Offering enrollment for core benefits like medical, vision, and dental insurance is great – but how else can you expand your revenue as a broker? The opportunities are plentiful. One of the best ways to drive revenue is to offer voluntary benefits, such as accident insurance, pet insurance, and travel insurance. Here’s how offering voluntary benefit enrollment can help maximize your income. Creates Upsell Opportunities For your clients who already utilize your benefits enrollment service, having voluntary benefits as an option can be tempting. Clients may feel compelled to offer voluntary benefits to their employees. While voluntary benefits are chosen and paid for by employees rather than employers, your clients can still choose to add them as an option for their employees. Some employers may even allow premiums for voluntary benefits to be deducted from employees’ paychecks. This can be a quick and easy way for you to upsell benefits. Allows You to Offer Bundles Like upselling, offering bundled packages can boost your commission amount per employee. However, bundled benefits packages are already curated with both core and voluntary benefits, unlike simply upselling voluntary benefits. Bundled packages give employees the opportunity to upgrade their plan to include extra perks, typically at a lower cost. For instance, a package might offer health and dental insurance, plus voluntary perks like life insurance and financial planning, at an upcharge but still cheaper than adding life insurance and financial planning separately. Improves Client Retention Offering both core and voluntary benefits can give you an upper hand in your industry. Since many brokers don’t offer voluntary benefits, when you do have them as an option, it can give you a competitive advantage. Clients love the idea of having more options at their fingertips. Employees, too, love to have options. This said, when you offer extra benefits and bundles, your current clients may be more likely to stay with you – rather than find another broker who offers the benefits they want. Do you really want to lose business to a competitor? Not to mention, with voluntary benefits available, employees may be easier to retain, which can lead to more satisfied clients. The convenience and ease of employees getting to add perks onto their plan during enrollment is enticing, even if they have to pay for it. Attracts New Clients Not only does offering voluntary benefits enrollment help you get more out of your current clients and improve client retention, but it can also help you attract new clients. Some employers seek out brokers who offer certain benefits and a wide array of options. With a variety of basic and voluntary benefits to select from, clients are more likely to choose you over the other guys. They want the ability to curate their benefits packages for their employees who may have specific wants and needs. Are you considering expanding your insurance offerings as a broker? Employee Retention Benefits has multiple enrollment solutions for you to utilize. Reach out to us today to find out how we can support your broker operations.