How To Cross-SellVoluntary BenefitsPresented by Cliff Kiel,Vice President, Channel Management,Purchasing Power
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.
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
Workforce LandscapeAffordable Care Act Future Uncertain
Resources are Available for You and Your Clientshttp://www2.shrm.org/revised_timeline/timeline.html
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
The Importance of Offering Voluntary BenefitsThe State of Group Voluntary Benefits, Prudential, 2013
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:
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
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
Advantages To Your Client to Offer Voluntary BenefitsMetLife 11th Annual Study of Employee Benefits Trends
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
Rethinking the Sales Process When working with employers, demonstrate your unique insight into theircompany by presenting solutions that help meet their HR objectives.
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.
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
Overcoming Objections• Employees want and are willing to pay for voluntary benefitsPrudential 7th Annual Study of Employee Benefits Today & Beyond
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
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!
Overcoming Objections“Managing voluntary benefits istime-consuming and takes toomany resources.”
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.