From my experience, the adoption of voluntary programs falls into three categories: People hate them. People love them. People are in the dark. What’s interesting is that in all three categories the level of adoption is influenced by experience and perception. Today we discuss the impact that an online enrollment has when you roll out voluntary insurance coverage.
No more pressure. While voluntary insurance consultants may come across engaging and educated, their motives for selling the product line are not always pure. When you introduce voluntary programs via a passive method, coupled with a telephone number to contact a live person, you are actually giving your employees more control, and less pressure to be oversold into something they may not want.
Consistent messaging. The product’s value, features, and benefits are detailed with the online system. You know now have access – 24 / 7 to the plan’s cost and eligibility requirements, which could be misunderstood or miscommunicated in person.
Reduced carrier requirements. Launching voluntary benefits via an online platform allows groups to potentially take advantage of enhanced benefits, such as higher guaranteed issue amounts on life insurance policies, as well as zero or minimal participation requirements. For some groups, finding out your inability to roll out voluntary products due to high participation requirements is a major disappointment.
Voluntary products have increased in popularity over the last century, and your company may be in the perfect position to revisit the platform as part of its short or long-term strategy. Online enrollment can most certainly support your cause.