Introducing a benefit product to a new market is not without its challenges. Whether you're an insurance carrier, benefit provider or MGA/MGU, there are issues that could be preventing you from a successful launch.
Here are five issues to watch out for when launching a new benefit product or entering a new channel with an existing benefit product:
- Old technology: Outdated systems that are difficult to navigate or don't allow product bundling can hurt enrollment rates. As technology changes so rapidly, it is important not to wait until your system is broken before you replace it. Upgrade as you go so that you can address concerns in a timely manner.
- Inexperience: Attempting to take on non-core services like benefit administration is expensive and time-consuming. It also increases the risk for errors and unforeseen complications. Keep your clients happy by ensuring you can handle increased processing and high enrollment rates. This can be done by working with outsource partners with expertise in the areas you need help with.
- Lack of resources: Allocating resources to meet launch deadlines can strain an organization, especially when there are competing priorities and overcrowded development queues. Limited manpower could inhibit the ability to take on a project build, and borrowing resources from other projects will only delay those already in development. If you plan on launching a product, make sure you have adequate resources to create, promote and push your product to market.
- Time constraints: Current initiatives fill up the project pipeline, leaving no time to hit desired deadlines for new launches let alone time to develop a plan to visit the project in the future. Streamline your project workflow by implementing back-office assistance, which enables you to juggle multiple products and various platforms.
- No engagement: There is no communication strategy to help drive awareness of the benefits, from enrollment email marketing to post-enrollment nurture email marketing. A new product or a product being introduced to a new market does no good if potential clients aren't aware of it. Communication is key for not only marketing purposes, but also for ongoing engagement and interaction.
Now that you know what to look out for, here are some quick tips to help you have a successful benefit product launch:
Focus on simple enrollment: A better user experience can help increase enrollment. Try offering complex products and benefits from multiple vendors on a single platform.
Get customers engaged: Establish a good relationship with your customers through timely and relevant content and product information.
Eliminate administration headaches: Consider outsourcing back-office administration like billing, collections, commissions, payroll deduction and data integration.