With the exception of very small companies, the vast majority of employers offer group health insurance. And the number one reason they offer health insurance and other benefits is to attract and retain quality employees.
Now think about that for a second. Across the country, one of the top strategies for employers that want to recruit new workers and hang on to the ones they have is to do exactly the same thing that all of their competitors are doing. That doesn’t make any sense, does it?
Health insurance is not a differentiator. Unless the health benefits are much richer than what anyone else offers, employers cannot rely on the group plan as a recruitment and retention tool; it’s not going to make employees choose one company over another. That’s not to say it’s not necessary. On the contrary, in many industries health insurance is expected, so not offering it could deter would-be employees.
Perhaps it’s time to re-think the strategy. If employers can no longer rely on their biggest benefit—group health insurance—as a recruitment/retention tool, how can a company separate itself from the competition? That’s easy. It starts with recognizing the fact that health insurance is just one of the many different employee benefits a company can offer to its employees and the realization that the only way to differentiate yourself from the competition is to offer something that your competitors are not.
There’s a lot to choose from. Seriously, just use your imagination. You can recommend employer-sponsored dental, vision, or life insurance. If that’s not in the budget, employers can make these lines of coverage available on a voluntary basis. There are also all sorts of supplemental, or worksite, products that a company can offer. Group health agents sometimes shy away from accident, critical illness, and cancer insurance because they’re better sold face-to-face, so it’s easier for you as a broker to differentiate yourself by offering them.
That’s the real takeaway. The way you can get your foot in the door with a prospective employer is by offering something different from the current broker and then explaining to the employer that it will help differentiate the company from the competition. Ultimately, employers offer benefits with a specific goal in mind, and if you can help them achieve that goal in a way their current broker is not, you can win the business.
We have the solutions! Unless you’re already selling every core, ancillary, voluntary, and supplemental product AHCP offers, there’s room for you to expand your portfolio, and when you do you’ll have some brand new tools that will help you get into more accounts. Give us a call and we’ll show you what we have to offer.