How we help brokers and employers create sustainable voluntary solutions

1. Focus-  Voluntary Benefits exist to benefit employees and employers… period.

2. Administration -  A Voluntary Benefit plan is a solution if the employer can administer it; otherwise it is just another problem. The complexity of Voluntary Benefits administration can make or break the VB experience. The VB space is littered with cancelled plans and terrible experiences because most advisors fail to account for the administrative capabilities of both the carrier and the employer. In order to ensure that benefits will remain available to current employees and future new hires, Mile 5 will always explore all parties’ administrative capabilities. Using this information, we will recommend only programs that the employer can successfully manage.

3. Sustainability -  Any business model that requires replacement of products in future years is not sustainable. Many enrollment models incur high annual costs that can only be funded by heaped first year commissions on voluntary products. After a few years when the VB products are fully enrolled and the participation is stable, the commission dwindles but the expenses remain the same. The only way these service providers can cover costs is to reload the commission through replacement of the products with another carrier. Unlike traditional group insurance, voluntary product replacement or product churn is usually bad for employees. Mile 5 will only recommend voluntary programs or strategies that are sustainable beyond the product enrollment stability point.

4. Neutrality -  The basis for a good Voluntary Benefit recommendation is carrier and platform neutrality. Most voluntary advisors have allegiances to limited carriers and enrollment vendors, or a single methodology. Every employer has different needs and capabilities, therefore no single solution is the best fit for every situation. Mile 5 will base recommendations on customer needs rather than predetermined loyalties, bonus agreements, or other non-customer benefiting allegiances.

5. Participation - Delivery of viable participation is a necessary component of a sustainable employee solution. Carriers assume certain participation levels in their pricing in order to gain an acceptable spread of risk and avoid adverse selection. Consistent failure to achieve these targets makes the products unstable and forces eventual rate increases, product churn, or other unpalatable consequences for employees. Mile 5 will only recommend products that are a good benefit to employees and will ensure that the enrollment process is suitable to achieve participation targets.

6. Team-  Be an awesome place to work and hire only the best. Happy, motivated employees drive the best customer experience. Mile 5 will always foster an environment in which the best of the best employees want to stay, thrive, and grow.

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Mile 5 Benefits operates under a value system that is unique in the Voluntary Benefits arena. Our Core Value System ensures that we make recommendations that are sustainable and in the best interest of employers and employees.