Adding voluntary plans to a group’s benefits package allows the employees to add services that matter most to them from accident insurance to dental to cancer insurance. Plus, these can help create an additional revenue stream for you, their broker. Or, you can find more aggressive rates and better plans by unbundling medical and dental for your clients. However, administering and managing multiple lines of benefits is an administrative nightmare for HR between the multitude of invoices, and having to add/term/delete benefits across the spectrum for their employees.
To your clients in HR, voluntary benefits are a big ol’ headache; it’s no wonder why benefit administrators shy away from a variety of voluntary. That’s where single-source billing fits in. Traditionally, single-source billing was something offered by third-party administrators, but some private exchanges have integrated the “one bill” solution into their platforms.
The Benefits of One Bill
If you’re a Lord of the Rings nerd like me, think of consolidated billing as ‘one bill to rule them all.’ If you’re not, just trust me that when done correctly, this one-bill process can relieve a lot of headaches for your clients. Offering a private exchange solution with this feature reduces administrative work for your clients which will make you a superstar in their eyes.
Delight their Employees with Relevant Plans
Consumers are taking charge of their health care. You’ve probably read all about the shift to a consumer-driven healthcare model. It’s happening; your group’s employees are more educated about insurance and demanding products to fit their unique lifestyle. Gone are the days of one-size-fits-all. Voluntary benefits allow you to provide more choices and options to meet the needs of your group’s employees. Having a system that does all the messy backend billing work for you makes selling HR on added products a breeze.
Voluntary = More Commission
It’s basic math: offer more benefits that the group needs and you’ll sell more plans. More plans sold lead to more commission. Managing all these voluntary benefits becomes easy peasy with one bill. The group makes one payment and the private exchange or TPA vendor does all the heavy lifting. It’s a win-win for you, the group, and their employees.
In a time when proving your value as a broker is more important than ever, giving your clients tools to simply do their jobs takes center stage. Single-source billing is valuable to your clients and it sustains your business by providing added revenue streams (hello, voluntary!). The game is changing…make sure you’re positioned to win by having the right tools.