Try Using E-mail Marketing In Salary Allotment Enrollments
We have often lamented in these pages that the average American is either uninsured or underinsured.
For instance, for the majority of workers, the primary (and in many cases, the only) life insurance coverage that protects the family from the financial problems of premature death is group life coverage provided by the employer.
This group coverage is, sad to say, often provided only as an afterthought to the primary concern, health insurance. Another sad note: In these days of reduced purchasing power for the dollar, group life coverage often is barely enough to cover funeral costs.
Unfortunately, life insurance is too intangible for most younger people to take seriously during the time they are likely to have the most need for it. They are busy raising their own children, paying mortgages and trying to take advantage of modern Americas "good life." They know they need more insurance protection, but always seem to defer the decision for a more "convenient" time.
Meanwhile, there is concern at the highest leadership levels of our nation about another disturbing trend: the abysmal savings rate of our citizens. Many are only one paycheck away from homelessness because nothing has been set aside for the proverbial "rainy day."
Of course, for many years, a handful of insurers have addressed both concerns–the life insurance need and the savings need–through workplace programs. Specifically, they have provided a variety of salary allotment or salary savings programs that enable employees to have a relatively small portion of their salary allotted to purchase life insurance or put into some form of savings instrument or mutual funds. But, despite their obvious value, such programs are still are not widespread.
Why? For one thing, some employers have resisted making these programs available to their employees. Also, supervisors have been reluctant to permit enrollment solicitations during the workday. Payroll staffs have vetoed any additional administrative duties that such programs might involve. And, finally, the enrollment and administrative costs for such programs have made the products themselves too expensive to be viable in the marketplace.
It doesnt have to be that way. Based on our experience in working with salary allotment programs using life insurance, annuities and mutual funds, good sales programs can generally overcome the objections of employers, supervisors and payroll staffs to permit the product to be offered in the workplace.
After all, most employers and other decision-makers in American business sincerely want their employees to have economic security. A properly designed program can overcome the major objections of workplace decision-makers–if the enrollment process can be made less obtrusive and time consuming.
Therefore, we ask: Why not use technology to make the salary allotment enrollment process faster and less expensive?
