Account Rounding - Another Way Legal Club Helps Employee Benefit Professionals
Account rounding has been called many different things in our industry such as new business old contract (NBOC), add issue, up-selling or cross-selling. Whatever you choose to call it, the moral of the story is the same, account rounding is taking an existing account and adding new lines of coverage sometime during the year, often concurrent with annual enrollment.
As an Employee Benefits Professional, account rounding will provide you with incremental revenue from your existing book of business. But this is not the only benefit to you. The potentially more important benefit comes into play when you consider the impact the addition of these lines can have on your relationship with the client and on the success of the enrollment itself. Offering new lines can help to improve turnout during annual enrollment by building interest and increasing employee engagement in the process. It also helps to bind the client more closely to you which is key as we all know that a person who has bought something from you already is more likely than a stranger to buy something from you again.
In previous blogs we've discussed how employees don't leave their problems in the parking lot. And how Group Legal and Identity Theft programs from Legal Club help them to overcome those problems with meaningful benefits for everyday life. Group Legal and Identity Theft programs from Legal Club can be used multiple times during the plan year and nobody has to die, get a dread disease or lose a thumb. Another great advantage of adding Group Legal and Identity Theft programs to your clients' existing portfolio is that the revenue can be used to help offset your costs for annual enrollment and to make contributions toward a benefits admin system.
When you sum it up, there are at least five ways Legal Club can help employee benefits professionals via account rounding:
Remember to use Group Legal and Identity Theft to help round your existing accounts because it can help you increase revenue, improve employee interest with more lines and greater bind the client to you. And by the way, Legal Club vests in the writing agent so even if you do lose in the end, there will still be opportunity for trail commissions.
Group legal plans from Legal Club provide a wide range of free and discounted legal care, financial, tax, and identity theft benefits. Plans include access to over 85,000 online forms such as Last Will and Testament and Power of Attorney forms. To learn more about the plans offered by Legal Club, browse this website or call us at 800-305-6816.
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