Digital Enrollment Boosts Sales, Eases Workflow and Cuts Costs
Ways to Streamline Voluntary Insurance Benefits
Voluntary products such as disability, critical illness, and accident insurance are booming, but the surface has barely been scratched. Financial education is crucial when it comes to helping employees understand the need for coverage, but education isn’t all it takes to increase enrollment.
Making it easy for employees to sign up is equally critical. Today’s smartphone-toting employees expect easy-to-use technology. If you make them fill out paper forms or have them reenter their information every time they want buy a new policy, they’ll think you’re in the dark ages. You’ll lose them.
Insurers must give employees a slick, smooth digital experience. By streamlining the enrollment process and giving employees an all-digital experience, insurers can boost voluntary product sales
You don’t have to replace your legacy policy administration system to accomplish this. A modern quoting and enrollment system should be able to integrate with your existing group systems.
Here are three ways a digital enrollment platform can increase enrollment through greater efficiency and awareness.
1. Connectivity. One-time, single entry for instant quotes and product comparisons significantly improve turn-around times for both case handlers and employees. The fewer barriers to entry that employees have, the more likely they are to sign up for optional products. That means sending all quotes through the enrollment system. Then, employees (and insurers) won’t have to enter the same data multiple times. Instead, everything is prefilled and ready to go. What does it take to accomplish this? Your sales, service, claims and policy admin systems must be integrated.
This allows employees to get quotes and sign up for benefits through the same system. Providing instant quotes and more options for plan comparisons reassures employees they’re getting a good deal.
2. Portal to Success. The worksite portal must be designed with the consumer experience in mind. It should be very easy to use. Automated quoting, proposal generation and enrollment slashes the time it takes to apply and enroll.
When employees are required to login to the enrollment portal, they’re more likely to review the options available to them and sign up even if they initially intended to simply opt-out. Having all voluntary products in the portal integrated with their group insurance program (if available) lets them select the products they need and the payment method.
And why stop at employee portals? Employer and broker portals streamline quoting, enrollment and policy maintenance even further. Including these portal sites in your IT strategy will give you a much needed edge and allow you to capture real-time data that can inform important business decisions quickly.
3. E-Signatures. Providing authenticated signatures on multiple paper documents can be frustrating for employees and employers. Digital signatures are the perfect tool for collecting authenticated signatures on multiple documents. They improve the customer experience and workflow for the broker.
As a result, brokers and employees can complete transactions from anywhere at their convenience. No more printing, scanning, faxing and emailing documents.
Electronic signatures also help reduce risk by providing audit trails and ensuring all documents that necessitate a signature are in order. Benefits include lower costs, fewer errors and more streamlined processes.
Having a strong technological infrastructure in place ensures the speed and accuracy of product enrollment. System connectivity, use of online portals and tools such as e-signatures can transform and digitalize the enrollment process, enhancing customer experience and leading insurers to sustainability and growth.