Brokers who dedicate more time to open enrollment throughout the year tend to avoid some of the most frustrating last-minute issues that can arise without proper planning.
Approximately 31% of employees believe their employers are doing a below average job regarding open enrollment, due to these four most common frustrations.
Source: shrm.org
Brokers can help eliminate every one of these issues by preparing ahead of open enrollment to ensure it goes smoothly for both employers and their employees. Taking an organized and scheduled approach is a great way to impress clients right off the bat and give them a sense of ease once enrollment begins. And you can stay on track all year long with a detailed quarter-by-quarter timeline.
First Quarter
Many employers conduct open enrollment during the fourth quarter, so for brokers, Q1 should involve early-stage planning for the coming year’s open enrollment. Take this time to connect with your vendor partners and evaluate the technology you used during the previous enrollment cycle.
Client data should all be stored on one streamlined platform so payroll, HR, benefits, time, and attendance are all connected, and each division can communicate with the others—keeping all information updated across the board. This step will eliminate a lot of administrative effort throughout the rest of the year and give employees the ability to access all of their information in one place, from just about anywhere.
Q1 is a good time to analyze enrollment reporting and benefit trends as well. You can use this information to provide the best possible benefits packages for the following year.
Second Quarter
The second quarter is a great time to dive into any shifts in clients’ employee population and how that may affect the benefit offerings. Brokers should hold meetings with clients to discuss any issues that arose during the previous open enrollment cycle, and address them immediately.
Once you’ve taken the time to meet with clients, you can evaluate trends, communicate with vendors, and analyze how voluntary benefit products can help eliminate any coverage gaps.
Third Quarter
This is the time to start reaching out to clients and prepping their employees for open enrollment season. Decide which channels will be the most effective way to reach employees. Then send out preliminary details about when open enrollment starts, new offerings, plan changes, and the value of the benefits program.
As Q3 draws to a close, brokers should meticulously test the platforms and systems they’ve chosen to administer open enrollment to prevent any last-minute mechanical hiccups.
Fourth Quarter
Are you ready for open enrollment? During this time, brokers should be tracking all the data, monitoring employees’ progress and keeping them updated on deadlines, and making themselves available to answer any questions that may arise during enrollment.
Then, once open enrollment closes, employers should survey their employees about their enrollment experience. Communicate with clients immediately to acquire this information—it will help you stay in tune with the needs of their employees so you can adjust any issues accordingly, and begin to offer the appropriate voluntary benefits. Even once enrollment is over, brokers should be available to answer employees’ questions regarding voluntary offerings and continue to make education a priority.
Stick to a schedule and remember what the most essential tasks for each quarter will be. Creating a more spacious timeline allows brokers to troubleshoot issues before they happen, provide high-quality benefit packages every year, and win more clients.
Source: employeebenefitadvisor.com
Clarity Benefit Solutions provides the tools necessary to prepare for open enrollment, and give clients the best experience possible, every single year. For more information, visit our brokers’ page.
Sources:
1. https://www.employeebenefitadviser.com/news/taking-a-quarterly-approach-to-benefits-enrollment
2. https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/open-enrollment-game-plan.aspx
3. https://www.benefitspro.com/2017/08/16/4-ways-brokers-can-help-clients-navigate-open-enro/
