To stand out from the crowd,consider focusing on non-product issues, such as better aligningclient needs during carrier selection or helping design moreeffective enrollment solutions. (Photo: Shutterstock)

The 2018 BenefitsPRO/Eastbridge Broker Survey foundthat the most frequently sold products were very similar forbenefit brokers and voluntary brokers, and that both broker typesare selling more supplemental health products today than theyhave in the past.

With growing similarities in products offered, how can youmeaningfully differentiate yourself among current andprospective clients beyond your product portfolio? You couldconsider focusing on non-product issues, such as better aligningclient needs during carrier selection or helping design moreeffective enrollment solutions.

Related: Voluntary benefits and the changing opportunity forbrokers

Eastbridge's 2018 Employer Viewpoint study found that whileemployers find things like the price/value of products offered andthe carrier's financial rating to be important in selecting avoluntary carrier, they are especially discerning about thefollowing: the quality of enrollment and communication materials;availability of tools, calculators and benefits advice; carrierhelp with developing a communications and enrollment strategy; andthe recommendation of a broker/agent. All these factors haveincreased in importance over time.

Bonnie Brazzell and NickRockwell, Eastbridge Consulting Group, Inc.

Employers are looking to you for carrier recommendations, so areyou aligning your selection criteria to employers' most pressingconcerns?

As importantly, you can add value by advising employers aboutthe best enrollment design to meet their employee population needs.One element of good enrollment design is giving advice on the rightnumber of products to offer to achieve ideal engagement andparticipation. Offer too many products and you may end up withoverwhelmed, indecisive employees who ultimately don't purchase thecoverage they need. On the other hand, offer too few products andyou may leave employees vulnerable with inadequate coverage oftheir financial risks.

In Eastbridge's 2018 Employer Viewpoint study, almost half ofthe employers surveyed prefer to offer only one or two voluntaryproducts at any given enrollment, as opposed to as many products aspossible. Employers feel limiting the number of products increasesthe overall understanding of benefits and increases participation.Does your product strategy align with employers' sentiments? Thisis another area where employers are looking for your expertise andwhere you can show your value.

Focusing on areas beyond product portfolio differentiationallows brokers to demonstrate their sophistication around voluntaryservices, technology and enrollment strategy. For many producers,this may mean breaking out of their comfort zone, forging newenrollment partnerships and naming new preferred carriers to meetthe diverse needs of their employer clients.

Read more: 

• How technology is transforming the voluntarybenefits industry
• The voluntary status-quo isn't acceptable,either
• 5 trends to expect in voluntary benefits in2019