In a recent article in BenefitsPro, Eastbridge Consulting Group executives Gil Lowerre and Bonnie Brazzell discuss the subtle drivers of growth that account for the continued annual sales increases for the voluntary industry.
One of the drivers they cite that is propelling voluntary industry sales ahead is the documented tendency of accounts, one they offer a voluntary benefit, to add a second, a third or more in rapid succession. This serves as a built-in sales accelerator. So, once a broker sells an account on a voluntary offering, if a good job is done, then the broker is rewarded with a string of new product sales in the coming years.
Thus, Lowerre and Brazzell suggest that brokers need to step up their game, being ready to identify and offer best-of-breed products and administrative and billing solutions that can accommodate the benefit programs.
Purchasing Power’s employee purchase program is one best-of-breed product you’ll want to include in your voluntary benefit recommendations. This non-traditional voluntary benefit helps employers relieve some of their employees’ financial stress by allowing them to obtain much-needed items on a disciplined budgeting program. Additionally, Purchasing Power’s easy-to-administer program adds to employers’ benefits package at no cost and liability.