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Making the First Sale

As evidenced by the lackluster success many have experienced with long-term care in the workplace, a different sales approach is needed – and it starts with the first sale to the employer. Where other workplace insurance products are understood there are many misconceptions about long-term care. Business people generally assume it is something for their parents or grandparents and have not thought about it as a worksite benefit.

EM-Power has developed and refined a sales process specifically for employer sponsored long-term care insurance that includes scripted questions, communications technology, enrollment materials, training and backroom support.

The key to success is engaging business decision makers in conversations that help them discover the issue themselves.

First Meeting Presentation

Presenting a question based first meeting is where the process begins regardless whether the employer or broker raised the topic. EM-Power’s scripted questions and training for a conversational meeting fully engage company decision makers. First meeting questions produce the same answers 95% of the time and allow brokers to guide prospects through a discovery process that drives action.

During the first meeting employers learn about long-term care and talk about their benefit package and the reasons for offering it. They share their own personal experiences and get in touch with all the issues surrounding long-term care.

Employer realizations include:

    • Increasing life expectancies exacerbate the stress on government safety net programs.
    • Employees accumulating sponsored savings over years with the companies assistance will likely not consider long-term care until premiums either become too expensive or they develop medical issues that make them uninsurable.
    • Health insurance is great for covering skilled care, but there is no coverage for activities of daily living such as bathing, dressing, feeding, transferring and going to the bathroom.
    • While most people want to remain at home, the cost will drain their savings and the vast majority of government assistance is limited to paying for care in a nursing home.
    • Long-term care disproportionately affects women.
    • There are significant costs to businesses in lost productivity and increased health insurance utilization.
    • Education, premium discounts and underwriting concessions may be available to employees without cost to the company.
    • Government incentives allow companies to selectively pay for executives and business owners on a tax advantaged basis.

Proposal Presentation

The proposal presentation picks up where the first meeting left off using information learned about the company’s benefit package and the relationship with their workers. Proposals are branded for brokers with up to three carriers side by side using EM-Power’s proprietary quote engine. Proposals include an informational template with an executive summary as well as sections on understanding long-term care, implementation options and tax issues.

Proposals are strategically formatted to illustrate the advantages of providing a small budget. Employers discover funding an executive carve-out will lock in underwriting concessions for all employees including those offered coverage on a voluntary basis.

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