Participation equals payoff
October 23, 2014 – ST. PAUL, Minn.–(BUSINESS WIRE)–Mass customization sounds like an oxymoron, but it’s what we’ve all come to expect from our online experiences. Retailers, service providers and other vendors use the data they gather from their customers to tailor their product offerings to each individual. This gives the customer a better experience while enhancing the provider’s opportunity to close a sale.
Employers can use this same strategy to market benefits to employees at enrollment time. Applying the marketing principle of segmentation to benefits communications helps boost interest and enrollment by personalizing the value of the benefits choices offered.
Minnesota Life and Securian Life Insurance Companies, affiliates of Securian Financial Group, offer eNroll-zone™, a value-added service, to group clients to help boost participation in voluntary group life insurance programs. eNroll-zone is a step-by-step approach for analyzing the workforce and identifying “sweet spots” – employee subgroups most likely to respond to targeted communication.
Participation = Payoff
“Employers make a significant investment in vetting and selecting benefits,” said Paula Bilitz, director, Group Insurance Marketing. “Good employee participation is an employer’s payoff for the work of implementing and promoting a new program. Targeting subgroups within the workforce with personalized communication addresses employees’ specific needs at all stages of life and increases the likelihood they will enroll.”
When a company embarks on workforce segmentation as a core part of its benefits communication strategy, experts recommend starting small. Employers should begin with a segment that has low enrollment numbers or difficult recruitment. eNroll-zone reports on the results of campaigns to identify successful “marketing” strategies to guide similar efforts in the future.
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest life insurance groups, it is the holding company parent of several companies.
Insurance products are issued by Minnesota Life Insurance Company and Securian Life Insurance Company, a New York authorized insurer. Both companies are headquartered in Saint Paul, Minnesota and each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Product availability and features may vary by state.