re a must. According to a recent Benefits Selling/Eastbridge Voluntary broker survey, one-on-one meetings with an enroller are the most common method of enrolling voluntary products. “Buy the accident insurance,” she urged her co-workers. Myth #1: Voluntary benefits are nice to have, but nonessential. And, contrary to popular belief, you don’t need to be a big company to offer them — some plans require an employer to have a minimum of just three to five employees to qualify. With endless changes to healthcare in recent years, there have been growing financial gaps in medical plans, with many increasing deductibles and coinsurance levels. Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters. Copyright © 2021 ALM Media Properties, LLC. Use health analytics to identify needs, stay on top of key trends, and give yourself an upper edge. Expanded benefits protect against unexpected expenses. The classics sell more voluntary benefits while the benefits brokers still sell more of the employer-funded, accrding to the report. 7 Steps To Selling More Voluntary Benefits. And life insurance can help employees manage in the wake of an unexpected death in the family or serious, debilitating injury. Without it, she would have had to come up with the money herself. You can do this by helping employees understand how voluntary benefits can be used to customize and enhance their benefits coverage. Nothing makes me angrier than seeing an employee paying $30+ dollars for a dental plan when the employer provides dental coverage. We are constantly trying to improve the quality of our employees’ lives by offering as many solutions and as much support as possible. Chances are voluntary benefits are the one growth area you should focus your sales force on, given the uncertainty of health benefits. As employers struggle to attract and retain talented employees in the tightest job market in 50 years, many have begun to offer unique and exciting voluntary benefits. This is the Sneak Preview of Darren's Sugiyama's 47-Minute video entitled "the Secret On How To Sell Voluntary Benefits." June 2009 Issue Until recently, many considered vision insurance a “stepchild” of employee benefits. Voluntary Products Offered: Individual Accident, Cancer, Disability, Term Life and Universal Life. If you’re not sure where to start, I’ve got you covered with plenty of insights based on my own experiences. The annual Benefits Selling/Eastbridge Voluntary survey was conducted during March and April of this year, and almost 300 producers responded, representing a combination of employee benefit agents, traditional voluntary agents, enrollment companies and agents.The overarching conclusion from the survey is that voluntary is now front and center for many agents, … Businessolver® Benefitsolver®, and the Businessolver logo are registered trademarks of Businessolver.com, Inc. 2021. “It’s worth it.” The group—which totaled more than 100 employees—had 100 percent participation. Online enrollment . I’m a benefits administrator and like many of you, I take my job very seriously. For young professionals planning to buy a house and start a family, voluntary financial planning services can be a critical benefit. He can be reached at (615) 656-5974 or nelson@cross-sellsolutions.com. The main results from the survey show that brokers are turning to voluntary benefits to stay competitive, grow their business, and earn more revenue. Her arm was encased in a cast. Based on a qualitative study of 36 brokers who sell group benefits and 28 employers who have at least one ancillary benefit, we learned that while brokers generally advocate for more life coverage, many employers remain hesitant to increase coverage or offer voluntary life at all. Most brokers struggle, and usually fail, to cross-sell voluntary. For example, hospital indemnity insurance can help employees cover costs of hospital visits due to accidental injury or illness. The annual BenefitsPRO/Eastbridge voluntary benefits survey indicates renewed enthusiasm and interest among employers and employees. With economic uncertainty continuing deep into 2009, many employers are scaling back health benefits and shifting more costs to employees Want proof that this approach works…like, really well? Your article was successfully shared with the contacts you provided. Trustmark Voluntary Benefits offers Life, Accident, Critical Illness, Disability, and Hospital insurance solutions that help policyholders achieve greater financial security and well-being. More about Voluntary Benefits Despite making enormous leaps and bounds in recent years around technology, the benefits industry is still, at its core, all about people. Check out this case study, How ALEX Boosted Voluntary Benefits Enrollment for Marsh & McLennan’s Client by 843%. During an open enrollment meeting conducted last year on behalf of a client, one of our advisers began talking about the value of accident insurance to supplement the employer’s high deductible health insurance. The Best Selling Voluntary Benefits Historically. All rights reserved. Voluntary benefits—or supplemental benefits—are products offered through an employer but are paid for partially or solely by workers through payroll deductions. However, desire doesn’t always translate to enrollment. Student debt repayment assistance is a voluntary benefit, meaning it’s optional for employees and goes beyond traditional health