What are the keys to developing an effective voluntary strategy?

Nick Rockwell, President at Eastbridge Consulting Group (December, 2020)

 

 

Carriers and product manufacturers in the voluntary benefits industry should understand their strategy boils down to a series of answers.

To arrive at the right answers they must know the right questions to ask - within the right framework. Not only that, but they must also know which questions to answer first.

For example, your enrollment strategy will have questions that address

    1. how will employees elect our products?
    2. how will they learn about the need for our products?

However, there are many other business function questions that will influence the answers to your enrollment strategy. Many also have dependencies and cannot be answered in a bubble. If you ask the wrong questions, address the functions in the wrong order, and fail to understand dependencies, any strategy you develop will likely fall short.

So, remember:

Know what questions need to be answered,

Know which decisions are dependent on other decisions,

Know that your decision order matters.

Thought Leadership Article Index