Posted on: November 15, 2022
Considering many working Americans may have faced tightening wallets because of rising inflation, you might have found this year to be a challenging enrollment period. To reach desired participation levels for voluntary benefits, it often requires a great deal of collaboration with your clients and various communications with employees to achieve your goals. And at this point, you are likely wrapping up or have already wrapped your 2022 enrollment season.
You might even feel a sense of relief that the enrollment season is over. However, maintaining participation in voluntary benefits is not a one-and-done activity. Recent research reveals that employees want to hear more about their benefits beyond enrollment. Even workers who already receive communications throughout the year want to see more of it. And more than half of employees feel their employers are not even doing a good job of communicating benefits information.1
The point I’m making is that if you want to see participation rates in voluntary benefits continue to grow and retain the policyholders and certificate owners you have today, it’s best to think in terms of ongoing vs. annual. In addition, the messages we convey are equally important.
Our company has been helping people secure their financial future and protect the ones they love since 1851, and I think that’s a result of our passion to not only provide protection for those that count on them, but that covered individuals use the features and benefits of the protection products we offer. It’s why we should also encourage conversations with those who directly benefit from life insurance, to drive home the true value and increase usage of those benefits.
It’s important to understand employee concerns and perceptions relating to benefits so they may be addressed, especially if we intend to increase the number of communications sent throughout the year. So basically, it’s not just about quantity, but also the quality of communications.
One of the ways you can provide guidance is by keeping employers informed of trends and the attitudes working Americans have toward financial well-being solutions at the workplace. Gaining insights and sharing them with clients can help shape the benefits solutions offered and the communications that reinforce their value.
To keep a pulse on the changing benefits landscape, you might want to check out our recent webinar with LIMRA where we discussed the latest trends we’re seeing in the middle market. It was an eye-opener for me, particularly the disconnect between employers and employees when it comes to communications, but also working American’s viewpoints on:
To watch the replay, click here. I think you’ll find the webinar more than insightful. What you learn may help you plot out your business planning and communications for 2023.
By better preparing now, you may even find yourself looking forward to the next enrollment season!