FOUR WAYS BROKERS CAN FIND SUCCESS IN THE GROWING BENEFITS MARKET

Businesses that offer a robust worksite/voluntary benefit portfolio to their employees are perceived as “Employers of Choice” which enhances their employee retention and recruitment.

In a September 10th article in BenefitsPro.com, John Thornton offers four strategies for brokers to be successful in selling worksite/voluntary benefits for their clients.

  1. Use a two-channel strategy. Marketing worksite/voluntary benefits requires a two-prong approach. First, you need to present the value proposition of worksite/voluntary benefit to employers. Second, employees, too, need to understand the role worksite/voluntary benefits play in their financial well-being. This requires brokers to take a proactive, consultative approach.
  1. Communicate effectively.A common thread running through both the employer and employee strategy is communication. Having separate, well-developed marketing materials for both employers and employees is essential. These materials should clearly communicate the value proposition of worksite/voluntary benefits overall, as well as the individual value propositions of each type of coverage.
  1. Market early and continually. Do not wait until enrollment period to make your marketing push. Start your worksite/voluntary benefit marketing and education campaign early in the year and continue it throughout the year.

Leverage both direct mail and online marketing to raise awareness. Soften the market before your fourth quarter worksite presentation and enrollment events.

  1. Partner wisely. To implement an effective worksite/voluntary marketing program, you need carriers who are ready to support you with competitive products, effective marketing materials and highly responsive, professional customer service and claims handling departments.

By following these basic guidelines, brokers can capture a share of the growing worksite/voluntary benefits market, while concurrently positioning themselves as consultative sales professionals and expanded customer relationships. Refer to Thornton’s

full article for more detail.

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