By Deborah Pinnock on Sep 10, 2018 4:49:52 PM
Just like the steadiness of income tax time in the lives of Americans, annual open enrollment is a constant in the life of a health insurance broker. And with open enrollment, brokers face the constant challenge of figuring out how to engage employees and effectively educate them about their benefit options. Discover the secret sauce and make your open enrollment effective with these three tips: Keep it simple. Get visual. Share benefit trends.
Keep it Simple
Some claim that today’s consumers have the attention span of a gold fish…about 8 seconds. Others believe that consumers can focus for long periods of time, as evidenced by Netflix binges; they are simply selective about what they choose to focus on. Regardless of where you stand, as an ancillary benefits broker, you have to possess the ability to cut through the fog with clear and simple communication. Why? For starters, statistics show that only 12 percent of Americans are health literate. No surprise there. We all know that medical and ancillary benefits information are complex. That’s why they need you to be their knowledgeable and competent adviser.
As a health insurance broker, you add value when you can break down complex topics and make them easy to understand. Also, it is important to start by creating a sense of urgency. Then, explain why people need to have dental or vision benefits. After that, walk them through how the coverage works.
Videos and visual aids are not just nice-to-haves—they are must-haves if you want to engage employees and their benefits administrators during open enrollment. Here are a few stats that will help you see the exciting potential of these resources:
- People only retain about 10% of the information they hear
- Consumers absorb 65% of the information they see
- 85% of American internet users watch videos online
- Consumers watch more than 500 million hours of videos each day on YouTube
- 82% of Twitter users watch videos on Twitter
- 45% of people watch more than an hour of videos on YouTube or Facebook each week
- Add videos and visual aids to your open enrollment presentations
- Don’t reinvent the wheel. Tap into benefits carriers who are known for educating employees through award winning visual content and videos.
Share Benefits Trends
The reality is that benefits staff vary in their knowledge of benefits and industry trends. You can bring a sigh of relief in the lives of these clients by coming to enrollment meetings prepared to share HR trends that can help your groups. For example, Society of Human Resources Management’s (SHRM’s) conducted its annual survey in February and March of 2018 and found:
- 97% of employers offer dental benefits in 2018 over 95% in 2015
- 90% of employers offer vision insurance in 2018 over 83% in 2015
- 92% of employees share that benefits contribute to their overall job satisfaction
- 29% of employees look for a job outside their company if they are not satisfied with their benefits
- 72% of employers bumped up their ancillary benefits offering in the last 12 months to retain employees
- Most employers are sharing a portion of the healthcare cost for full-time employees
- Only 0.5% or less of employers make full-time employees pay for 100% of their healthcare cost
You are juggling a lot of things as an insurance broker. You are trying to grow your reputation, grow commissions and grow your business overall. Approaching open enrollment strategically by keeping things simple, using visual aids and videos and sharing helpful trends, are key to accomplishing your goals and making open enrollment effective.