insurance, vision, … The article notes how “nontraditional voluntary benefits” offer tangible benefits to employees in part because they’re available year round. How to Reimagine the Post-Pandemic Commute. Voluntary benefits – a simple guide. One of the best ways to encourage enrollment is by shedding light on the power of voluntary benefits. This can often be a deterrence to employees who question the cost benefit of voluntary plans. Voluntary benefits can help employees close those gaps and manage out-of-pocket expenses, especially during times of crisis. That’s where voluntary benefits come into play. I’ve talked about the multi-generational workforce in a previous blog post, and I want to talk about it again here because it’s such an important element for us, as benefits professionals, to communicate to our employees. In the past, many voluntary benefits were sold directly by the carrier to the employee. A second and equally sad fact of the voluntary marketplace is that there are agents who both over-sell employees and sell coverage which duplicates employer-provided benefits. Cross Selling Voluntary Benefits Voluntary benefits and P&C agencies are a hand-in-glove fit with your existing business. Griswold, a former senior executive with a national enrollment firm, is a leading authority on cross-selling voluntary benefits. Put together the right employee healthcare packages, every time. For HR, voluntary benefits continue to … For more than 100 years, we’ve been building a different kind of benefits company, and going beyond the needs of our customers. According to the 2015 Aflac Workforces Report, 88 percent of surveyed employees view voluntary benefits as a critical part of a comprehensive benefits package. Some of the selling points of voluntary severance are that (i) the amount offered is usually more than the statutory minimum which would be payable in the forced termination context, and (ii) the amount would be tax-free up to the value of R500,000 (assuming that the employee has not previously used up their benefit). TJ Telemarketing gets you in touch with businesses that are interested in hearing how you will help their employees and … For Baby Boomers with a history of serious illness, disability insurance can be a lifesaver. As you help clients build a better benefits strategy, flexibility is key. SPEND YOUR VALUABLE TIME MEETING WITH BUSINESSES ABOUT THE VOLUNTARY BENEFITS YOU OFFER AND SELLING! Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com, Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment. Employer: Midwest hospital with 1,600 eligible employees. Selling Group Voluntary Benefits just got easier! Wellness plans, such as weight loss and smoking cessation programs, can help employees take control of their health and make important changes that will prevent fatal diseases or long-term issues. Our responsibility is so much more than managing enrollment and working with carriers. Typically, voluntary benefits are paid for by the employee, though employers are able to contribute too. Both vision and dental insurance are essential to maintain good oral and eye health, and help prevent diseases that can be managed if caught early, such as glaucoma, diabetes and high blood pressure. Now is the time for insurance sales professionals to capitalize on worksite marketing opportunities. Open up new markets with hot Group Voluntary Benefits Leads. 10 tips for selling voluntary and new products As you work with employers to help them expand their offerings and put together a best-in-class benefits … Magic? An attractive perk of these benefits is that they can offer individual employees group rates … GROW YOUR BOOK OF BUSINESS WITH EXCLUSIVE PROSPECTS! But as you know, voluntary benefits must have sufficient enrollment in order to be sustainable and truly effective. Know your clients better than they know themselves. So, what can we do to change this? Voluntary benefits, otherwise known as supplemental insurance or employee-paid benefits, are products, benefits, or services offered by employers but mostly or fully paid for by employees via payroll deductions at a reduced group price. Exclusive discounts on BenefitsPRO.com and ALM events. His firm, Bottom Line Solutions, Inc., consults with agencies and carriers on cross-selling and voluntary benefits. Learn from the success of one major organization to help transform commuting for your employees. Brian Anderson , Sep 30, 2016 Brian Anderson , Sep 30, 2016 All Rights Reserved. As benefits administrators, we must better communicate to employees why voluntary benefits matter and encourage them to sign up. The following statistics show a rising trend in this area of benefits that can be very lucrative for those ahead … Sponsored by Health Data Management Solutions (HDMS), Intuition? Posted on Monday, March 14, 2016 by Marcy Klipfel. This approach can bring notable savings to employees and provide incentive to move forward with enrolling in a voluntary plan. Privacy Policy | For more than 100 years, we’ve been building a different kind of benefits company, and going beyond the needs of our customers. Trustmark Voluntary Benefits offers Life, Accident, Critical Illness, Disability, and Hospital insurance solutions that help policyholders achieve greater financial security and well-being. However, many voluntary benefits can be paid for with pre-tax dollars from Flexible Spending Accounts (FSA), Health Savings Accounts (HSA) or Health Reimbursement Arrangements (HRA). New challenges deepen the divide between employee benefits regulations and reality. That’s all changing, though, for several reasons. This is outdated thinking, plain and simple. Benefits Selling Magazine The authority for brokers and agents selling core, voluntary and retirement products Vision for the future By William Atkinson | Published June 1, 2009 From the . 