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Enhancing Employee Retention Through Ancillary Benefits in the Pet Insurance Industry

In this insightful presentation from NAPEO in September 2004, Troy Jaklich explores the "real" benefits of ancillary products, specifically focusing on pet insurance in the U.S. With 143 million households spending around $34 billion on pets annually, understanding pet ownership demographics can significantly influence client companies' benefit offerings. The session highlights the importance of targeted supplemental benefits to attract and retain both employees and customers, demonstrating tangible outcomes such as reduced turnover rates. This approach fosters a competitive edge in niche markets.

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Enhancing Employee Retention Through Ancillary Benefits in the Pet Insurance Industry

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  1. “Ancillary” Or“Real” Benefits NAPEO September 2004 Presented By:Troy Jaklich Created By:Cristal Clark

  2. “We’ve Got Pet Insurance!”

  3. Americans alone own 143 million pets and will spend about $34 billion caring for them this year. *Source August 20th, 2004 edition of Forbes magazine How many of the pet owners work for your client companies?

  4. Would you rather: A. Spend two hours of your life talking to a car salesman? Or B. Be drug over a cactus with your mouth on the tail pipe of a Greyhound bus? Or C. Sandpaper an alligator in a phone booth? * Source Ron White

  5. Over 10 million new cars are sold annually in the US • 204 millionAmericans own cars How many of them work for one of your client companies?

  6. Founded in 1976 • Headquarters in Denver, Colorado • 4200 Employees • 86% of client companies in Colorado • 55% of worksite employees in Colorado • 30% in Washington state • 15% in 30 other states • Market to specific industry niches

  7. Demographics play an important role when selecting supplemental benefits to add to your existing offerings. • We survey our clients to find their supplemental needs. • Constantly adding and evolving.

  8. Look for programs with little or no cost for acquisition, implementation, and administration for LMC and our clients.

  9. Programs need to fit our target and existing markets both geographically and economically. • Participating vendors will typically supply their own marketing materials. • LMC includes these materials in New Employee Packets.

  10. Vendor gains access to a new audience at a much lower acquisition and marketing cost than through the normal advertising channels. • PEO gets to “piggyback” on vendor’s marketing efforts and gains credibility by allying themselves with a recognized brand.

  11. LMC does not typically generate any direct revenue from these programs and relationships. • Check with legal counsel on State laws regarding “referral” fees. • We preach to client - “Attraction and Retention” of their employees… But…

  12. Benefits also attract and retain the desired external relationships. -CLIENTS- It costs six times more to attract a new customer than it does to keep an old one.

  13. At the client level, tangible evidence of lowering employee turnover • Adds value to client Case Study: Property Management Company Before LMC- turnover= 300% After LMC- turnover= 60%

  14. Comprehensive, cost effective benefit plans generate referrals within our niche markets and has given LMC a 95% client retention ratio. • Generate higher levels of profit/WSE • Decreased client employee turnover, increases PEO profitability through lower internal cost of administration and State Unemployment Tax.

  15. The “Real” Benefits Of “Ancillary” Products NAPEO September 2004 Presented by: Troy Jaklich

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