Reap the benefits of business freedom by introducing non-traditional voluntary benefits to your product portfolio. Health and life insurance sales and employer-funded benefits have always been the sweet spot for advisors and brokers. In these changing times though, many advisors and brokers are searching for new ways to increase revenue or replace lost income.
Voluntary benefits are projected to become the new sweet spot. According to a recent Eastbridge Consulting Group survey, 53 percent of brokers said they already sell more voluntary today because of reform, with 15 percent saying they’re selling significantly more. Another 32 percent expect voluntary to account for a larger portion of their sales in the future.
Many producers have already added the growing selection of traditional voluntary benefits to their offerings. But the new voluntary benefits toolbox also includes non-traditional voluntary benefits that advisors and brokers are proactively cross-selling. Like traditional voluntary benefits, non-traditional voluntary benefits are a great way for employers to extend their benefits offerings without incurring additional employer-paid premiums. And, adding non-traditional voluntary benefits to their product portfolios allows producers to increase their revenue stream because they are selling additional products. These products can be an add-on for existing clients and could even be a door-opener to new clients.
In addition to offering an attractive commission rate, non-traditional voluntary benefits can offer advisors and brokers an advantage over competitors who are marketing only the traditional voluntary benefits. One-size-fits-all products are a thing of the past.
As an example, adding an employee purchase program like Purchasing Power to your product portfolio:
- Allows you to offer a more competitive package for your clients;
- Means year-over-year revenue growth as our commission program isn’t front-loaded; and
- Gives you a recurring revenue stream through commission on every shipped order.
With the Patient Protection and Affordable Care Act requiring 85 cents out of every dollar premium be used to pay claims, carriers will be left with just 15 cents of that dollar to pay their expenses, including broker commissions. There is no better time than now to ramp up your sales of non-traditional voluntary benefits with Purchasing Power.