As covered in Part 1 and Part 2 of this three-part series, you’ve identified your target employers and made your pitch to company leadership. Now you are in the door and ready to enroll, how do you proceed?
Work with your contact — in larger companies it would be the human resources director or benefits coordinator; in smaller companies it might be the owner — to schedule a seminar where you can explain the long-term care benefit to employees. Make sure the employer promotes the session(s) to employees by sending out emails, reminders and posters.
Materials to bring to seminar:
Like any seminar, you’ll want to arrive early to ensure you won’t have any technical difficulties and your equipment is ready. Expect plenty of questions during the seminar. If you get stumped, don’t be afraid to let them know you will get back to them. Conclude your talk by asking employees who are interested in learning more to sign-up for a one-on-one session with you.
You’ll want to take a more personal approach in the one-on-ones than in the seminar. Ask questions and be prepared to listen to their stories as to why they want to purchase long-term care insurance. Make sure you schedule plenty of time between one-on-one appointments so employees don’t feel rushed.
Have your applications ready during the one-on-ones. Make sure each employee fills out the application accurately and completely before submitting. If spouses and/or family members are applying, remember they must complete the full underwriting application, which requires more information. Make sure it is complete before submission.
Always follow up with everyone who had an interest. Whether they sign up or not, urge them to think about other people in their lives who might benefit from this coverage. Let them know that referrals are always welcome. Finally, make sure your contact at the employer has additional applications and brochures available in case employees request more information after you leave.
It’s important to give the employer and employees a clear understanding of the approximate time frame the policies should issue. If the case has any payroll deductions make sure everyone knows when they should start. Depending on how you set it up, the carrier will either begin billing for individual policies as they are issued or use one common effective date. If they opt to have a list bill, it can include all the names of the employees and spouses along with their premiums. This list bill will go to the individual indicated in the approval process.
Once you have submitted the applications to the carrier, you should receive weekly (approximately) status updates. Always remember that anyone completing a fully underwriting application will take longer than others with simplified underwriting. After you deliver the policies and the list bill to the employer make sure you send any delivery receipts and/or amendments back to the carrier in order to the get the policies in force.
And that’s it. Congratulations on implementation of your first group! Surely you did such a great job that they’ll send other companies your way!
Breaking into the multi-life market is not something you have to do alone. You will have support from the experts here at Senior Market Sales. We will advise you on what solutions to present to the employer, because every worksite case has its own unique circumstances. We’ll hold conference calls with you, the employer and the carrier. We can build individualized illustrations with each client and even review the application to ensure the enrollments run smoothly.
For advice on how to break into the worksite market or how to handle your next case, call Jackie Slaughter at 1.800.786.5566 ext. 3637.