Employee benefits like critical illness plans cost more than workers expect; brokers can help with bundled coverage and client education

More than half of workers in a recent survey said they have “no understanding” or they “only somewhat” understand the insurance benefits their employer offers, how they can enroll, and what is covered. As new variants of the COVID-19 virus enter the news, employees are more concerned than ever about not just their health, but their financial well-being. Additionally, workers said they spend more money than they expect on benefits – even without being certain of their value.

The past two years have been a struggle for businesses on every front, but smart insurance brokers can – and should – view employee fears and lack of knowledge as an opportunity for outreach and education. What products do you write that can help provide a sense of financial security at a better value, while making it easier for business owners to recruit and retain workers?

It Starts with Outreach

With so many employees confused about their benefits plan, it’s time to start thinking about where they are getting their information: either their employers or their human resource departments. That’s where your education initiatives should begin as a broker.

Outreach to these decision makers can help make it easier for them to convey crucial and relevant details about statutory benefits and voluntary worksite benefits such as critical illness plans to their employees. Even as we start meeting face-to-face again at business lunches and networking events, consider leveraging technology to educate employers through:

  • Webinars
  • Infographics
  • Explainer videos
  • Blog posts

Not only does this marketing collateral make it easy for your customers to understand the benefits you offer but it can also help boost your brokerage’s visibility and brand online, which can help you find new customers. Our brokers can rely on the tremendous resources and information The DBL Center provides to educate their clients and stay on top of industry news and changes to be better informed. Our marketing team consistently creates top-ranking infographics, blog posts and videos designed to simplify complicated topics such as paid family leave, statutory disability, and voluntary worksite benefits.

Critical Illness Plans and Other Voluntary Benefits Offer the Financial Security Employees Want

Forty-two percent of workers surveyed said they were seeking greater peace-of-mind from their employee benefits. For many workers, this could come in the form of critical illness plans, accident insurance, and even life insurance to provide for their families in the event of their death.

Yet, many employers and their workers don’t know about these benefits or how they can provide supplemental coverage alongside DBL or TDB claims in New York, New Jersey, or the growing list of states that now provide statutory PFML coverage.

Critical illness plans can cover hospital costs, loss of income, and medical bills for a list of diseases that include cancer, heart disease, and diabetes, among others. Accident insurance provides cash benefits for accidental injuries either on or off the job. The money is paid directly to the employee and can be used to cover virtually any living expenses, medical bills and co-pays, and even childcare.

Best of all, these benefits can be written as voluntary coverage funded by the employees with pre-tax dollars, funded by the employers as a recruiting and retention tool for top performers, or on a shared cost basis. This flexibility means they can easily fit into any company’s benefits budget and help employers meet or exceed their competitors’ benefits packages to recruit talent in today’s tight labor market.

Reduce Costs by Relying on The DBL Center for Bundled Employee Benefits Packages

In the survey conducted by an online life insurance company, 45% of workers said they think it’s fair to spend less than 10% of their paycheck on benefits. However, 59% spend more than that. Insurance brokers who work with The DBL Center are in a unique position to bridge that gap between employee expectations and the cost of employee benefits.

We leverage our relationships with top-rated carriers to get our insurance brokers the best deals on statutory benefits as well as critical illness plans, accident insurance, and other ancillary benefits like life insurance, dental, and vision coverage. You can save your clients money by bundling statutory benefits with voluntary employee benefits plans and give them top-notch service all through one point-of-contact.

With The DBL Center as your back-office staff and our best-in-class Broker Dashboard: Net Revenue Tracker app available to help you track renewals, cancellations and commitments, you can focus on what you do best: Building relationships and selling insurance.

Interested in learning more about how The DBL Center can help you offer your clients better pricing on statutory benefits, critical illness plans and more? Reach out today.