Employee Benefit Enrollments - 10 Potential Winners in the Process

The Employee Benefit Enrollment process involves a number of "Stakeholders"! Each party to the enrollment should have a vested interest in getting the "Greatest Return" on the Employer's and Employee's Invested Benefit Dollars. The stakeholders include:
> Insurance Carriers for the Core Benefits - Health, Dental, Vision, Life, etc.
> Insurance Carriers for the Voluntary/Worksite Benefits - Disability, Critical Illness(CI), Cancer Plans, Hospital Income(HI), Life, Legal Plans, Pet Coverage, etc.
> Non-Insurance Benefit Providers - Discount Plans, Medical Concierge Plans, Pet Plans, Telemedicine Plans, Travel Plans, etc.
> Brokers, Agents, and Consultants.
> Enrollment Companies - One-on-One, Call Center Based, Internet Based, Combinations
> Enrollers - Those interacting with Employees (if appropriate)
> TPAs - For Self-Funded Plans and Flex Plans
> Technology Companies - Providers of Hardware and Software
> Employers - The Sponsor and Major Payors
> Employees and Their Families - The end User

When the Benefits related Education, Communication, Enrollment, and Data Processes are selected by the Employer(s) and Brokers(s) it is essential to consider the interests of all of the above parties. If any of the Stakeholders become "Losers" instead of "Winners", the integrity of the entire Enrollment is negatively impacted and may implode.

Each of the above parties has a vested interest in participating to the degree that their invested time and money gets a commensurate "Return on Investment (ROI)". In the "Planning Stages of the Enrollment" it is essential to understand what these Stakeholders have to Win or they Lose time and money.
> Insurance Carriers for the Core Benefits - Their Goal is to Sell Plans, Programs, and Services to Employees utilizing Brokers, Agents, and Consultants working with Enrollment Companies and Enrollers - as appropriate - and their Client/Employer Groups. Because the Insurers are not directly involved in the "Selling Process" they are dependent on the capabilities of the other parties to maximize "Participation". Their Win is measured in Participation and Premium Dollars.
> Insurance Carriers for the Voluntary/Worksite Benefits - Their Goal is to expose their Plans, Programs, and Services to the Employees as efficiently and cost-effectively as possible to gain "Penetration" - the Number of Employees participating; experience ongoing "Persistency" - How long Employees remain on the Plans, Programs, and Services purchased; and to Maximize Premiums per Employee and in total Premium. Their Win is measured in the Number of Participants and Premium Dollars.
> Non-Insurance Benefit Providers - Their Goal is to expose their Plans, Programs, and Services to the Employees as efficiently and cost-effectively as possible to gain "Penetration" - the Number of Employees participating; experience ongoing "Persistency" - How long Employees remain on the Plans, Programs, and Services; and encourage utilization when appropriate, ie. Discount Plans. Their Win is measured by "Dollars or Fees" generated from the sale of Plans, Programs, and/or Services or from the Employees future "Dollar" participation as a consumer.
> Brokers, Agents, and Consultants - Their Goal is to offer a selection of Plans, Programs, and Services generally offered by a "Selection" of Carriers - Core, Voluntary/Worksite, and Non-Insurance. Working with the Employer they assist in the Plan Design, Selection of the TPA(s); Selection of the Enrollment Process(s); and Enrollment Company (if appropriate). Their Win is measured in terms of Dollars generated from the sale of Plans, Programs and/or Services to the Employees generating Commissions and/or Fees.
> Enrollment Companies - Their Goal is to efficiently and cost-effectively present the entire Group of eligible Employees the Plans, Programs, and Services being offered by the Employer, the Broker(s), and the Carrier(s). Their compensation can be on a "Fee Basis", Sharing in Commissions, or a Combination. Their overall success is measured by the Employees' participation in the "Choices" of Plans, Programs, and/or Services; their success in working with the Employees in the designated time frames; the Premiums generated for the Carriers; and the Commissions generated for the Broker(s). Their Personal/Organizational Win is measured in terms of "Dollars/Revenues" generated vs the Cost of the Enrollment.
> Enrollers - Those interacting with Employees One-on-One or through a Call Center when appropriate - Their Goal is to assist in the Employee education process while providing Employees their "Choices" of Plans, Programs, and Services offered by the Employer, Broker(s), and Carrier(s) and then enrolling them in the opportunities that meet their Individual and Family needs within their Budget and Price Points. Their success is measured by the Broker(s) and Carrier(s) by the number of Employees Enrolled, the number of Plans, Programs and/or Services sold, and the total volume Premium and Revenues generated. Their personal Win is either measured by their Per Diem Compensation or Commission Income generated.
> TPAs - For Self-Funded Plans and Flex Plans - Their Goal is to work with the Carrier(s), Broker(s), Employers, and Employees to assure that the Administration of Plans and Programs are in compliance and that Record Keeping, Reimbursements, etc. are provided on an efficient and timely basis. In most cases they rely on the Employers, Enrollment Companies, and Enrollers (if appropriate) for signatures and documentation required from the Employees. Their Win is measured by the efficiencies they create and their ability to create a profit. Some TPAs may offer Plans, Programs, and/or Services in which they share in Commissions or Fees.
> Technology Companies - Providers of Hardware and Software - Their Goal is to assist the Insurance Companies, Brokers, Employers, Enrollment Companies, and Enrollers (if applicable) in the Education, Communication, Enrollment, and Data Management. Their success is measured by how efficiently and cost-effectively the equipment and software expedite the Enrollment Process. Their Win is measured by the Income/Revenues generated from the Leasing, Sale, or Licensing of the Equipment or Software.
> Employers - Their Goal is to work with the Broker(s), Enrollment Company, and Enrollers (if applicable) to provide the Employees the best possible set of Benefit "Choices" meeting their own and their Employees' Needs and "Price Points". Their Win is measured by the the Participation and Satisfaction of the Employees - as well as the ROI of the Organization's and the Employees' "Invested Benefit Dollars".
> Employees and Their Families - Their Goal is to meet their Personal and Family Insurance/Benefit needs to mitigate "Risk" and create Peace-of-Mind utilizing the Employers' contribution and their own out-of-pocket contributions to the Plans, Programs and/or Services. Their Win is the convenient opportunity to reduce exposure to "Risk" while meeting needs within their "Price Points" and creating "Peace-of-Mind".

As best possible - and as appropriate - it is essential for all Stakeholders to work together with a Common Interest. When planning the Enrollment, all of the above parties needs must be adequately addressed. When one Parties interests are allowed to prevail over another's interests, all Stakeholders capacities to WIN are jeopardized!

The Broker(s) can play a critical role in coordinating the Stakeholders to assure that the needs of all are understood and met.

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