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Are you a benefits insurer planning to move down market?

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Discover the five questions and 7 capabilities that are essential for benefits insurers planning a down market move.

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Are you a benefits insurer planning to move down market?

  1. 1. Are you a benefits insurer planning to move down market?
  2. 2. Are you a benefits insurer planning to move down market? How will you win in the small case, small business market?
  3. 3. Are you a benefits insurer planning to move down market? How will you win in the small case, small business market? Here are 5 QUESTIONS to ask yourself… and 7 CAPABILITIES you will need
  4. 4. Q. 1: Are you feeling the squeeze? Ready to get started? Download the full eBook here
  5. 5. Q. 1: Are you feeling the squeeze? Is the sluggish 2-3% premium growth in the overall benefits market limiting your growth? Ready to get started? Download the full eBook here
  6. 6. companies under 49m employees = If so, the small case market could be a big opportunity Q. 1: Are you feeling the squeeze? Is the sluggish 2-3% premium growth in the overall benefits market limiting your growth? 100employees Ready to get started? Download the full eBook here
  7. 7. Fact… Main Street is underserved Ready to get started? Download the full eBook here
  8. 8. Fact… Main Street is underserved And… the majority of employees in small businesses are not buying voluntary benefits Ready to get started? Download the full eBook here
  9. 9. Fact… Main Street is underserved Why?… because 36% of their employers do not offer any voluntary benefits And… the majority of employees in small businesses are not buying voluntary benefits Ready to get started? Download the full eBook here
  10. 10. Fact… Main Street is underserved Why?… because 36% of their employers do not offer any voluntary benefits And… the majority of employees in small businesses are not buying voluntary benefits But… when they are offered, the take rate is high Ready to get started? Download the full eBook here
  11. 11. Q. 2: Will your products be a good fit? Ready to get started? Download the full eBook here
  12. 12. Q. 2: Will your products be a good fit? Small business employers and employees have different product and service needs than larger size companies. And… less time and resources. Ready to get started? Download the full eBook here
  13. 13. Q. 2: Will your products be a good fit? Simplicity is essential! Small business employers and employees have different product and service needs than larger size companies. And… less time and resources. Ready to get started? Download the full eBook here
  14. 14. Q. 2: Will your products be a good fit? Ready to get started? Download the full eBook here
  15. 15. Q. 2: Will your products be a good fit? Simplicity is essential! Ready to get started? Download the full eBook here
  16. 16. Q. 2: Will your products be a good fit? Simplicity is essential! CAN YOU bundle the right products and plans for each market segment with the limits and values preset and offer a simple enrolment and servicing experience? Ready to get started? Download the full eBook here
  17. 17. Q. 2: Will your products be a good fit? Simplicity is essential! CAN YOU bundle the right products and plans for each market segment with the limits and values preset and offer a simple enrolment and servicing experience? And … CAN YOU quickly create new products? Ready to get started? Download the full eBook here
  18. 18. Q. 2: Will your products be a good fit? Simplicity is essential! spend $$ millions CAN YOU bundle the right products and plans for each market segment with the limits and values preset and offer a simple enrolment and servicing experience? And … CAN YOU quickly create new products? To introduce a single new product, most insurers: and take 12-18months Ready to get started? Download the full eBook here
  19. 19. Q. 3: Will you find the distribution you need? Ready to get started? Download the full eBook here
  20. 20. Q. 3: Will you find the distribution you need? Small case brokers have a SHELF SPACE typically limited to 1-3 voluntary carriers. What must you do to win broker business? Ready to get started? Download the full eBook here
  21. 21. Q. 3: Will you find the distribution you need? Small case brokers have a SHELF SPACE typically limited to 1-3 voluntary carriers. What must you do to win broker business? CAN YOU support the higher volumes of business small case brokers need with turn-key solutions and ease of doing business? Ready to get started? Download the full eBook here
  22. 22. Q. 4: Can your underwriting adapt to a new market? Ready to get started? Download the full eBook here
  23. 23. Q. 4: Can your underwriting adapt to a new market? Nowhere is automation more important in the small case market than underwriting! Ready to get started? Download the full eBook here
  24. 24. Q. 4: Can your underwriting adapt to a new market? Nowhere is automation more important in the small case market than underwriting! Because: ► Lower margins per case demand higher volume. ► There is no time for the manual underwriting and custom pricing typical of large case business. Ready to get started? Download the full eBook here
  25. 25. Q. 4: Can your underwriting adapt to a new market? Nowhere is automation more important in the small case market than underwriting! Because: ► Lower margins per case demand higher volume. ► There is no time for the manual underwriting and custom pricing typical of large case business. CAN YOU micro-price competitively for different geographies and industries with different risk characteristics and provide off-the-shelf products and off-the-shelf rates? Ready to get started? Download the full eBook here
  26. 26. Q. 5: Will you meet your new customers’ expectations? Ready to get started? Download the full eBook here
  27. 27. Q. 5: Will you meet your new customers’ expectations? What brokers and employees want: ► greater personalization of their experience. ► digital, self-service capabilities for shopping, payment, policy and billing changes and claims. ► easy plan member changes Ready to get started? Download the full eBook here
  28. 28. Q. 5: Will you meet your new customers’ expectations? What brokers and employees want: ► greater personalization of their experience. ► digital, self-service capabilities for shopping, payment, policy and billing changes and claims. ► easy plan member changes What employers want: Time- and resource-strapped small employers value business as much as they want a good price. Ready to get started? Download the full eBook here
