Dental insurance is an important part of any employer’s benefits package. Studies have shown that potential hires are turning down jobs due to dissatisfaction with benefit offerings. But simply offering benefits may not be enough. Employees need to understand their benefits and how to use them.
An online survey of 1,000 adults that was released by Lincoln Financial Group last year reveals some key insights into consumers’ needs when it comes to dental insurance. The findings will undoubtedly provide information for insurance brokers that can lead to opportunity.
Education is Key
The study revealed that 82 percent of consumers polled find dental insurance to be “very important”. However, only 50 percent said that their employer was a good resource for plan information.
The first place a consumer will go for plan information is their employer. 65 percent of those surveyed stated the most helpful thing their employer can provide is general information about the coverage. 54 percent would like a list of in-network local dentists.
With so many consumers left wondering where to get plan information, it’s no wonder only 1 in 4 have been to the dentist in the past 12 months. Consumers in the study cited cost of services as the reason. However, most insurance plans cover check-ups and cleanings under preventive services, which are free. This clearly demonstrates the need for further education.
Opportunity for Growth
The information in this study shows a clear opportunity for insurance brokers. Employers that are not well-versed in the benefit packages they offer may have a tough time when facing potential new hires. By educating employer group clients, brokers will help them attract and retain top talent.
Additionally, employees who are well-versed in the benefits their employer offers are more likely to enroll. With more interest from employees, employers are more likely to continue offering dental year-over-year, and possibly additional lines of coverage.
Education is the key for insurance brokers to not only retain their current employer group clients, but potentially grow their business.