A smooth renewal? That probably sounds impossible, right? All too often, renewal periods cause stress—but they certainly do not have to if you follow these two, simple steps:
Communicate, communicate, communicate.
In the words of George Bernard Shaw, “The single biggest problem in communication is the illusion that it has taken place.” Many times, employers assume their employees understand and are fully aware of everything their plan has to offer. Unfortunately, this is not always the case. If benefits are not communicated correctly to leadership and employees, there is really no benefit at all. The first step is to fully understand the benefits provided to your employees. This may seem simple, but in many instances, we work with groups that are not aware of everything their plan has to offer. To get the most out of your organization’s renewal, education and communication are key. When you communicate properly with employees and educate them on their benefits, you are more likely to see a decrease in claims, which can directly affect your bottom line.
Prepare, Prepare, Prepare.
Too often, we obtain new clients who, prior to our help, would wait until right before it was time to renew their benefits to start preparing. This has proven time and time again to be detrimental to the success of a renewal period. Frequently, employees are unaware of what is going on, unsure of what it means to them, and miss their window to enroll due to lack of preparation. You do not have to go it alone; always, always, always make sure your benefits partner is working with a checklist to help you prepare throughout the year, and not just upon renewal.
Don’t let your renewal overwhelm you. Communicate and prepare, and you will be well on your way to fewer gray hairs and more restful nights!
For a more in-depth look at how to run a successful renewal, check out our 5 Tips for a Successful Renewal guide or give us a shout—we are always here to help.