By Astrid Graterol on Aug 1, 2022 9:02:00 AM
Are you looking to win more business? Do you want to deepen your current client relationships? Then you should sell ancillary products like vision insurance. Selling vision insurance presents a big opportunity. And it is easy when you highlight the advantages. Vision benefits can improve employee productivity and morale. A recent study showed that companies saved an astounding $5.8 billion over four years. Offering a full suite of benefits can do that for your clients. We have more even numbers where that came from.
Key takeaways by the numbers:
- Only 35 percent of companies in the U.S. offer vision insurance to their employees.
- Employers get $7 back for every $1 they invest in vision insurance.
- More than 80 percent of employees will use vision insurance when offered. Vision benefits are an important retention and recruitment tool.
- Increase your chance to gain and retain clients by 50 percent.
Vision insurance benefits your clients:
- Early intervention reduces medical costs and absenteeism. A routine vision exam detects diseases such as cancer, diabetes, cholesterol, and blood pressure.
- Repairing vision increases productivity. Employee performance can suffer as much as 20 percent due to vision problems. One such issue is computer vision syndrome. This causes dry eyes, strain, irritation, blurred vision, and even double vision.
- Employee retention and recruiting are easier. Employees like to feel their employer cares about their wellness and values them as a person. Full benefits can be more important than retirement benefits or vacation days.
- It will save your company money. Employers gain $7 for every $1 spent on eye care costs. This equates to more than $2,700 saved per employee per year. Employers also save money through lower premiums when they bundle insurance products.
Vision insurance is important to employees:
- Around 85 percent of adults want vision coverage. And more than 80 percent of employees will enroll if offered vision benefits.
- 87 percent of surveyed employees said they would be likely to stay with a company that offers high-quality vision benefits. Interestingly, most employees said they would take a pay cut to have better benefits. Benefits are also a key factor to top talent when considering a new job.
- Taking care of your vision is not cheap. Nearly 60% of Americans do not have even $1,000 saved for a medical emergency. This can be quite a bite out of their budget. Without vision insurance, the average cost for a complete pair of glasses these days is about $351. The average cost of an eye exam is $114.
Additional benefits will grow your offerings and business:
Only 35 percent of companies offer vision insurance. So, opportunities abound. When asking yourself why you should be selling vision insurance, these stats will help:
- It is over 50 percent more likely that your clients will retain your products and services
- It costs up to eight times more to sell to a new client
- Existing clients are 35 percent more likely to buy an ancillary insurance product
You have completed a sale and built a relationship. Naturally, it benefits you to sit down with your client and demonstrate the gaps in their coverage. You can present vision insurance as the solution.
Sell vision insurance from Solstice
The more benefits you offer as a broker, the wider you can cast your net. Solstice vision insurance is the perfect solution for you and your clients. We have an open-access network, flexible plan designs, and competitive rates. Find out how you can start selling vision insurance from Solstice today!