Mike Meredith, Executive Vice President at Willis, spoke to attendees last month at Employee Benefit Adviser’s Workplace Benefits Mania. If you weren’t there, this article about his talk by Employee Benefit Adviser’s Elizabeth Galentine is worth reading.
In his presentation, Meredith pointed out that it’s not voluntary benefits for voluntary benefits sake. By focusing on the outcome of offering such benefits, it’s a clear message to employers that the decision to offer them to employees is an obvious choice and makes a lot of sense.
There are at least 10 compelling reasons to offer voluntary benefits, according to Meredith, and an employer needs to understand every one of them before moving forward in the voluntary sales process. Those 10 reasons include, but are not limited to:
1) Fill benefit gaps
2) Provide high-quality communications
3) Communicate wellness, disease management or other employer initiatives
4) Clean up participant eligibility data
5) Provide efficient enrollment for core benefits
6) Provide efficient enrollment for voluntary benefits
7) Conduct a dependent audit
8) Communicate the value of current benefits
9) Provide administrative/ben admin platform for year-round service
10) Ensure consistent benefits communications year-round