Empower your team with expert sales and support training for Employee Benefits and Property/Casualty solutions. From Group Health, Life, Dental, Disability, and Vision to Worksite/Voluntary coverage, elevate your expertise and drive success
The Employee Benefits industry has been evolving rapidly over the past decade+. It used to be that employees wanted an affordable healthcare program that provided access to good physicians and that paid their claims. They also wanted inexpensive group life and disability along with dental coverage that let them use their dentist. By and large, employees were happy and satisfied.
As we near the quarter pole of the 21st Century, that has all changed. Employers are in a war for talent and employees are largely unsatisfied. They don’t want to ”do a job;” they are looking to belong to a cause. Today’s workforce wants meaning and purpose in their work life, and they expect their employer to be a partner in their quest.
Consequently, the benefit landscape is nearly unrecognizable from only a generation ago. Companies have launched robust wellness programs—both physical and financial. They offer professional development to educate and upskill their employees as part of a career pathing initiative. And they promote balance though:
• Increased telecommuting,
• More (or unlimited) vacation,
• Expanded parental leave,
• Paid time off for volunteer work,
• Onsite services (hair salon, dry cleaner, tailor, shoe repair, etc…)
• Subsidized cafeteria
Carriers and agencies have been moving fast to keep up with the pace of change. When many of today’s reps and brokers started their careers, they only needed to know a handful of products. Now the importance of worksite benefits means that employees expect access to dozens of voluntary offerings that cover everything from pet expenses to legal fees.
Carrier reps and brokers can no longer be expected to master all these products—which is a good thing. It is slowly forcing the industry to refocus its approach from a “feature & benefit” product dump—to wrapping itself around the needs of the group and providing an integrated and holistic solution set (each element of which can be explained in detail by myriad product specialists)
These changes are also forcing a closer alliance between carrier reps, brokers and third party enrollment specialists as groups demand ease of access and high employee participation.
This new world requires Employee Benefits professionals to develop a new mindset and different skills to be competitive. That’s what we do at Prospect Street Consulting.
Property & Casualty
The P&C business has been in flux for several years, impacted by
- Interest rates,
- Supply chain,
- Extreme weather and wildfires,
- Heightened litigation (and larger settlements),
- Increasingly distracted drivers
- Unprecedented employee turnover & new-hire injuries
Lack of rate stability compounds frustration among individuals who are already suffering general dissatisfaction. Renewals are more difficult and sales skills are more important than ever.
Corporations and governments need to give underwriters a good story to help them arrive at an acceptable rate. They also need to tighten up loss control, risk mitigation, alternative risk funding, cost of risk analysis, etc. When your sales team is able to consult on myriad issues they aren’t directly paid for, trust increases and strong relationships are forged.