The Value of Life Insurance
A large blue collar employer with 3700 eligible employees spread over 4 states and 136 locations. The group had previously conducted open enrollment on paper with the HR team as the only support. The company projected growth and needed a multi-year strategy to grow without expanding the HR team while adding benefits and resources to attract and retain employees through better education.
The buying power of voluntary benefits! By offering new voluntary benefits the employer was able to provide technology, custom communication materials, face to face/call center enrollment support, man power and a multi-year strategy to grow as the company expands. The products chosen were Whole Life, Critical Illness and Accident. In year 2 we added an individual Short Term Disability plan.
The group grew in year 2 to 4400 eligible employees and 147 locations. In year 3 they grew to 4700 eligible and 160 locations. By adding the right product mix to fund the project we are able to provide and continue to provide a custom enrollment solution year over year. The total premium written in the group over the 3 consecutive years totaled $2,107,256.00.
The success of this project is a combination of all the parties involved doing their job. A great broker! A great Client! An enrollment company that can do what they say! But with all of these the project fails to deliver after year one without selecting the right benefit to offer year one. Whole Life is the most valuable product being offered in this solution. It makes up 35% of the total premium written and is the leading choice of all voluntary products offered.