I'm not sure if you recognize this book cover but if you have (or have had) little kids or grandkids you've probably read it once or twice. It's a pretty fun book to read because it features a big brown bear, blue bull and a beautiful baboon; it celebrates the letter 'b' with alliteration. The English teacher in me loves that!
But digression aside, Benefit Profiles now does benefit admin systems and we've been doing it rather well. What we discovered in the process is that we do enrollment services too--which we do pretty darn well!
So Benefit Profiles doing Benefit Admin Blowing it Out of the Water with Enrollments is probably the alliteration I would use if I were writing a children's book. (It would be a pretty bad children's book but an awesome blog title!)
Below are three case studies that outline our progress helping agents win groups, make more money and increase their happiness doing what we do. Well, the happiness part I can't take credit for--maybe a little bit of job satisfaction.
Case Study 1: The Scattered Group
Problem: This first group employs 500 plus health care professionals and their major problem is tracking to ensure all full time employees are offered, enrolled into or waived off medical benefits. The employees are rarely in the office so tracking them down is a problem.
Solution: BPI connected the agent to Strategic Enrollment Services, an enrollment firm who organized a core enrollment surrounded by voluntary Dental, Vision, Voluntary Life, and Voluntary STD. EaseCentral was discussed during the beginning of the process but dropped in favor of the enrollment firm's system. Eventually, the plan is to supplant that system as the leave behind enrollment system.
Result: There was a 30% enrollment increase on the medical and the group was able to file waivers on the full time employee's. Not only did the group gain a big leap in compliance but also the agent increased ancillary premium to $160,000 of annualized. The dental enrollment doubled but many employees took advantage of the brand new offers of STD and Life insurance. But the enrollment firm is not done. Each Friday, the group sends them roughly ten new hires to educate, track and discuss voluntary benefits. This was truly a group that went from a problem child to a cornerstone win for the agent.
Case Study 2: The Frustrated Group
Problem: The group was frustrated with current worksite carrier and wanted their current medical core agent to take it over. However, the agent had never sold worksite before.
Solution: BPI took the group to market, found replacements for the current products, loaded it on EaseCentral, and assisted the agent with one-on-one enrollments.
Result: The group moved from their current carrier and replaced them with Guardian’s Critical Illness and Accident worksite products, along with Companion Life’s Voluntary STD. This group went from $12,000 in annualized premium to $30,000 in annualized premium.
Case Study 3: The Tough SIC Group
Problem: The group had a tough SIC and couldn’t find a carrier that would give them the voluntary products they wanted in a defined contribution arena.
Solution: BPI helped place these groups with OneAmerica, Guardian, and Companion Life. Then, BPI built the group on EaseCentral.
Result: A group with only 30 lives resulted in $45,000 in annualized premium. The agent had zero voluntary products in this group previously and was not the AOR on the case before the process began.
I am so proud of the work we are doing at Benefit Profiles because it really is helping agents help their groups. It is the most fun in business to serve a purpose that wins for all parties. I can't tell you all our enrollments have gone this well. We've had some bad days these first two quarters and we have really learned a lot from those bad situations. But for the most part our leap into benefit admin systems and into enrollment services has been a positive.
So what group can I help you with? Give me a call or shoot me an email and let's get started! I can't wait to talk!