A large retail chain with 5,000 employees in 300 locations across 28 states needed to make changes to their existing health plan offerings in order to meet budget demands. In making the changes, there would be higher deductibles in the new plan design. The company wanted to ensure the employees understood the new offerings and retain employee morale in the process. The broker/advisor working with the company did not have the manpower to meet with employees to explain the new plan options, nor was the broker/advisor equipped to manage the enrollment process. The broker/advisor then contacted Steele Benefits for assistance.
Steele Benefits were brought on-board to assist the retailer with the enrollment process. It was vital that employees understood the changes from their previous traditional insurance benefit packages. The new plan would implement high deductibles, which would allow the company to operate within budget, while still providing benefits to their employees.
The company’s internal benefit department was not equipped to meet with the over 500 employees, however, it was important that employees felt the company cared about it’s employees and wanted to offer as much information and guidance so workers could maximize their insurance benefits under the new plan.
Steel Benefits excels at leading a high touch enrollment campaign. In this case, Steel Benefits sent individual mailings, a 24/7, bi-lingual call center and met one on one with over 70% of the employee population.
By bringing Steele Benefits alongside the broker/advisor’s offerings, the result of the open enrollment period was a double digit increase in percentage of employees participating in high deductible health plan. Enrollment in voluntary plans increased as well; critical illness, accident, life, disability – with employees participating in thousands of additional benefit policies.
The company feedback was astoundingly positive, “simplest enrollment ever.” The workforce became more engaged in their financial security and more informed about their benefits unlike the previous year’s self-service environment.
The broker/advisor was able to provide their client with an exceptional add-on service through Steele Benefits. The employer essentially had a benefit team of 15 people during enrollment, something they could not afford if they were full time employees.
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Challenge: A large retail chain with 5,000 employees in 300 locations across 28 states needed to make changes to their existing health plan offerings in order to meet budget demands. In making the ch...[read more]
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