Case Studies

This small manufacturing company with 60 full-time employees was looking to round out its benefits package wit voluntary life insurance. The company was open to the group repís suggestion to pair this product with a supplemental offering, which would fund one-on-one meetings with employees.

This is how a small company maximized participation with an integrated benefits offering and a highly successful communications and enrollment strategy.

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Goals

  • Provide voluntary life insurance coverage for employees and their families
  • Create a well-balanced benefits package and support employee awareness
  • Reduce the impact of high medical plan co-pays and deductibles for employees

Results

  • Explained the full value of the new benefits program through pre-event communications
  • Met with 100% of the employee population in one-on-one meetings
  • Achieved high employee participation rates for both voluntary plans
  • Helped employer hold down benefits costs, enriched benefits package and generated more than $10,000 in annual premium

Existing benefits plan

Medical Insurance, Life Insurance

Proposed new plan design

  1. Add employee-paid voluntary group term life with accidental death and dismemberment (AD&D) coverage.

    • Since the employer provided the employees with a $10,000 employer paid term life, it was important to offer additional coverage to help meet the employee's primary life insurance needs.
  2. Add accident insurance to enrich the benefits package with additional family coverage options.

    • The lump sum benefit can be used to offset medical deductibles, co-pays and other out of pocket expenses.
    • This product has a high appeal to this younger employee population (primarily age 20-40) with a high concentration of families.
  3. Implement an enrollment strategy to educate employees about the enrollment process with group and one-on-one meetings. This helped achieve strong employer commitment and support.

    • Employee one-on-one sessions were pre-scheduled.
    • The enrollment process educated employees about the value of their benefits package.

New integrated plan design

Accident Insurance, Voluntary Group Life and AD&D

  • The group rep demonstrated how partnering group voluntary products with VWB products can help meet participation requirements and lead to excellent sales results.
  • The broker ws able to help the employer address high healthcare benefit costs with employee-paid products that appealed to this workforce.
  • The employer was pleased to round out its benefits package with voluntary life insurance, which funded one-on-one meetings with employees.
  • The employees were receptive to the opportunity to apply for life and accident insurance policies with coverage for their families, and access to trained counselors who explained their benefits one-on-one.
  • The enrollment manager worked with the broker and employer to develop an effective enrollment strategy. The employer agreed to one-on-one enrollment sessions wit all eligible employees which led to increased participation levels.