The Voluntary Employee Benefits Marketis Ripe for a Boom

More than70% of brokers say voluntary sales

accounts for less than 10% of their revenue

ST. PAUL, Minn.–(BUSINESS WIRE)–Employee benefits brokers who face a professional future filled with uncertainty could look to voluntary benefits, employee-pay-all products, to stabilize their businesses.

The New Benefit Brokers and Voluntary Carriers – Who’s Winning the Battle?
The latest edition of AWARE, the online newsletter for benefits brokers and HR professionals published by the group insurance unit of Minnesota Life Insurance Company, features an article about consultative selling that suggests the time is right for brokers to shift their approach from pitching products to filling needs, the hallmark of voluntary sales.
The articleMoving from transactional to consultative selling cites a revealing statistic from a broker survey conducted this spring by Eastbridge Consulting Group. More than 70 percent said voluntary sales account for less than 10 percent of their total revenues. The time may be right for brokers to grow that percentage.

“This article struck a chord among our readers,” said Paula Bilitz, director of group life insurance marketing at Minnesota Life. “It garnered more than 40 percent of the unique clicks and many of those readers viewed it more than once.”
A shift in focus to voluntary benefits addresses the uncertainty over the future of health care reform and the economy’s slow recovery. Employers are finding it more difficult to provide competitive, yet affordable, employee benefits, making them especially receptive to the expert advice brokers can provide. It’s a good time to talk about employee-paid benefits, such as critical illness or supplemental life insurance, which cost the employer nothing to offer and appeal to employees who find it more convenient to buy at work than on the open market.

Visit the AWARE site and find current, pertinent information about trends in human resources, employee benefits and employment policies.
Securian Financial Group is the holding company parent of a group of companies that include Minnesota Life Insurance Company and Securian Life Insurance Company, a New York admitted insurer. Since 1880, Securian and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Securian is now one of the nation’s largest financial services providers.