Large or small, simple or complex, closing any multi-life worksite case delivers a great sense of accomplishment. The effort invested in getting in the door, developing a relationship, implementing a strategy and seeing the case through are just the beginning, especially when selling my specialty, disability income insurance.
That's why effective producers are finding new ways to ensure the worksite door never closes. This means setting the stage, making the most of available tools and developing and sticking to a plan for nurturing this newly formed relationship. This article reviews a few trusted tips that can help set the stage for success.
An opportunity won
Fortunately, we can overcome our inherent tendencies to procrastinate by establishing the importance of annual reviews before the initial case is closed and getting the client's support for conducting them each year.
Annual reviews are vital to the success of continuing relationships with employers for 2 reasons. First, they ensure a consistent schedule is kept. And second, they create face-to-face opportunities with clients to explain and reinforce the need for regular evaluation and improvement in disability income insurance coverage. If used effectively, they can also present cross-selling opportunities within the client company.
To assist in keeping everyone on track, producers can tap into established home office programs where available that automatically initiate the review process as many as 4 months before the anniversary date of the initial sale. This timing allows the home office to do a thorough risk-and-opportunity assessment, with the agent's assistance. The offer letter should be sent to the employer at least 2 months before the anniversary date.
This schedule gives the agent ample time to get the offer letter signed and to develop a solid application strategy to achieve maximum employee participation. That strategy will target newly hired employees, those who originally declined coverage, and employees already signed up who can now qualify for more coverage.
Keep it simple
Even during the renewal process, it helps to start from the beginning. Most benefit administrators find employees turn to them for help as they plan their future and seek to make the most of employer benefit programs. Each change or rollout of a program reinforces an administrator's responsibility for helping employees understand how all the elements in their compensation and benefits package work together to meet both current and future needs. Agents rolling out worksite programs such as DI insurance must understand these concerns and provide communications tools that support the continuing education effort.
By keeping it simple and starting with what an employee knows, producers can help employees continue to see the value of the benefit and understand how it can meet their needs. When distributing e-mails, paycheck stuffers and letters to prospects, it's imperative that each individual piece is reviewed as a stand-alone message. Some employees may dismiss e-mails or overlook key details such as deadlines or sign-off requirements.
Before you send anything, check to see if it measures the 10-second test. Can you view the correspondence and determine within 10 seconds the main message and what the next steps are? Is it presented in a way that the key details are easy to understand? Last but not least, is it written with the prospect in mind?
It's in the mix
Each worksite account can have different life cycles that require a changing mix of communications tools and requirements. If a consultative approach is established, the right mix can range from monthly phone calls and e-mails to quarterly mailings and luncheons. The producer and employer need to undertake recurring evaluations of programs and discussions of how they can be enhanced. The frequency and schedule of these discussions all depends on the relationship.
For example, in working with a commercial bank with 125 full and part time employees, an agent created an annual review schedule before the case closed. Now that the program is in its 3rd year, the producer has maintained a continuing dialogue with the client that includes executive carve-out for DI insurance and long term care insurance. In all cases, supporting materials and information, echoing the communication materials provided to employees during the initial application process, were provided as a reference should new employees join the organization.
In the coming months, this producer will roll out the LTC insurance program, and the marketing mix will mirror the DI roll-out, including paycheck stuffers, letters sent to employees' homes from the CEO of the company, and a combination of group and face-to-face meetings.
Don't stop selling
Fortunately, new worksite products and enhancements can deliver an ongoing stream of conversation starters with employees whose status is constantly changing. In an effort to enhance the value of stand-alone voluntary offerings like DI insurance, providers are adding some interesting riders and extras: retirement contribution protection, provisions to return to work on a part-time basis, discounts for spouses, and policyholder assistance programs. Assistance programs may even take the benefits a step further and provide enhanced ways to help employees cope with both the anticipated and unexpected difficulties that a disability may cause in their lives. In both cases, the idea is to offer a complete service, with the aim of returning the employee to a productive life sooner.
Finally, if you're setting your sights on worksite renewals, keep in mind that any plan or system is only as good as the time and resources that you dedicate and the consistency you can apply to the case. Ultimately, the results you attain are up to you, but the rewards will be enduring.
