Benefit firms want to leverage the opportunity around worksite voluntary benefits, but the results for most are, well, pathetic: Few, if any, cases sold and underperforming enrollments that produce disappointing commission revenue. Most brokers struggle, and usually fail, to cross-sell voluntary. Eastbridge Consulting reports that almost half of all WVB premium sold in 2012 was merely from takeovers of existing business, not sales into virgin accounts.
I've written extensively that benefits firms need a strong WVB practice to succeed post-reform. Consider that a well-run voluntary case can generate first-year net revenue of $56 per eligible employee, after enrollment expenses. The secret to success is an intentional, comprehensive WVB practice that is integrated into your firm.
Register or login for access to this item and much more
All Employee Benefit Adviser content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access