Congratulations! You’ve sold the case.
But if you think all the hard work is done and the upcoming enrollment process will be easy, efficient and profitable–think again. Every enrollment can be challenging. The interview time is short, and Human Resources’ expectations are high.
How can you make your worksite enrollments more profitable? The smart answer is to invest in a new electronic enrollment system. You can build your own proprietary system or learn to use the software provided by the carrier. Either way, high-quality software helps you increase profitability when enrolling new groups and re-servicing existing ones.
Employers are looking for integrated solutions that streamline their enrollment process by exchanging enrollment data electronically. This eliminates errors associated with manual data transfer that can take months to correct.
If you’re already using an enrollment system, consider the rapid evolution of software–and then think about upgrading to a more advanced program.
How does your e-enrollment system measure up?
An electronic enrollment platform should have key features that help you increase participation and improve service. These features are:
Streamlined group setup and user-friendly navigation
o Intuitive navigation to establish the case and complete applications with screens that follow the traditional sales process.
o Case set-up that enables users to tailor product selections by group, assign agents by location and designate multiple group commission splits.
o Drop-down boxes and preloaded data to complete multiple applications for one participant within three minutes.
o Flexibility to submit applications daily or at the end of enrollment (submitting at the end of enrollment allows agents to amend an application rather than take a new one).
o Web-based system to give enrollers real-time access to data.
o Disconnected laptop option with easy data-sync feature.
Data import utilities and enrollment status tools
o Electronic import of census data to preload application screens and maximize selling time.
o Rate calculator to help employees determine the best combination of coverage and premium.
o Payroll-deduction tracker to show out-of-pocket costs as each coverage election is made, leaving no surprises at the end of the interview.
o Tracker to help agents monitor participation on guaranteed-issue cases.
Customer and management reports
o Payroll deduction report for the HR department that easily reconciles the carrier’s billing data with their internal records.
o Employee confirmation statements to verify employees’ selections individually, display existing benefits and list total out-of-pocket costs.
o Employee benefit reports that reflect all employer-paid benefits, such as vacation days, sick time and 401(k) contributions.
o Enrollment reports to help agents manage enrollment, monitor participation and supervise enroller activities.
o PIN signatures and signature pads for face-to-face enrollments.
o Voice-signature technology for call center enrollments–a cost-effective method of enrolling remote employees.
o Single-signature solution for many product applications, simplifying the process for employees and agents alike.
Role-based security model
o Role-based systems restrict system access to authorized users. This function should cater to various sales management models, controlling agent functions and access to information.
Application rules engine
o Business rules engine to verify eligibility, rates and forms–prevents incomplete or erroneous applications from being transmitted to the carrier and eliminates a costly clean up.
o Policy underwriting and field underwriting logic that supports an array of group and individual products.
o Eligibility rules that display only the plans available to a given employee, preventing the enroller from selling incorrect coverage levels.
o Dedicated software assistance and training support for the sales organization.
o Legal and compliance expertise to support constantly changing federal and state insurance regulations.
o Carrier enrollment systems eliminate the regulatory risk of building a unique system.
o Ability to send and receive data electronically with another enrollment platform (automated through a real-time interface between systems or by manually uploading data files), creating seamless enrollments.
o Integration between systems, enabling agents to share census data and consolidate reporting when core and voluntary benefits exist in separate enrollment platforms.
o Ability to electronically transfer enrollment data to the carrier and to the employer’s human resource information system and payroll system, improving efficiency and accuracy for both parties.
Re-servicing account data
o Integration with carrier’s back-office systems to provide status of existing benefits and help agents identify coverage-upgrade opportunities.
o Allowing employees to make election changes and increase or decrease coverage, providing full service to employer.
“Straight-through” application issue
o Integration with carriers’ administration and billing systems to eliminate manual data entry and deliver quick policy issue, accurate bills and fast commission payment.
The sales opportunity
You can increase the profitability of group enrollments by investing in an electronic enrollment platform or upgrading your current program. The payoff? Applications take less than three minutes to complete and are processed in a straight-through method. Additionally, new policies are issued within 24 hours and your commissions are paid within days.
So trade in your pile of printed applications and handfuls of pens, and turn to an enrollment process that better serves you, your clients and employees. With a resource like this on your side, the hard work is done once you sell the case.
Cindy Frank is director of product marketing and Tom Skene is director of sales technology for Conseco Insurance Group, a unit of Conseco Inc., Carmel, Ind. Frank’s e-mail address is [email protected], and Skene’s is [email protected]