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October 28, 2007 at 04:00 PM
With employees being asked to pay an increasing share of their benefits, the ability to offer voluntary insurance products to individuals at their workplace is an important business for advisors.
To be successful, however, advisors have to think through the enrollment process carefully. Open-enrollment periods give the advisor an opportunity to improve the profitability of an account as employees renew, modify or purchase new types of voluntary insurance coverage.
Most companies hold open enrollment for worksite benefits at least once a year. Right now, in the fall, is when the open enrollment season really heats up.
A winning open-enrollment process follows these steps:
1. Earn the trust of the key decision-makers. Whether you’re dealing with a small company, where a single executive calls the shots, or with a complex decision process involving human resources, finance, payroll and others, get to know and understand each one. Involving them in the pre-enrollment discussions ensures their buy-in and prevents surprises later on.
Explain to each that you provide a turnkey solution that will maximize communication to the employees, while minimizing employer distraction and making executives’ jobs easy.
2. Establish an effective enrollment strategy that considers the most effective way to reach employees during the open enrollment as well as for new hires throughout the year.
Explain that technology you can offer will automate the entire voluntary benefit process.
Producers have 3 options when selecting enrollment technology: Use the employer’s existing enrollment system; select the carrier’s system, whether direct fulfillment services or support of those services; or hire a third party devoted to administering the enrollment process.
Finally, explain to decision makers that you will coordinate all aspects of the enrollment, thereby saving time and reducing stress on their human resource personnel.