  29. 29. Q. 5: Will you meet your new customers’ expectations? What brokers and employees want: ► greater personalization of their experience. ► digital, self-service capabilities for shopping, payment, policy and billing changes and claims. ► easy plan member changes What employers want: Time- and resource-strapped small employers value business as much as they want a good price. WHAT YOU CAN DO to win their business: ► be responsible for record-keeping on voluntary plans ► allow employees to manage claims and enrolment digitally ► provide accurate and timely list bill Ready to get started? Download the full eBook here
  30. 30. Still think you can go down market? Here’s the checklist of 7 key business capabilities you will need: Ready to get started? Download the full eBook here
  31. 31. Still think you can go down market? Here’s the checklist of 7 key business capabilities you will need: 1. Offer product from core to voluntary that adjust to the needs of each demographic Ready to get started? Download the full eBook here
  32. 32. Still think you can go down market? Here’s the checklist of 7 key business capabilities you will need: 1. Offer product from core to voluntary that adjust to the needs of each demographic 2. Gain producer shelf-space with pre-packaged bundles and turn-key support, quick quote and enrollment capabilities Ready to get started? Download the full eBook here
  33. 33. Still think you can go down market? Here’s the checklist of 7 key business capabilities you will need: 1. Offer product from core to voluntary that adjust to the needs of each demographic 2. Gain producer shelf-space with pre-packaged bundles and turn-key support, quick quote and enrollment capabilities 3. Retain producers with simple and transparent administration and billing operations Ready to get started? Download the full eBook here
  34. 34. Still think you can go down market? Here’s the checklist of 7 key business capabilities you will need: 1. Offer product from core to voluntary that adjust to the needs of each demographic 2. Gain producer shelf-space with pre-packaged bundles and turn-key support, quick quote and enrollment capabilities 3. Retain producers with simple and transparent administration and billing operations 4. Deliver off-the-shelf products and rates easily understood by occasional producers and employees Ready to get started? Download the full eBook here
  35. 35. Still think you can go down market? Here’s the checklist of 7 key business capabilities you will need: 1. Offer product from core to voluntary that adjust to the needs of each demographic 2. Gain producer shelf-space with pre-packaged bundles and turn-key support, quick quote and enrollment capabilities 3. Retain producers with simple and transparent administration and billing operations 4. Deliver off-the-shelf products and rates easily understood by occasional producers and employees 5. Provide straight-thru-processing and automated micro-pricing capabilities Ready to get started? Download the full eBook here
  36. 36. Still think you can go down market? Here’s the checklist of 7 key business capabilities you will need: 1. Offer product from core to voluntary that adjust to the needs of each demographic 2. Gain producer shelf-space with pre-packaged bundles and turn-key support, quick quote and enrollment capabilities 3. Retain producers with simple and transparent administration and billing operations 4. Deliver off-the-shelf products and rates easily understood by occasional producers and employees 5. Provide straight-thru-processing and automated micro-pricing capabilities 6. Compete on price while delivering ease of administration to employers Ready to get started? Download the full eBook here
  37. 37. Still think you can go down market? Here’s the checklist of 7 key business capabilities you will need: 1. Offer product from core to voluntary that adjust to the needs of each demographic 2. Gain producer shelf-space with pre-packaged bundles and turn-key support, quick quote and enrollment capabilities 3. Retain producers with simple and transparent administration and billing operations 4. Deliver off-the-shelf products and rates easily understood by occasional producers and employees 5. Provide straight-thru-processing and automated micro-pricing capabilities 6. Compete on price while delivering ease of administration to employers 7. Deliver digital self-service to meet customer expectations and share workload Ready to get started? Download the full eBook here
  38. 38. Is there a technology solution that will support your down market move? Ready to get started? Download the full eBook here
  39. 39. Is there a technology solution that will support your down market move? …that will drive market engagement through digital sales, marketing and servicing… Ready to get started? Download the full eBook here
  40. 40. Is there a technology solution that will support your down market move? …that will drive market engagement through digital sales, marketing and servicing… Effective broker, employer and employee engagement starts with a digitally enabled core insurance system with these key features: Ready to get started? Download the full eBook here
  41. 41. Is there a technology solution that will support your down market move? …that will drive market engagement through digital sales, marketing and servicing… Effective broker, employer and employee engagement starts with a digitally enabled core insurance system with these key features: ► There is a single record for a customer, whether they are a broker, employer, or employee. ► All the rules, products and prices are built once but open to be displayed on any digital channel. ► Uses a plan and package designer tool to configure an unlimited number of plans and packages all generated from the base product. Ready to get started? Download the full eBook here
  42. 42. Is there a technology solution that will support your down market move? Ready to get started? Download the full eBook here
  43. 43. Is there a technology solution that will support your down market move? …that is a single core System of Record built to connect to any System of Engagement… Ready to get started? Download the full eBook here
  44. 44. Is there a technology solution that will support your down market move? …that is a single core System of Record built to connect to any System of Engagement… Ready to get started? Download the full eBook here
  45. 45. Find out more about a technology solution that will support your down market move Download your copy of: Essentials for Gaining Small Case Market Share How and why new technology is key to your market success Or ask us about: Our unified core system of record, including: EIS Suite™ and systems of engagement, CustomerCore™ CEM and Digital Experience Platform™. info@eisgroup.com www.eisgroup.com DOWNLOAD HERE Ready to get started? Download the full eBook here

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