voluntary benefits

• Commissions on major medical plans are decreasing because of market pressures, while voluntary benefits continue to be one of the fastest growing products
• Voluntary benefits provide a new, substantial source of revenue and can help replace decreasing revenue from major medical plans
• Cross-selling to existing clients is significantly less expensive 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 enrollment and billing

1. Recognize the revenue potential. Voluntary has a reputation for producing insignificant “marginal revenue” that isn't worth the effort. But when done right, voluntary can create substantial revenue dollars.

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

2. Understand the value proposition. Voluntary benefits range from critical illness and accident plans to short-term disability and permanent life insurance. Many voluntary carriers offer high-value health and life plans that fit the needs and lifestyles of today's employee.

voluntary enrollments

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

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• Outdated employee data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