As the statutory insurance industry prepares for July 1 renewals, it’s a good time for insurance brokers to help them identify gaps in coverage that may be filled by ancillary benefits.
The introduction of paid family and medical leave programs in a growing number of states opens new markets to statutory brokers. DBL Center brokers who specialize in short-term disability in New York and New Jersey understand what it’s like to roll out a new benefit program based on experience with New York PFL.
As such, you are uniquely qualified to help your clients with these new benefits in Massachusetts, Connecticut, and beyond. Plus, you have the advantage of the DBL Center’s proprietary Broker Dashboard: Net Revenue Tracker to keep your clients aware of renewals and pending cancellations.
Guiding Your Clients to Enhanced Benefits Packages
As you’re reviewing benefits for third quarter DBL and TDB renewals in July, take some time to ask your clients about their other employee benefits to identify holes in their coverage or areas – especially in regard to executive benefits packages, ancillary benefits, and long-term disability insurance (DI).
You can list some of the most common ancillary benefits and ask your clients if they offer these options to their employees. But it’s better to start a dialogue that discusses their needs.
Questions to Ask
You might start by asking about the demographics of their employees.
- Do they have mostly older workers who may be thinking about long-term care coverage?
- Do they have millennial and GenX employees who are anticipating braces for growing children on the horizon and need a good dental and vision package?
- Do they have Group Life / AD&D coverage that can help attract employees with families?
Then, move on to the specifics of today’s economy:
- Do their current short-term and long-term disability insurance packages meet their employees’ needs in these times of high inflation?
- Could stand-alone PFL benefits help New York employers save money on this statutory benefit?
- In light of PFL and FMLA laws, does the company offer enough in the way of benefits for employees who would never take advantage of these benefits?
- Can accident insurance and enriched DBL help provide more to employees who don’t have any need for family-related benefits?
Finally, look to the upper level of employees and the business, itself:
- What about the executives: Are top employees covered well enough in the event of illness or injury?
- Can the business survive the loss of key employees, either temporarily or permanently?
Once you’ve determined the make-up of the workforce and the business owner’s biggest concerns regarding the future of their business, you can make the best recommendations.
When Cost Is a Factor: How Much Insurance Coverage Can Your Clients Afford?
Of course, budgets are always a consideration when you’re optimizing employee benefits packages. It helps to remind clients that many benefits can be offered as completely voluntary and employee funded, funded by the employer, or on a cost-shared basis.
Having these options allows business owners to deliver competitive benefits without a dent in their bottom line. Even executive packages for life insurance and long-term disability can be written as buy-up coverage, fully funded by the executive with no cost to the company.
Using Paid Family and Medical Benefits as a Doorway to High-Commission Ancillary Benefits
Every quarter also brings new opportunities to write new business and expand your reach as an insurance broker. There is no easier way to get your foot in the door than with statutory benefits that every business owner needs to provide, by law.
DBL in New York and TDB in New Jersey have been on the books for decades. There are always new businesses entering the market in need of coverage. Plus, opportunities to privatize these benefits along with Family Leave Insurance in New Jersey and Paid Family Leave in New York opens doors for brokers.
It all starts with education about the products and presenting your insurance brokerage as an authoritative resource for statutory benefits. That’s where the DBL Center comes in as your back-office staff with the knowledge and experience to write Paid Family Leave in NY and other states now offering family and medical leave benefits.
From there, you can continue to ask the right questions to help benefits supervisors, HR directors and company owners develop the best benefits package to achieve their business goals. Disability insurance is just the beginning. Today’s workforce needs so much more in the way of insurance coverage.
When you pinpoint the holes in your clients’ coverage packages and show them ways they can affordably recruit and retain talent through the benefits today’s businesses and employees need most, they will rely on you as a trusted resource. The time to start is today.
