Boosting Retention for Employee Assistance Programs, Retirement Services, and Group Health Insurers with Estate Services

2024 2 min read

Retention is a critical challenge for Employee Assistance Programs (EAPs), retirement services, and group health insurers. In today’s evolving financial landscape, the root of the problem lies in a common misstep: focusing too much on individuals rather than families, and on selling specific products instead of maximizing lifetime value. This approach leads to significant losses when clients retire, change jobs, face incapacitation, or pass away. The ongoing “Great Wealth Transfer” only amplifies these challenges, reshaping the workforce across North America, Europe, and Asia.

Understanding the Retention Challenge in a Changing World

The “Great Wealth Transfer” represents an unprecedented shift of approximately $84 trillion in wealth from baby boomers to younger generations by 2045 (Source: Cerulli Associates). This massive transition highlights the urgency for professionals to focus on family units and intergenerational planning to retain clients and grow their businesses.

1. Employee Assistance Programs (EAPs)

Retention Problem: EAPs typically cater only to the immediate employee, neglecting their family. This narrow focus often leads to program disengagement during significant life events such as retirement or incapacitation. According to LIMRA, up to 50% of employees with EAP access report dissatisfaction due to a lack of comprehensive family support.

Impact of Change:

  • Integrating estate services into EAPs can improve retention by 10-15%.
  • Employee satisfaction can increase by 20%.

2. Retirement Services

Retention Problem: Retirement service providers frequently lose clients when they exit the workforce. A staggering 70% of retirement wealth fails to transition smoothly to the next generation, leading to churn and weakened relationships (Williams Group).

Impact of Change:

  • Engaging families through estate services could reduce attrition by 15-20%.
  • Providers could achieve up to 25% business growth through cross-generational engagement.

3. Group Health Insurers

Retention Problem: Policyholders often switch insurers during major life events. Inadequate family support is cited as a key factor by 40% of families who change providers (LIMRA).

Impact of Change:

  • Adding estate planning services to health insurance offerings could enhance retention by 10-15%.
  • It also creates opportunities to cross-sell products such as life insurance, wealth management, and related solutions.

Unlocking Growth Potential with Estate Services

Focusing on families and their intergenerational needs offers significant benefits:

  • Increase Customer Lifetime Value: Engaging families with estate services can boost lifetime value by 30-40%.
  • Strengthen Retention: Holistic, family-oriented offerings reduce churn and ensure continuity through life transitions.
  • Drive Revenue Growth: Access to rich client data and multigenerational touchpoints opens doors to new revenue streams, from wealth management to tax planning.

How Inheritus.com Transforms Retention Strategies

Inheritus.com offers a cutting-edge platform that empowers EAPs, retirement services, and group health insurers to seamlessly integrate estate services into their offerings. This innovative solution creates a comprehensive picture of an estate, connecting families across generations and fostering lasting loyalty.

Key Benefits of Inheritus.com:

  • Affordable: Costs just cents per month per client, delivering a budget-friendly solution.
  • Easy to Deploy: Ready for same-day implementation, with optional change management plans for smoother integration.
  • Lead Generation: Estate services generate valuable leads for complementary offerings such as life insurance, wealth management, and tax planning.

Seize the Opportunity of the Great Wealth Transfer

The Great Wealth Transfer is reshaping the financial and benefits landscape worldwide. By integrating estate services into your offerings, you can improve retention, strengthen client relationships, and unlock significant growth opportunities.

Don’t let outdated strategies limit your potential. Contact Inheritus.com today to learn how we can help you transform your offerings, engage families, and drive long-term success. Let’s build a brighter future for your clients and their families—together.

Richard Sanders, CPA, CA, CBV is a seasoned professional and Partner at a leading global Accounting firm, bringing over 35 years of invaluable experience to the advisory board. With a background in Accounting & Finance, he has demonstrated a keen sense of the challenges to business management and growth throughout his career.

Having held key partnerships with several Accounting firms, Richard has a proven track record of success in advising businesses in areas ranging from Audit to Internal Controls, Tax and Valuations. His strategic thinking has been crucial in guiding organizations through periods of startup and growth.

As an advisory board member, Richard provides strategic counsel and invaluable insights on Audit, Finance and Accounting. His expertise and vision play a vital role in shaping the organization’s strategy and driving sustainable growth over the long term.

Richard holds a Bachelor of Accounting & Business Management from the University of Toronto. He continues to stay at the forefront of the Accounting industry’s developments through ongoing education and professional development initiatives.

Richard’s passion for success and his commitment to guiding businesses make him an invaluable asset to the advisory board.

Bob is a distinguished leader in Software M&A, bringing over 40 years of invaluable experience to the advisory board. With a background in the Canadian & US Information Technology sectors, he has demonstrated a keen understanding of the challenges driving business innovation and fostering growth throughout his career.

Having held prominent roles within the Fortune 500, Bob has a proven track record of success in supercharging business growth. His strategic acumen and forward-thinking approach have been instrumental in guiding organizations through periods of change and transformation.

As an advisory board member, Bob provides strategic counsel and invaluable insights on business development, partnerships and strategic alliances. His expertise and vision play a vital role in shaping the organization’s long-term strategy and driving sustainable growth.

Bob holds a BSc in Physics and Mathematics from the University of Ottawa. He continues to stay at the forefront of the Information Technology industry’s developments through ongoing education and professional development initiatives.

Bob’s passion for excellence and his unwavering commitment to the Software Industry make him an invaluable asset to the advisory board, driving the organization’s mission and vision forward with clarity and purpose.

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