Nashville, Tenn., -- A new study highlights the power of personalized Benefit Statements to motivate HR departments to offer a Voluntary Benefits (VB) enrollment, enable access to employees, and dramatically increase participation — and premiums — in VB enrollments.
Cornerstone Enrollment Services produced free personalized Benefit Statements for the broker and client as part of their enrollment services, the statements were a no-cost way for the hospital to boost employee morale and retention.
With good pre-enrollment communication, employee interest in the Benefit Statements was high and brought most employees to the enrollment tables. Despite being restricted to the hospital cafeteria, the enrollment team eventually met with almost 100 percent of the VB-eligible employees.
Good employee access resulted in strong participation in the VB offerings. Cornerstone’s salaried Benefit Counselors wrote over $150,000 in new annualized Voluntary Benefit premiums.
“Our Benefit Statements created a definite ‘buzz’ among employees,” notes the study, “such that our counselors were able to arrange scheduled meetings with many employees in work areas beyond the cafeteria, where we were initially stationed.”
The paper’s closing analysis notes that, by using the VB enrollment to both increase employee retention and morale and enhance the hospital’s benefit offerings, the broker further established further proved his value to the client and created an additional revenue stream from an existing client.
To view the case study in its entirety, visit http://www.cornerstonevb.com/Cornerstone_Case_Study_Benefit_Statements.pdf