If you are a broker who sells ancillary benefits such as life, dental, and vision coverage, you are already familiar with the paperwork required to complete a company census. Your customers have to submit a company census showing the number of employees, their ages, genders, and salaries.
Now, with the introduction of Paid Family Leave, some insurance carriers may require a company census for their DBL insurance, too.
Even if it isn’t required by your carrier, having an accurate and up-to-date census can benefit brokers and their customers, alike, resulting in money savings for customers and increased opportunities for brokers to cross-sell ancillary benefits with DBL coverage. Read on to find out how.
With a census in hand, business owners will receive more accurate insurance rates that are based on the exact head count of covered employees. They won’t overpay for their insurance coverage, which can enable the company to better manage cash flow without tying up funds needlessly.
And if you have to break the bad news that their insurance premiums will go up slightly, at least your commission will rise proportionately. They will now be paying for the actual coverage they are receiving, which is difficult for any business person to argue.
With a company census for each one of your customers in hand, it is easy to request a quote for ancillary coverage through the DBL Center. In order to accurately quote ancillary coverage, you need the census. Now that your customers have that information, you can show them how affordable it can be to sweeten their employee benefits package with group life, vision, or dental coverage.
If you’ve already shown your customers you can save them money on their DBL and PFL, now you can show them how to take that extra money and invest it into ancillary policies that will make all their employees happy, build loyalty, and help attract top talent.
For small business owners, completing a census shouldn’t take much time at all. They can delegate the task to an office manager or set aside a few hours to gather the information from their employees. It could even be as fast as sending out a company-wide email.
For larger corporations with more than 50 lives, and even up to thousands of employees, gathering census data will, admittedly, take more time. But the cost savings could really add up for larger companies.
Once the census data is in place, it doesn’t take long to update it, annually, with new employees and to remove employees who no longer work for the company.
“It makes sense to calculate accurate insurance premiums based on the actual number of lives in a company and can result in cost savings for customers,” says DBL Center’s Selena Kutschera. “It also makes it easier for brokers to get an accurate quote in order to enrich their customers’ benefits packages with ancillary benefits.”
Pinpoint a few customers, especially corporations over 50 lives, who would benefit the most from a census and be most amenable to ancillary benefits if it was fast and easy to get a price quote. If carriers begin requiring a census for DBL coverage with a PFL rider, these customers will have the information in hand.
“Filling out census forms for more accurate insurance billing is new and unfamiliar to many brokers,” says Kutschera. “But the DBL Center is here to help our brokers and their customers complete a company census. It’s also important to remember that this a one-time-only process that will allow the carrier to better serve brokers and their customers.”
by Dawn Allcot