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For Brokers: 6 Ways to Save Your Clients Money and Increase Employee Engagement During Open Enrollment

Sep 2, 2021 9:47:16 AM / by Picwell

As a Consultant or Broker, you wear many hats as you leverage your connections and help companies provide benefits to their workforce. You play the roles of negotiator, educator, analyst, and more. This article will explore six ways you can use your expertise to save your clients money and increase employee engagement during benefits enrollment.

How To Save Clients Money

1. Encourage Participation in Consumer-Driven Health Plans

Since a high deductible health plan (HDHP) features a lower premium, your client will save money every time an employee elects that option. That means you can really improve their bottom line by encouraging broader participation in these plans. Plus, research has shown that most workers will come out financially ahead, too, making it a win-win for both parties.

Pro Tip: To incentivize HDHP plan adoption, advise your clients to consider contributing to a Health Savings Account (HSA) for each employee who makes the election.

2. Shop Around and Negotiate the Best Rates with Providers

Unfortunately, the price of health insurance is trending upwards, with no end in sight. Fortunately, you have a deep understanding of the market and solid relationships with benefits providers. Because of this, you can shop around with different carriers and negotiate the best rates to keep your client’s benefits expenses as stable as possible over time.

Pro Tip: Request that carriers base their rates on the client’s actual risk of claim vs. market trends.

3. Analyze Plan Usage and Recommend Changes

Depending on plan usage, your client could save money by modifying their benefits package. It may not make sense to keep offering chronically under-utilized perks, and it’s a waste of money for the company to over-insure. Your careful analysis of the group’s claims could shave a significant amount off of your client’s bill.

Pro Tip: Evaluate the effectiveness (or presence) of awareness campaigns before eliminating infrequently used benefits.

How To Increase Employee Engagement

1. Resolve Employee Claims Issues and Complex Questions

Your client may lack the time and expertise to resolve employee claims issues or respond to complex benefits-related questions. Their inability to handle these inquiries effectively or promptly could lead to employee dissatisfaction. Thankfully, your attention and know-how can help keep workers pleased with their benefits and engaged with their employer.

Pro Tip: Make sure employees know how to contact you or your brokerage firm directly if they have questions or concerns.

2. Keep Clients Current on Benefits Trends

You’ve got your finger on the pulse of the employee benefits world. However, your clients’ awareness of the latest news could be lagging significantly. Your guidance will enable your client to offer in-demand perks, which will make it easier for them to engage and retain their talent.

Pro Tip: Send your clients regular emails about the latest benefits trends. That way, they’re more likely to be primed for a productive conversation when it’s time to prepare for the next open enrollment.

3. Educate Employees About Benefits Options and Value

Employees typically hate to enroll in benefits for many reasons. The process can be confusing, complicated, and tedious. And with an abundance of options, it can be nearly impossible for employees to know if they are making the right choices. However, you can help simplify the event by providing easy-to-digest information about every benefit offered. Doing so will decrease procrastination and stress and increase participation and engagement.

Pro Tip: Generate a benefits statement for each employee. That way, they can see the total value of their employer’s benefits package.

A Simple Solution Can Help Achieve Benefits Goals

This may all sound like a lot, especially when working with multiple clients. Luckily, a simple solution can help. Picwell DX is a robust benefits decision support tool that can help you help your clients save money and increase employee engagement with less effort. 

Here’s how Picwell DX can help:

  • Educates employees about their benefits options
  • Shows employees the total cost of medical care based on each plan available
  • Highlights the best choice for each worker based on a vast database, plan information, and basic employee inputs
  • Encourages increased HDHP enrollment (since it’s the ideal option for the majority of workers)

While the tool uses a sophisticated algorithm to perform complex calculations in the background, the web application is intuitive and user-friendly. Employees can get up to speed with the tool (and their benefits) quickly and make more informed benefits enrollment decisions faster than ever before. Plus, it’s easier and more cost-effective to implement than you think!

Everybody Wins with Benefits Decision Support

You fulfill a critical function by helping employees get the coverage they need while preserving your client’s budget. And as you know, it’s no easy feat. Fortunately, innovative tools like Picwell can help to lighten your load while increasing your effectiveness, resulting in happy clients and a successful open enrollment season.

Want to see Picwell in action? Schedule a demo today!

Topics: Open Enrollment, Health Insurance, virtual open enrollment, insurancebrokers, benefitsconsultants

Picwell

Written by Picwell