voluntary benefits

• Commissions on major medical plans are decreasing because ofmarket pressures, while voluntary benefits continue to be one ofthe fastest growing products
• Voluntary benefits provide a new, substantial source of revenueand can help replace decreasing revenue from major medicalplans
• Cross-selling to existing clients is significantly lessexpensive than developing new clients
• Employees are asking for it

• The revenue potential
• The unique value propositions
• The value of the benefits to both employer and employee
• How to sell voluntary
• The “how” of voluntary benefits— the nuts-and-bolts enrollmentand billing

1. Recognize the revenue potential. Voluntary hasa reputation for producing insignificant “marginal revenue” thatisn't worth the effort. But when done right, voluntary cancreate substantial revenue dollars.

Related: 2018 voluntary survey: The fight for employers'business grows fiercer

2. Understand the value proposition. Voluntarybenefits range from critical illness and accident plans toshort-term disability and permanent life insurance. Many voluntarycarriers offer high-value health and life plans that fit the needsand lifestyles of today's employee.

voluntary enrollments

3. Learn how to sell voluntary. Once youunderstand the value proposition, the key is to not presentvoluntary as an additional product to offer employees.

• Unwieldy paper enrollments
• Ineffective benefit communication
• High turnover rate
• Poor participation in programs like retirement plans andFSAs
• Outdated employee data
• Low employee morale