How To Cross-Sell

Voluntary Benefits

Presented by Cliff Kiel,

Vice President, Channel Management,

Purchasing Power

Cliff Kiel

Joined Purchasing Power in August 2012.

Over 24 years’ experience in client relationship development in the

insurance, health and pharmaceuticals industries.

Previously:

• Regional Director, Account Services with ValueOptions, responsible for

strategic initiatives focused on client retention and revenue growth.

• Significant account management, sales and strategic planning experience

while at Caremark, United HealthCare, and Cigna.

Certification in Health Care Management from the Graduate School

of Management at the University of California, Irvine and a BA from

the State University of New York College at Oneonta.

Agenda

Workforce Landscape

The Importance of Offering Voluntary Benefits

Rethinking the Sales Process

Selecting the Right Partner

Presenting to the Decision Maker

Overcoming Objections

Looking Ahead

Workforce Landscape

Affordable Care Act Future Uncertain

Broker Challenges

Employer Challenges

Resources are Available for You and Your Clients

http://www2.shrm.org/revised_timeline/timeline.html

Employee Challenges

MetLife 10th Annual Study of Employee Benefits Trends

Benefits are a powerful draw for attracting younger employees to a

company and are an important reason why they stay

The Importance of Offering Voluntary Benefits

The State of Group Voluntary Benefits, Prudential, 2013

Increasing Importance of Offering Voluntary Benefits

Source: MetLife 10th Annual Study of Employee Benefits Trends

Company Size

Under 50 Employees

Under 500 Employees

500+ Employees

5,000+ Employees

10,000+ Employees

2010 23% 26% 43% 47% 52%

2011 27% 31% 57% 57% 58%

Number of Employers who agree that voluntary benefits are a significant part of their company’s benefits strategy:

Evolution of Voluntary Benefits

Short-term & long-term disability

Dental Insurance

Prescription Drug Discounts

Vision Insurance

Accident Insurance

Critical Illness Insurance

Hospital Indemnity Insurance 54% of employees would prefer a greater variety of benefits to choose from

MetLife 11th Annual Study of Employee Benefits Trends

The New Voluntary Benefits Toolbox?

Discount product and service programs

Tuition assistance

Elder care assistance

Identity theft protection

Financial wellness/education programs

Legal assistance/services

Pet insurance

Purchase programs

Vacation and travel programs

Advantages To Your Client to Offer Voluntary Benefits

MetLife 11th Annual Study of Employee Benefits Trends

Advantages To Your Client to Offer Voluntary Benefits

54% of employees would prefer a greater variety of benefits to

choose from

61% of employees report that having benefits more tailored to their

needs would make them more loyal.

MetLife 11th Annual Study of Employee Benefits Trends

Rethinking the Sales Process

When working with employers, demonstrate your unique insight into their

company by presenting solutions that help meet their HR objectives.

Where Is Your Clients’ Focus?

Selecting The Right Benefits Partners

The Power of Insight

Presenting to the Decision Maker

Executives want somebody who will take responsibility for a crucial part of their business.

Understand their business goals

Ability to marshal resources

Deliver a solid, credible product

Provide better advice and service than they could perform in-house.

Overcoming Objections

“My employees are not interested in paying for voluntary benefits.”

Employees who say: “I am interested in having my employer provide a wider array of voluntary benefits that I can choose to purchase and pay for on my own” MetLife 11th Annual Study of Employee Benefits Trends

Overcoming Objections

• Employees want and are willing to pay for voluntary benefits

Prudential 7th Annual Study of Employee Benefits Today & Beyond

Overcoming Objections

“There are no advantages to voluntary benefits.”

Recruitment > 83% of employees who recommend their company as a great place to work say they are very loyal to their company

Retention > 61% of employees who say that having benefits that meet their individual needs would make them more loyal.

Satisfaction > 72% of employees at a great place to work say their employer makes it possible for them to balance work and personal life.

MetLife 11th Annual Study of Employee Benefits Trends

Overcoming Objections

“I am too busy preparing for PPACA to offer voluntary benefits.”

Higher Employer Costs = Less compensation + perks

Reduced Coverage = Less attractive to recruit talent

Higher Employee Premiums = Lower morale + higher turnover

Increased Administration = No time to manage additional benefits

SOLUTION: Add Voluntary Benefits!

Employees pay for the benefit, the provider does the enrollment and

marketing, and the employer only needs to provide a payroll slot for the

benefit!

Overcoming Objections

“Managing voluntary benefits is

time-consuming and takes too

many resources.”

After The Sale

Provide ongoing advice and consultation – become an

invaluable resource on the benefits industry.

Maintain widespread support across the

client’s organization by providing other

HR staff with your perspectives.

Encourage year-round enrollment.

The Future of Voluntary Benefits

Questions?

How To Cross-Sell

Voluntary Benefits

Cliff Kiel,

Vice President, Channel Management,

Purchasing Power