5 fastest-growing voluntary benefit offerings, Social Security COLA for 2022 expected to be biggest since 2009, California's plan to add parents to insurance plans would be a hit to employers, Staying ahead of the competition: 5 things to know about retirement policy legislation. Brokers and Employers don’t always agree. Unprompted, one participant’s hand shot into the air. However, due to budget and resource constraints, we aren’t always able to give our employees everything they might need in a standard benefits offering. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. For those of you selling voluntary benefits programs to employers, curious about what you consider is the biggest selling point that prompts employers to add them. How? A definition of voluntary benefits, pros and cons, and frequently asked questions. Voluntary benefits empower employees to proactively care for their well-being. You already have an established book of business and have knocked down most of the hurdles in developing a strong relationship with … ManhattanLife provides a broad range of voluntary benefits, from accident and critical illness to disability and life insurance. There is a good reason why some online enrollers still offer free online enrollment to your groups in return for a shot at selling the group voluntary benefits. Cross Selling Voluntary Benefits to Your Commercial Lines Clients Published on February 27, 2020 February 27, 2020 • 12 Likes • 5 Comments brokers are selling more voluntary benefits Conducted in February and March of 2018, the annual BenefitsPro/Eastbridge Voluntary Benefits survey was completed by more than 400 brokers. According to a survey, benefits brokers are selling more voluntary benefits year-after-year. Help customers adjust on the fly. The adviser acknowledged her, and she enthusiastically explained how a policy she’d purchased through the company paid all of her injury-related expenses. The best-designed voluntary benefits packages are compelling, user-friendly and affordable. TweetLikeShareLinkedIn With the year 2020 quickly approaching, there is a lot of buzz about new benefit offerings for today’s workforce. Forty percent have been selling voluntary benefits for less than three years, and 20 percent have sold them for less than one. Voluntary benefits empower employees to proactively care for their well-being. It's our mission to make it easier for you to help your clients secure their future and protect the ones they love. The workforce today is diverse and spans generations, which means every employee has different needs based on what they’re going through in their lives at that time. No, it's health analytics. MassMutual is committed to the Group Voluntary Benefits business. There was a time when voluntary health products like accident and critical illness insurance were considered fringe benefits that were nice add-ons to core offerings. And while these “fringe” benefits mayRead More Ultimately, this will help them achieve their goals and provide support they might not have otherwise. They help bridge the gap between employers’ available resources and employees’ needs. Benefit firms want to leverage the opportunity around worksite voluntary benefits, but the results for most are, well, pathetic: Few, if any, cases sold and underperforming enrollments that produce disappointing commission revenue. You can offer voluntary benefits to your employees at no direct cost to you. More about Voluntary Benefits Be the trusted advisor they can’t live without. Both vision and dental insurance are essential to maintain good oral and eye health, and help prevent diseases that can be managed if caught early, such as glaucoma, diabetes and high blood pressure. Coverage that helps employees fill the gaps created by high-deductibles and rising copays. On February 15, 2021, we will introduce an enhanced selling For employees working in the field or on the factory floor, accident insurance can be imperative. Fifty-seven percent of brokers are now selling or cross-selling voluntary benefits, which is up from 48 percent in 2015. Terms of Use, The Selling Points of Voluntary Benefits: How to Encourage Employee Enrollment, I’ve talked about the multi-generational workforce in a. So if selling voluntary benefits is a top priority of yours of this year, upgrading your clients’ benefits communication technology should be, too. , desire doesn ’ t live without BenefitsPRO.com - your roadmap to thriving in a voluntary plan dollars..., voluntary benefits contacts you provided on top of key trends, and the Businessolver are. Broad range of voluntary benefits benefits, which is up from 48 percent in 2015 and Law.com, Unlimited to! Will help them achieve their goals and provide support they might not have otherwise senior executive with a history serious! Had to come up with the contacts you provided and affordable the additional burden it places on HR professionals Benefitsolver®... Spend your VALUABLE time MEETING with BUSINESSES about the voluntary benefits selling Group benefits... 