Are you a benefits insurer planning to move down market?

Are you a benefits insurer
planning to move
down market?

planning to move down market?
How will you win in the small case,
small business market?

planning to move down market?
How will you win in the small case,
small business market?
Here are 5 QUESTIONS to ask yourself…
and 7 CAPABILITIES you will need

Q. 1:
Are you feeling the squeeze?
Ready to get started?
Download the full eBook here

Q. 1:
Is the sluggish 2-3% premium growth in the
overall benefits market limiting your growth?

companies under
49m
employees
=
If so, the small case market
could be a big opportunity
Q. 1:
Is the sluggish 2-3% premium growth in the
overall benefits market limiting your growth?
100employees

Fact…
Main Street is underserved

Fact…
And…
the majority of employees in small businesses
are not buying voluntary benefits

Fact…
Why?…
because 36% of their employers
do not offer any voluntary benefits
And…

Fact…
Why?…
because 36% of their employers
do not offer any voluntary benefits
And…
But…
when they are offered, the take rate is high

Q. 2:
Will your products be a good fit?

Q. 2:
Small business employers and employees have different
product and service needs than larger size companies.
And… less time and resources.

Q. 2:
Simplicity is essential!
Small business employers and employees have different
product and service needs than larger size companies.
And… less time and resources.

Q. 2:

Q. 2:
CAN YOU
bundle the right products and plans for each market segment with the limits
and values preset and offer a simple enrolment and servicing experience?

Q. 2:
CAN YOU
And … CAN YOU
quickly create new products?

Q. 2:
spend $$ millions
CAN YOU
And … CAN YOU
quickly create new products?
To introduce a single new product, most insurers:
and take
12-18months

Q. 3:
Will you find the distribution you need?

Q. 3:
Small case brokers have a SHELF SPACE typically
limited to 1-3 voluntary carriers.
What must you do to win broker business?

Q. 3:
Small case brokers have a SHELF SPACE typically
limited to 1-3 voluntary carriers.
What must you do to win broker business?
CAN YOU
support the higher volumes of business small
case brokers need with turn-key solutions
and ease of doing business?

Q. 4:
Can your underwriting adapt to a new market?

Q. 4:
Nowhere is automation more important in the
small case market than underwriting!

Q. 4:
Because:
► Lower margins per case demand higher volume.
► There is no time for the manual underwriting and
custom pricing typical of large case business.

Q. 4:
Because:
► Lower margins per case demand higher volume.
► There is no time for the manual underwriting and
custom pricing typical of large case business.
CAN YOU
micro-price competitively for different geographies
and industries with different risk characteristics and
provide off-the-shelf products and off-the-shelf rates?

Q. 5:
Will you meet your new customers’ expectations?

Q. 5:
What brokers and employees want:
► greater personalization of their experience.
► digital, self-service capabilities for shopping, payment,
policy and billing changes and claims.
► easy plan member changes

Q. 5:
What employers want:
Time- and resource-strapped small employers
value business as much as they want a good price.

Q. 5:
What employers want:
Time- and resource-strapped small employers
value business as much as they want a good price.
WHAT YOU CAN DO to win their business:
► be responsible for record-keeping on voluntary plans
► allow employees to manage claims and enrolment digitally
► provide accurate and timely list bill

Still think you can go down market?
Here’s the checklist of 7 key business capabilities you will need:

1. Offer product from core to voluntary that adjust to the needs of each
demographic

demographic
2. Gain producer shelf-space with pre-packaged bundles and turn-key support,
quick quote and enrollment capabilities

demographic
3. Retain producers with simple and transparent administration and billing
operations

demographic
operations
4. Deliver off-the-shelf products and rates easily understood by
occasional producers and employees

demographic
operations
5. Provide straight-thru-processing and automated micro-pricing capabilities

demographic
operations
6. Compete on price while delivering ease of administration to employers

demographic
operations
6. Compete on price while delivering ease of administration to employers
7. Deliver digital self-service to meet customer expectations
and share workload

Is there a technology solution that
will support
your down market move?

Is there a technology solution that will support
…that will drive market engagement through digital sales,
marketing and servicing…

Effective broker, employer and employee engagement starts with a
digitally enabled core insurance system with these key features:

Effective broker, employer and employee engagement starts with a
digitally enabled core insurance system with these key features:
► There is a single record for a customer, whether they are a broker,
employer, or employee.
► All the rules, products and prices are built once but open to be displayed
on any digital channel.
► Uses a plan and package designer tool to configure an unlimited
number of plans and packages all generated from the base product.

Is there a technology solution
that will
support your down market move?

Is there a technology solution that will
support your down market move?
…that is a single core System of Record built to connect to
any System of Engagement…

Find out more about a technology solution that will
support your down market move
Download your copy of:
Essentials for Gaining Small Case Market Share
How and why new technology is key to your market success
Or ask us about:
Our unified core system of record, including:
EIS Suite™ and systems of engagement, CustomerCore™
CEM and Digital Experience Platform™.
info@eisgroup.com
www.eisgroup.com
DOWNLOAD HERE

Are you a benefits insurer planning to move down market?

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Are you a benefits insurer planning to move down market?