Knowing WHY Employees Buy Benefits Can Boost Premium by 20-30%
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A new consumer framework for employee benefits enrollment using behavior economics, predictive analytics, and addressable delivery technologies. Presented to insurance brokers, carriers and benefits technology companies. Includes results of a case study for voluntary life insurance where participation grew by 25%.
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Knowing WHY Employees Buy Benefits Can Boost Premium by 20-30%
- 1. Knowing Why Employees Buy Benefits Can Boost Premium by 20-30% by Patrick Toner, CEO www.customerbenefitsanalytics.com
- 2. Enrollment Consumer Research • National survey of employees • 10 benefit types • 500 pieces of data • 2,900 consumer respondents www.customerbenefitsanalytics.com
- 3. • Values and Attitudes • Enrollment Behavior Findings: 7 Benefit Buyer Types Factors • Socio-economic • Demographic 11% 1. Established Elites 2. Oozing Optimism 3. Uptown & Upward 4. Middle Grounded 5. Country Careful 6. Living Latin 7. Striving Starters 8 % 19% 7% 11% 24% 7% 23% www.customerbenefitsanalytics.com
- 4. Values and attitude inform messages that get response Accident Country Careful It's a comfort knowing you have good coverage Cash payments direct-to-you to use as you choose Middle Grounded www.customerbenefitsanalytics.com
- 5. Case Study: Merchants Bank www.customerbenefitsanalytics.com
Editor's Notes
- Greeting. Cambridge Analytica - personality-based targeted messages CBA does something very similar for employee benefits: - Objective is increasing employee-paid premium 20-30%
- Ambitious research: almost 3000 employees: ~enrollment exit interview Lot’s of valuable findings Key: WHY employees purchased the benefits that they purchased and WHY they declined the benefits they declined --attitudes and values differ Secret Sauce – consumer framework
- 7 types of Benefits Buyers --distinct blend of attributes: Socio-economic financial Demographic Enrollment behavior Values and Attitudes about Benefits –most important—reveal underlying buy/waive triggers
- Know WHY …and shape messages …connect emotionally E.g. Country Careful wants peace-of-mind, Accident supports value of self-reliance Middle Grounded : seeks control and stability, likes to feel fully protected. 20-30% lift is not unusual Problem: identifying the Benefit Buyer Type
- The enrollment was a success as you can see, with premium increasing over 37%. Participation increased by 25%. Many factors influence enrollment results, But we were happy with the results .