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May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
May 1 9.30am cliff kiel
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May 1 9.30am cliff kiel

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  • 1. How To Cross-SellVoluntary BenefitsPresented by Cliff Kiel,Vice President, Channel Management,Purchasing Power
  • 2. Cliff Kiel Joined Purchasing Power in August 2012. Over 24 years’ experience in client relationship development in theinsurance, health and pharmaceuticals industries. Previously:• Regional Director, Account Services with ValueOptions, responsible forstrategic initiatives focused on client retention and revenue growth.• Significant account management, sales and strategic planning experiencewhile at Caremark, United HealthCare, and Cigna. Certification in Health Care Management from the Graduate Schoolof Management at the University of California, Irvine and a BA fromthe State University of New York College at Oneonta.
  • 3. Agenda Workforce Landscape The Importance of Offering Voluntary Benefits Rethinking the Sales Process Selecting the Right Partner Presenting to the Decision Maker Overcoming Objections Looking Ahead
  • 4. Workforce LandscapeAffordable Care Act Future Uncertain
  • 5. Broker Challenges
  • 6. Employer Challenges
  • 7. Resources are Available for You and Your Clientshttp://www2.shrm.org/revised_timeline/timeline.html
  • 8. Employee ChallengesMetLife 10th Annual Study of Employee Benefits Trends Benefits are a powerful draw for attracting younger employees to acompany and are an important reason why they stay
  • 9. The Importance of Offering Voluntary BenefitsThe State of Group Voluntary Benefits, Prudential, 2013
  • 10. Increasing Importance of Offering Voluntary BenefitsSource: MetLife 10th Annual Study of Employee Benefits TrendsCompanySizeUnder 50EmployeesUnder 500Employees500+Employees5,000+Employees10,000+Employees2010 23% 26% 43% 47% 52%2011 27% 31% 57% 57% 58%Number of Employers who agree that voluntary benefits are asignificant part of their company’s benefits strategy:
  • 11. Evolution of Voluntary Benefits Short-term & long-term disability Dental Insurance Prescription Drug Discounts Vision Insurance Accident Insurance Critical Illness Insurance Hospital Indemnity Insurance 54% of employees wouldprefer a greater variety ofbenefits to choose fromMetLife 11th Annual Study of Employee Benefits Trends
  • 12. The New Voluntary Benefits Toolbox? Discount product and service programs Tuition assistance Elder care assistance Identity theft protection Financial wellness/education programs Legal assistance/services Pet insurance Purchase programs Vacation and travel programs
  • 13. Advantages To Your Client to Offer Voluntary BenefitsMetLife 11th Annual Study of Employee Benefits Trends
  • 14. Advantages To Your Client to Offer Voluntary Benefits 54% of employees would prefer a greater variety of benefits tochoose from 61% of employees report that having benefits more tailored to theirneeds would make them more loyal.MetLife 11th Annual Study of Employee Benefits Trends
  • 15. Rethinking the Sales Process When working with employers, demonstrate your unique insight into theircompany by presenting solutions that help meet their HR objectives.
  • 16. Where Is Your Clients’ Focus?
  • 17. Selecting The Right Benefits Partners
  • 18. The Power of Insight
  • 19. Presenting to the Decision Maker Executives want somebody who willtake responsibility for a crucial part oftheir business. Understand their business goals Ability to marshal resources Deliver a solid, credible product Provide better advice and service thanthey could perform in-house.
  • 20. Overcoming Objections“My employees are not interested in paying for voluntary benefits.”Employees who say: “I am interested in having my employer provide a wider arrayof voluntary benefits that I can choose to purchase and pay for on my own”MetLife 11th Annual Study of Employee Benefits Trends
  • 21. Overcoming Objections• Employees want and are willing to pay for voluntary benefitsPrudential 7th Annual Study of Employee Benefits Today & Beyond
  • 22. Overcoming Objections“There are no advantages to voluntary benefits.” Recruitment > 83% of employees who recommend their companyas a great place to work say they are very loyal to their company Retention > 61% of employees who say that having benefits that meettheir individual needs would make them more loyal. Satisfaction > 72% of employees at a great place to work say theiremployer makes it possible for them to balance work and personal life.MetLife 11th Annual Study of Employee Benefits Trends
  • 23. Overcoming Objections“I am too busy preparing for PPACA to offer voluntary benefits.”Higher Employer Costs = Less compensation + perksReduced Coverage = Less attractive to recruit talentHigher Employee Premiums = Lower morale + higher turnoverIncreased Administration = No time to manage additional benefitsSOLUTION: Add Voluntary Benefits!Employees pay for the benefit, the provider does the enrollment andmarketing, and the employer only needs to provide a payroll slot for thebenefit!
  • 24. Overcoming Objections“Managing voluntary benefits istime-consuming and takes toomany resources.”
  • 25. After The Sale Provide ongoing advice and consultation – become aninvaluable resource on the benefits industry. Maintain widespread support across theclient’s organization by providing otherHR staff with your perspectives. Encourage year-round enrollment.
  • 26. The Future of Voluntary Benefits
  • 27. Questions?How To Cross-SellVoluntary BenefitsCliff Kiel,Vice President, Channel Management,Purchasing Power

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