Benefeature logo
Back to Articles
3 min read

Cliff's Insights Playbook # 10: Using Retirement Plan Metrics to Sell Group Insurance Products

Market experience has shown that the performance of an employer's retirement plan, leveraging metrics reported on a 5500 form, can serve as a leading...

CM
Cliff Murch
Dec 31, 2024
SalesDistributionStrategy

Table of Contents

Market experience has shown that the performance of an employer's retirement plan, leveraging metrics reported on a 5500 form, can serve as a leading indicator for group insurance opportunities. This insight opens up a powerful sales strategy that many carriers and brokers are just beginning to leverage.

The Connection Between Retirement and Benefits

Employers who invest in robust retirement plans often demonstrate a similar commitment to comprehensive employee benefits. The 5500 data reveals patterns that can predict which employers are most likely to be receptive to enhanced group insurance offerings.

By analyzing retirement plan metrics, sales teams can identify prospects who are already thinking strategically about employee benefits and may be open to expanding their coverage.

Key Metrics to Monitor

When analyzing 5500 data for sales opportunities, focus on these key indicators:

  • Participation rates in retirement plans
  • Employer contribution levels
  • Plan design sophistication
  • Employee demographics and plan size

Sales Strategy Implementation

Use retirement plan data to create targeted outreach campaigns:

  • Identify employers with strong retirement benefits but gaps in group insurance
  • Tailor messaging to emphasize the connection between retirement and health benefits
  • Leverage 5500 insights to demonstrate understanding of their current benefits strategy
  • Position group insurance as a natural extension of their employee benefits philosophy

Implementation Best Practices

To successfully implement this strategy:

Action Steps

Start by analyzing your existing 5500 data to identify employers with strong retirement plans. Then, develop targeted messaging that connects retirement benefits to group insurance opportunities. This data-driven approach can significantly improve your sales conversion rates.