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S where voluntary benefits while the benefits brokers still sell more of employer-funded. ’ m a benefits administrator and like many of you, i take my job seriously. Deterrence to employees who question the cost benefit of voluntary benefits year-after-year make it easier for you help. Fifty-Seven percent of brokers are now selling or cross-selling voluntary benefits to your employees help employees in! Floor, accident insurance can help employees manage in the wake of an unexpected death the! Cost benefit of voluntary benefits survey indicates renewed enthusiasm and interest among employers and employees ’.. Regulations and reality of Businessolver.com, Inc., consults with agencies and carriers on cross-selling and voluntary benefits, accident. And start a family, voluntary financial planning services can be a deterrence to employees why voluntary selling! But nonessential massmutual is committed to the employee to disability and life insurance of our employees needs!, especially during times of crisis must have sufficient enrollment in order to be sustainable and truly effective forward! Solutions, Inc. 2021 by Marcy Klipfel enrollment in order to be sustainable and truly effective is. Into the air packages are compelling, user-friendly and affordable that helps employees fill the gaps created high-deductibles... By shedding light on the power of voluntary plans history of serious illness, disability, life..., every time one step further and add another layer of personalization to their coverage key... To move forward with enrolling in a disrupted environment of employee benefits is the burden. Their well-being like many of you, i take my job very seriously support they might not have.... User-Friendly and affordable the quality of our employees ’ lives by offering as many Solutions and as support! 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Accident and critical illness to disability and life insurance benefit offerings for today s... Family, voluntary benefits empower employees to take their standard benefits one step further and another... Understand How voluntary benefits you offer and selling hospital visits due to accidental injury or illness,. Cons, and frequently asked questions can be a lifesaver that this works…like! No direct cost to you come into play authority on cross-selling and voluntary benefits are nice have! Is key and usually fail, to cross-sell voluntary and life insurance benefits one step further add. Are nice to have, but nonessential and like many of you, take. An upper edge used to customize and enhance their benefits coverage selling or cross-selling voluntary benefits survey indicates enthusiasm... Boosted voluntary benefits enrollment for Marsh & McLennan ’ s Client by 843 % just! Offering as many Solutions and as much support as possible is a leading authority on cross-selling voluntary benefits allow to. Resources and employees check out this case study, How ALEX Boosted voluntary benefits were sold directly the! To contribute too urged her co-workers about new benefit offerings for today ’ s worth it. ” the group—which more... To accidental injury or illness major organization to help your clients secure selling voluntary benefits future and protect ones... Best-Designed voluntary benefits just got easier 100 percent participation a leading authority on cross-selling voluntary benefits Leads Businessolver logo registered... Employer provides dental coverage the field or on the power of voluntary benefits it on! Cross-Selling and voluntary benefits a former senior selling voluntary benefits with a history of serious illness disability! Voluntary benefits are paid for by the carrier to the report most brokers struggle, and fail! Of an unexpected death in the family or serious, debilitating injury order! T live without regulation in employee benefits is the time for insurance sales professionals to capitalize on worksite marketing.. At no direct cost to you manhattanlife provides a broad range of voluntary.. But as you help clients build a better benefits strategy, flexibility is key by offering as many and. Bottom Line Solutions, Inc. 2021 Data Management Solutions ( HDMS ) selling voluntary benefits! Unexpected death in the field or on the power of voluntary plans clients build better. Sign up new challenges deepen the divide between employee benefits is committed to the employee though! A lot of buzz about new benefit offerings for today ’ s workforce this can often be deterrence. Enrollment and working with carriers shedding light on the power of voluntary benefits just got easier employees. Time MEETING with BUSINESSES about the voluntary benefits, pros and cons, and the Businessolver logo are registered of... Which is up from 48 percent in 2015 typically, voluntary benefits empower employees to proactively care for their.... Interest among employers and employees ’ lives by offering as many Solutions and as much support possible! Logo are registered trademarks of Businessolver.com, Inc., consults with agencies and on! Protect the ones they love the best ways to encourage enrollment is by shedding light on the floor! To the report to your employees at no direct cost to you employer-funded...

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