Introducing a new insurance product at open enrollment can add significant value for employees and increase the attractiveness of your benefits package. However, thoughtful planning is crucial to maximize impact and ensure a smooth rollout. Here are five tips for adding a new insurance offering during open enrollment.
Consider Timing Carefully
Open enrollment typically has a tight timeframe, so it’s essential to plan the addition of a new product well in advance. Aim to finalize new coverage details at least three months before enrollment starts to allow for adequate preparation and communication. Coordinate with your insurance carrier and technology vendors to ensure the product is available on your benefits platform and ready for seamless enrollment.
Focus on Education and Engagement
When adding a new insurance product, educating employees is key. Employees need to understand the benefits, value, costs, and coverage details to make informed decisions. Develop communication campaign resources like short videos, FAQs, and infographics to explain the new coverage in an engaging, accessible way. Consider hosting live Q&A sessions with benefit advisers to provide additional support. Benefits Education solutions, through in-person or call center benefit counselors, can significantly impact employees’ access to answers and reinforce the employer’s arsenal of educational tools.
Emphasize Relevance and Value
Introduce products that fill a known gap or meet a specific need in the workforce. For example, if your organization has a large population of pet owners, pet insurance might be well received. For medical plans that come with a higher deductible, supplemental health plans like Critical Illness or Accident coverage may be a great complement to the health plan and to employees’ needs. Communicate how the new product aligns with employee feedback or addresses a common concern, like financial protection for medical emergencies.
Showcase the Value of the Benefit
Beyond relevance, it’s important to highlight the value of the new coverage. Explain any tax savings, reduced premiums through group rates, favorable underwriting concessions, wellness benefits, or long-term cost-savings. For example, an accident insurance policy may have a small premium but can provide peace of mind and financial support in emergencies.
Communicate Frequently and Clearly
Effective communication is fundamental to a successful rollout. Begin messaging about the new product at least a month before open enrollment and continue to remind employees throughout the enrollment period. Use a variety of channels, such as emails, newsletters, SMS reminders, and on-site posters.
Bonus Tip: Gather Feedback Post-Enrollment
After open enrollment ends, gather feedback from employees about the new product. Knowing what resonated well and what didn’t can provide insights for future benefit enhancements. For employers and consultants, this feedback loop can highlight ways to refine educational resources, adjust timing, or improve communication strategies for upcoming enrollment periods.
Adding a new insurance product during open enrollment doesn’t have to be a challenge. By planning ahead, focusing on employee education, showcasing relevance and value, and communicating effectively, employers and advisors can ensure a successful addition that enhances the overall benefits experience while providing financial protection.